What is the difference between Value and Core package?
For Value package, our professional tax team will review the tax computation with you before final tax submission and brief you the relevant latest tax requirements and implication to your business. Included in Value package, our professional tax team stands by to provide general tax support and advice as and when you need during the year.
How to register income tax file number?
Registration for income tax file number by uploading of documents through online as follow:
(a) Individuals, Companies, Employers, Partnership and Limited Liability Partnership through:
Deadline for submission of return forms by Individuals, Companies, Employers, Partnership and Limited Liability Partnership.
Deadline for submission of return forms is stated in the 2021 Return Form Filing Programmed.
Is CP204 eligible for all Companies, Co-Operative Societies, Trust Bodies, and Limited Liability Partnership for company SME or Non-SME?
Company is required to determine and submit in prescribed Form CP204 an estimate of its tax payable for a year assessment, 30 days before beginning of basis period.
(a) Non-SME company (new) must submit CP204 within 3 months once started business.
(b) Tax estimation must be at least 85% from previous year’s estimate.
(c) SME is not required to submit CP204 within the first 2 years of assessment.
Will tax estimate revision (CP204A) be allowed for every month?
Revision is only allowed in the 6th or 9th month of the basis period of the business and must be submitted via e-CP204A.
Can Companies, Co-Operative Societies, Trust Bodies, and Limited Liability Partnership change the accounting period (CP204B)?
To notify IRB regarding changes in accounting period through the prescribed Form CP204B and must be submitted to the IRB no later than:
(a) 30 days before the end of the new accounting period if the new accounts are less than 12 months and close before the end of original accounting period.
(b) 30 days before the end of the original accounting period if the new accounts are more than 12 months and close after the end of original accounting period.
Are dormant companies required to furnish Form E?
Dormant companies are required to furnish Form E. Dormant mean:
(a) Never commence operation since the date it was operation or established
(b) Had previously in operation or carried on business but has now ceased operation or business.
What is the procedure for closing of tax file C & E for Companies, Co-Operative Societies, Trust Bodies, and Limited Liability Partnership?
Application must be written to the IRB branch which handle the tax file together with CP7 and supporting documents to apply SPC (Surat Penyelesaian Cukai/tax clearance).
Who is subjected to pay Withholding tax in Malaysia?
Withholding tax is an amount withheld by the party making payment (payer) on income earned by a non-resident (payee) and paid to the Inland Revenue Board of Malaysia.
Payment subject to Withholding Tax with different rate as per below:
(c) Public entertainer
(d) Special classes of income
(e) Contract payment
(f) Gain under section 4(f)
What is the different in tax rate between resident or non-resident individual inMalaysia, who is taxed on any income derived from Malaysia?
(a) Personal income tax rate is applicable to resident individual following chargeable income as per below schedule:
(b) Non-resident individual (who was in Malaysia for less than 182 days) is taxed at a flat rate of 30% on total taxable income.
Current tax rate for both resident & non-resident companies income derived in Malaysia?
(a) With paid up capital of RM2.5 million or less, and gross income from business of not more than RM50 million.
Tax rate on the first RM600,000 is 17% and in excess of RM600,000 is 24%.
(a) Tax rate 24
How to make payment for tax payable or tax installment via online?
Payment can be made online at IRB website by using credit or debit card at ByrHasil portal:
Penalty on failure to furnish an Income Tax Return Form.
RM200 to RM20,000 or imprisonment for a term not exceeding 6 months or both under section 112(1) ITA 1967.
If the companies fail to pay the monthly installment the tax estimate by the stipulated date, how much is the penalty rate?
A late payment penalty of 10% will be imposed on the balance of tax installment not paid for the month.
What is % penalties if actual tax 30% higher than the revised estimate of tax?
10% on the difference in actual tax balance and estimated tax made.
Penalty for late payment of tax payable?
10% will be imposed after the deadline on submission IRF.
Can taxpayer appeal on penalty imposed?
Yes. Taxpayer must submit the application for appeal on tax penalty for the following case:
(a) Unpaid penalties
(b) Penalties that have been imposed and subject to installment schedule.
Will there be extension of time for withholding tax payment?
No. Payers who fail to pay withholding tax within 30 days after the date of payment made to non-resident, 10% penalties will be imposed.
What constitutes non-compliance of withholding tax?
(a) 10% penalty for unpaid withholding tax and total sum shall be debt due to Government.
(b) Disallowed expenses deduction on the 'gross amount' until both of withholding tax and penalty is settle.