Malaysia Tax Services
When you run a company, being profitable or loss-making, you should not avoid the tax filing obligation. Under the New Economy Policy (NEP) administered by the new government, tax audit is expected to become more stringent and non-compliance will attract hefty penalty that hurt your business, both financial and reputation
I am looking for
Malaysia Company Tax Service Package
With the ever-changing tax rules and continuous growth of business, it has become increasingly difficult to keep track of all the opportunities and pitfalls in the field of local and overseas taxes. Not knowing your rights and obligations, and making the wrong assumptions about your tax position will actually cost you more in the long run.
Services Included
Our Company Tax Service Annual Package will include the following services:
- Prepare the company’s comprehensive income tax computation.
- Calculation of capital allowances / industrial building allowances.
- Prepare and file the Company’s annual tax return to Inland Revenue (Form C / C1 / PT / TA / TC / TR or TN).
- Prepare and submit return of original estimated tax payable (Form CP 204).
- Prepare and submit the revision of estimate of tax payable (Form CP204A).
- Assist in remitting monthly tax installments payments at the IRB payment counter (Admin charges apply).
- Preparation of working sheets and appendices as supporting to Tax Returns.
- Advising on the payment of the balance of tax payable (if any) based on the Tax Returns submitted.
- Providing timely reminders of deadlines (by email and by call).
- Timely updates on the latest tax developments and the implications on businesses.
- Complementary tax advice (only selected/general tax issues).
Not Include
Our service package does not include:
- If the Company is selected by Inland Revenue for tax audit; no worry, we will be responsible to assist you in dealing with the Tax Auditor at a complementary rate of RM100/- per hour.
Basic Package
Best for dormant Company without transaction.
RM500
per year
Essential Package
Best for start-up company with annual turnover of less than RM500,000.
Starting from
RM1000
per year
Comprehensive Package
Best for SMEs company with annual turnover of less than RM1,000,000.
Starting from
RM1500
per year
Professional Package
Best for SMEs company with annual turnover of less than RM2,000,000.
Starting from
RM2000
per year
Expert Package
Best for SMEs company with annual turnover of more than RM5,000,000.
Starting from
RM3000
per year
Additional Company Tax Services
Apart from filing Income Tax, there are other tax obligations required on a Company which we can assist you.
Registration of Income Tax Number (C & E Number) + Apply e-pin
- For a new Company, you are required to register a unique Income Tax Number with Inland Revenue.
RM500
Filing Of Form 58
- When you make any monetary and non-monetary incentive payment to an external agent, dealer or distributor.
RM100 per form
Employer Obligation
- Form CP22 - Notification of New Employee to Inland Revenue (within 1 month).
RM50 per filling
- Form CP22A - Cessation of Employment to notify Inland Revenue.
RM50 per filling
- Form CP21 - Notification on Employee Departure from Malaysia for a Period Exceeding 3 Months (Foreign Employee).
RM100 per filling
- Monthly Tax Deduction (MTD)(PCB) scheme - calculation of PCB amount.
RM30 per employee
- Preparation and filing of Form E to Inland Revenue (due date: before 31 March).
RM300 per filling
- Preparation of FORM EA for your staff (due date: 28 February).
RM80 per employee
Sales & Service Tax (SST) Compliance
- Registration of SST account for new business.
RM400
- Prepare and filing of SST return to Malaysian Customs Department (bi-monthly).
Starting from
RM300 per filling
Application Of Tax Incentives
- Pioneer status incentive.
- Investment tax allowance incentive.
- Reinvestment allowance incentive.
*We provide 50% refund for unsuccessful application
Starting from RM3000
per filling
Withholding Tax Planning & Advisory
- When dealing with cross-border payment, one must pay attention to Withholding Tax. Effective planning will give rise to great tax savings, or vice versa.
- Withholding tax on dividend, interest, royalty, technical fee, management fee, foreign contractor.
- Double tax deduction and treaty consultation.
RM120
per consultation hour
Malaysia Personal Tax Service Package
When you have only
Employment income
Form BE
Starting from
RM300
per submission
Include
- Prepare tax computation working.
- Prepare and E-filing of Form BE.
- Complimentary tax advice (only on selected/general tax issues).
- Remit payment to Inland Revenue.
Not Include
- Registration of new E-filing account & e-pin (RM150).
- If you have additional income source (Rental, Dividend, Royalty, etc) (RM250 each)
When you have Employment
and / or Business income
Form B
Starting from
RM750
per submission
Include
- Prepare tax computation working.
- Prepare and E-filing of Form B.
- Complimentary tax advice (only on selected/general tax issues).
- Remit payment to Inland Revenue.
- Remit CP500 installment payment (RM20/payment).
Not Include
- Registration of new E-filing account & e-pin (RM150).
- If you have additional income source (Rental, Dividend, Royalty, etc) (RM250 each)
When you run a
Partnership Business
Form P
Starting from
RM800
per submission
Include
- Prepare tax computation working.
- Prepare and E-filing of Form P.
- Complimentary tax advice (only on selected/general tax issues).
- Remit payment to Inland Revenue.
Not Include
- Registration of new E-filing account D&E numbers & e-pin (RM250).
- If you have additional income source (Rental, Dividend, Royalty, etc) (RM250 each)
For Non-resident / Foreigner
earning income in Malaysia
Form M
Starting from
RM500
per submission
Include
- Prepare tax computation working.
- Prepare and E-filing of Form M.
- Complimentary tax advice (only on selected/general tax issues).
- Remit payment to Inland Revenue.
Not Include
- Registration of new E-filing account & e-pin (RM150).
- If you have additional income source (Rental, Dividend, Royalty, etc) (RM250 each)
Why Choose Us?
As your tax consultants, we are committed to providing you with value-added and client-focused services to help resolve your tax concerns. Be it help in complying with filing requirements or strategic planning to reduce your tax liabilities, our service teams have the breadth and depth of experience and expertise to meet your needs.
Tax Planning Advice
For all our clients, personal or corporate, we strive to evaluate their tax position and find the best possible tax planning mechanism that helps our clients to enjoy the most tax benefits.
Cloud Access
We will store all your income tax file record in a secured cloud storage that is shared to you and your team. You can access it any time any place in the world.
Tax Update
We constantly follow and update our clients on the latest news released by Inland Revenue (IRB), Ministry of Finance, and Malaysian Customs Department.
F.A.Q on Tax Services
For Personal Income Tax, resident individuals are taxed on a progressive tax rate basis from 0% to 30%. Non-residents are subject to withholding taxes on certain types of income. Business and Employment income is taxed at a fixed rate of 28% without personal relief.
For Company Income Tax:
1) Company with paid-up capital not more than RM2.5 million
– First RM600,000 profit : 17%
– subsequent balance: 24%
2) Company with paid-up capital more than RM2.5 million: 24%
Tax Rates above are applicable for Year of Assessment 2020.
Monthly Tax Deduction (MTD or PCB, Potongan Cukai Bulanan) was introduced in January 1995, is a system of tax recovery where employers make deductions from their employees’ remuneration every month in accordance with the PCB deduction schedule. It is a mandatory requirement to the Employer.
PCB is an “advance tax” payable by employees to the Inland Revenue for the income that they made in current year. After the end of each calendar year, the employee is still required to file income tax return (Form BE) to Inland Revenue in order to assess the final tax. If the Final tax is more than the total PCB amount paid, the employee has to pay the remaining balance to Inland Revenue; on the other hand IRB will refund the excess amount to the employee if the PCB amount is more than the Final Tax.
While a partnership does not pay tax, it still has to file an annual income tax return (called the Form P) to show all income earned and business expenses deducted by the partnership during the year. The partnership could file Form P through paper-form submission or e-filling.
The deadline for filing Form P is 30 June.
The precedent partner is responsible for filling out the Form P and issuing the Form CP30 to each and every partner. The Form CP30 (Apportionment Of Partnership Income) has to be provided to each partner so as to enable them to declare their partnership income within the stipulated period i.e. 30 June for individual and 7 months after closing of financial year for companies.
For non-resident individuals, you are required to file Tax Return (Form M) to declare your income before 30 April (for employment income) or 30 June (for business income). You may file Form M by yourself, but as you are not ordinarily residing in Malaysia, we strongly encourage you to appoint a local tax agent to act on your behalf on the filing requirement as well as dealing with the Inland Revenue. For employment income, business income or director fee earned in Malaysia, you will be taxed at a fixed rate of 30%.
Read Our Article And Guide
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 […]