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
Tax Treatment of Specialist Doctors’ Income from Private Hospitals in Malaysia
Many specialist doctors provide consultation, treatment and surgical services through private hospitals. Some doctors may also establish a Sdn Bhd and arrange for the hospital to pay their professional fees to the company. However, setting up a company does not automatically mean that hospital consultation income can be taxed under the company. The key question… Continue reading Tax Treatment of Specialist Doctors’ Income from Private Hospitals in Malaysia
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