Amending the Individual Income Tax Return Form Imagine this: you’re filing your taxes, and right after you click that submit button—oh no—you see an extra zero keyed in, or you could have missed out on some tax reliefs you were actually entitled to. You click away on the LHDN website in a frenzy, only to… Continue reading What if I made a mistake on income tax return form?
Author: Boss Boleh
8 Benefits of Forming a Sdn Bhd in Malaysia
8 Benefits You Don’t Want to Miss! Discover how forming an Sdn Bhd company in Malaysia can protect your assets, maximize tax savings, increase access to capital funding, streamline employee recruitment, and more. Don’t miss out on the opportunity to take your business to the next level and enjoy the many advantages of the Sdn Bhd corporate structure. Read on to learn more!
Is your business at risk of non-compliance?
Overview of Transfer Pricing Transfer pricing generally refers to the intercompany pricing arrangements for the transfer of goods, services, and intangibles between related or associated parties. In an ideal scenario, the transfer price should be the same as the prevailing market price. However, business transactions between associated parties may not always reflect the dynamics of… Continue reading Is your business at risk of non-compliance?
Are Blackpink obliged to pay tax while performing in Malaysia?
Withholding Tax: Public Entertainer Do you know what Blackpink, Ariana Grande, and Jacky Cheung have in common when they hold their concert tours in Malaysia? The answer is their income would be subject to withholding tax (WHT) pursuant to section (s.) 109A of the Income Tax Act (ITA) 1967. In Malaysia, public entertainers who… Continue reading Are Blackpink obliged to pay tax while performing in Malaysia?
Avoid being IRBM’s target: Why is capital statement important?
Overview of Capital Statement of Individual Tax Payers Capital Statement is requested by the Inland Revenue Board of Malaysia (IRBM) during a tax investigation to assess if an individual is able to substantiate his or her spending with the income generated. It is a combination of balance sheets and profit and loss accounts of an… Continue reading Avoid being IRBM’s target: Why is capital statement important?
Are you eligible for RPGT Exemption?
Real Property Gains Tax Exemption The disposal of real property in Malaysia is subject to real property gains tax (RPGT) based on a scale of rates ranging from 0% to 30% depending on the length of time the real property is held. However, there are certain situation where gains from disposal of real property are… Continue reading Are you eligible for RPGT Exemption?
How to utilize business losses to save tax?
Business Loss Current year adjusted business losses can be used to set off against other income from the aggregate income for that year of assessment in ascertaining its total income. The other types of income such as other businesses, rental income, interest income, employment income, etc. After offsetting the current year losses against the other… Continue reading How to utilize business losses to save tax?
IRBM forms that you may have MISSED OUT!
Employer’s Statutory Requirement Being an employer is not an easy job. On top of the daily ins and outs of running a business, employers also have a whole list of statutory requirements to fulfil. The Income Tax Act (ITA) 1967 places an obligation on employers to fill out a list of forms, and failure to… Continue reading IRBM forms that you may have MISSED OUT!
What should an employer do after an employee leaves?
Personal Tax Clearance Letter On top of reporting obligations under the Income Tax Act 1967, employers are also responsible for informing the Malaysian Inland Revenue Board (IRB) of an employee’s cessation of employment, retirement, death, or departure from Malaysia for a period exceeding 3 months so that the tax clearance letter (TCL) can be issued. The TCL notifies the employer… Continue reading What should an employer do after an employee leaves?
Loss of Employment? Is the compensation taxable?
Loss of Employment? Do you know you can get Tax Treatment? While the recession hasn’t “officially” arrived, Malaysians are still feeling the heat with the rate of retrenchments and budget cuts due to the falling ringgit. If you are unfortunate enough to be laid off and receive the compensation, will this income be taxed? In this… Continue reading Loss of Employment? Is the compensation taxable?