As we approach tax season, many business owners and finance teams ask: “Can we deduct tax agent and statutory filing fees in the current year of assessment?” Let’s clear up the confusion. Tax Deduction Rule: “Incurred Basis” Applies Under Malaysian tax law, expenses are only deductible when they are incurred — not when they relate… Continue reading When to Claim Tax Agent & Statutory Filing Fees: Avoid Common Mistakes in YA 2024
Tag: taxation
Specialist Doctors——WHY You Should NOT Open a Sdn Bhd to Receive Hospital Consultation Income
Many doctors assume that opening a Sdn Bhd allows them to channel consultation fees from private hospitals into a company structure to enjoy a lower corporate tax rates. This assumption is incorrect——and risky. On 16 March 2022, the Inland Revenue Board of Malaysia (IRBM) issued guideline titled: “Garis Panduan Layanan Cukai Ke Atas Pendapatan Pengamal… Continue reading Specialist Doctors——WHY You Should NOT Open a Sdn Bhd to Receive Hospital Consultation Income
Understanding Tax Penalties in Malaysia: A Comprehensive Guide
In Malaysia, the Inland Revenue Board (LHDN) enforces strict tax compliance to ensure the integrity of the national tax system. Non-compliance with tax obligations can lead to significant penalties, including fines, imprisonment, or both. This guide outlines the various tax offences and corresponding penalties to help taxpayers stay informed and compliant. 1. Failure to Furnish… Continue reading Understanding Tax Penalties in Malaysia: A Comprehensive Guide