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Maximise Tax Relief YA2020

Form C Due Date for Year of Assessment 2020

Based on the Filing Programme 3/2020 issued by the Inland Revenue Board, Company year end Original Due Date (7 mth from FYE)   Grace Period (Filing Programme 3/2020) Extended due date 31 Jan 2020 31 Aug 2020 +2 31 Oct 2020 29 Feb 2020 30 Sep 2020 +2 30 Nov 2020 31 Mar 2020 31 […]

Form E and EA

What is Form E – Return Form of Employer? Form E is a declaration report submitted by every employer to inform the Inland Revenue Board on the number of employees and the list of employee’s income details. Form E is due for submission every year not later than 31st March. Effective from year of assessment […]

MFRS 16 Leases – Accounting & Tax Impact

How does the new MRFS 16 affecting accounting and tax? Here are the summary: Effective date 1 January 2019 Main features Lessee accounting applies a “right-of-use” approach: lessee to recognize assets & liabilities for the rights & obligations created by lease contractsno longer be a distinction of finance leases & operating leases for lessee accounting […]

Deductibility of Secretarial and Tax Fees

To summarise:   Secretarial fee Fee for filing of tax WEF YA2020 Max combined limit = RM15000   Condition to claim Incurred & paid in the basis period; andNo prepayment of expenses Incurred & paid in the basis period; andNo prepayment of expenses.   Eligible expenses Khidmat nasihat berhubung mesyuarat syarikatpenyediaan resolusi pengarahpenerbitan sahampengemukaan borang-borang […]

Tax Treatment of Foreign Exchange Gains and Losses

The tax treatment of foreign exchange gains and losses can be summarized in the following diagram. 1Note Realised means settlement of payment when the equivalent amount in RM is determined. Where an amount is settled in foreign currency via a foreign currency account, no physical conversion of the currency is necesssary before the amount is […]

What is CP58 – Statement of Monetary and Non-Monetary Incentive Payment to Agent, Dealer or Distributor?

The Income Tax Act, 1967 (ITA) imposes the responsibility to companies to issue a form CP 58 on any incentives (whether in monetary form or otherwise) to its agents, dealers or distributors. Agent, dealer or distributor is de­fined in Section 83A (4) of ITA 1967 to mean “any person who is authorized by a company to act as […]

My company share capital is RM2.5 million, is my company entitle for preferential tax rate of 17% wef YA2020?

The Inland Revenue Board has issued a Practice Note 3/2020 – Determination of gross income from business sources of not more than RM50 million of a company or limited liability partnership. In addition to share capital requirement, the taxpayer must have gross income from business source not exceeding RM50 million for the basis period for […]

Should I form a Sole Proprietorship vs a Company?

  Sole Proprietorship Company (Sdn Bhd) Entity name Personal name or trade name Ended with “ Sdn Bhd”   Legal status Not a separate legal entity Separate legal entity   Personal liability Unlimited liability No personal liability on director or shareholder   Perpetual succession No Yes   Number of directors N/A Minimum 1   Number […]

Are there differences if I take Director Salary vs Director Fee?

  Director Salary Director Fee Frequency Generally fixed and pay regularly   Generally irregular and subject to resolution of the company Need approval? Not required Decided by directors and subject to shareholders’ approval   Compulsory subject to EPF/Socso/EIS   Yes No Subject to PCB   Yes Yes Need to declare in personal tax   Definitely […]

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