Are you aware of the taxpayer responsibilities by a company in Malaysia? Below here we have compiled all the information about taxpayer responsibilities according to LHDN. Read further to find out more: Categories Description Leave Passage Leave passage within Malaysia not exceeding three times in a year and one leave passage outside Malaysia not exceeding… Continue reading Taxpayer Responsibilities (for Companies in Malaysia)
Category: Taxation
Secretary Fee & Tax Agent Fee
Tax Deduction for Secretarial and Tax Filing Fee Pursuant to the Income Tax (Deduction For Expenses in Relation to Secretarial Fee and Tax Filing Fee) Rules 2020 [P.U.(A) 162/2020] published by the Federal Government on 19 May 2020, the following expenses incurred shall be allowed for tax deduction with effect from year of assessment 2020: Before YA… Continue reading Secretary Fee & Tax Agent Fee
FAQ About Tax (for Companies in Malaysia)
Company: Assessment A) Gross Business Income Question 1 – What is meant by Gross Business Income? Answer: Gross business income shall include any sums receivable or deemed to have been received for that basis period in relation to that source by way of sale of trading stock or services. In determining gross business income, Section… Continue reading FAQ About Tax (for Companies in Malaysia)
Things To Know About Personal Tax Clearance for Employers when Employees Leave The Company
Being an employer is never easy when you have to deal with different issues of your business. But did you know? When employees are no longer working for the company, this responsibility also falls on the shoulder of employers according to the Malaysian Income Tax Act 1967. Employers have the obligation to inform the Malaysian… Continue reading Things To Know About Personal Tax Clearance for Employers when Employees Leave The Company
Understanding Company Tax Rates
Understanding Company Tax Rates To start up a business in Malaysia, a better understanding of company income tax requirements by the Inland Revenue Board (LHDN) and the Royal Malaysian Customs Department (RMCD) will ease the struggles faced throughout the growth of your business. Malaysia’s company tax is administered by the Income Tax Act 1967, whereby… Continue reading Understanding Company Tax Rates
Tax Payment of Companies
Registered Companies, Limited Liability Partnerships, Trust Bodies and Cooperative Societies which are dormant and/or have not commenced business operation are not required to furnish tax estimate. But it is required for existing companies to do so.