GEORGE TOWN, May 9 — Penang will revise penalties for late funds of quit rent and parcel rent solely primarily based on the annual tax, with out taking into consideration the tax arrears and late penalties as practised beforehand.
In a press release in the present day, the Chief Minister’s Office acknowledged that the brand new calculation, efficient June 1, will solely be imposed on land and parcel taxpayers who fail to settle the taxes earlier than May 31 annually as stipulated underneath the National Land Code.
However, it clarified that the late penalty charge imposed stays the identical at 10 per cent for quit rent and 5 per cent for parcel rent.
“On February 7, the state exco agreed to evaluate the calculation of late fines for quit rent and parcel rent in Penang because it includes imposing fines on fines.
“The revised calculation of late penalties just isn’t retrospective and doesn’t have an effect on people who’ve settled late penalties earlier than the implementation of the revised calculation,” the assertion learn.
The assertion additionally famous that the state authorities is dedicated to implementing applicable initiatives to encourage landowners in Penang to pay quit rent and parcel rent.
Currently, the calculation of late penalty within the state is 10 per cent for quit rent and 5 per cent for parcel rent on the entire quantity of tax due by landowners, together with annual tax quantities, tax arrears, and late penalty arrears. — eNM
