Malaysia Tax

Malaysia Tax planning Services
Hotline: 603-2141 8908, Email: 2355725105@qq.com

Malaysia Tax , whenever the tax season rolls around (that’s 1st March to 30th April), there is inevitably a sense of worry amongst the public because there are many financial, technical and even legal considerations to be taken into account when filing in at Lembaga Hasil Dalam Negeri (LHDN or Hasil) or online.

Malaysia tax has a variety of categories, you can refer to the following:-
1. Submission Tax & Pay Tax Balance
-source of employment: submission tax & pay tax balance before 30th April every year
-source of business: submission tax & pay tax balance before 30th June every year

2. Monthly Tax Deduction (MTD)
Tax payment mechanism to ease the burden of paying tax in a lump sum amount by employee. MTD is employee installment tax payment by employee.

3. Individual Business Income
Sources of business income is Sole Proprietorship & Partnership
-Sole proprietor / business partner must be complete and submit Form B (e-B) via e-filing.
-Business partner must be completes Form P (e-P) and CP30 (responsibility of the managing partner), submit Form P without partnership’s account.

4. Employer Taxation
Responsibility of employer as below:-
-register file E after registering file C/OG/D or others
-request and complete Form E
-submit Form E (e-E) on/ before 31st March via e-filling
-report employee’s income (cash or non-cash) in the Statement of Remuneration (EA/EC)
-update details and address of employee
-keep records and documents for 7 years
-deduct Monthly Tax Deduction (MTD) and remit on/before 10th of the following month (use e-PCB/ e-Data PCB/ Kalkulator PCB)
-inform any new employee within 30 days
-inform the resignation of an employee within a month and withhold payments (if any)
-hold payments to employee (if any) until a tax clearance
-certificate is issued Form TP1 (claim of deduction and rebate for individual), Form TP2 (claim of benefits-in-kind and value of living accommodation, Form TP3 (information regarding previous employment in the current year.

5. Non-Resident Individual
A non-resident individual is taxed on income derived or received from Malaysia. Generally, you are considered a non-resident for tax purposes if your stay in Malaysia is less than 182 days in a calendar year regardless of citizenship or nationality.

6. Individual Pension Taxation
If an employee opts to retire before the compulsory age of 55 or retires not due to ill-health, the pension received is taxable until the age of 55. A pensioner is still required to declare income and submit the income tax return form if: receives other income which is taxable & until the year of assessment when retirement happens.

7. Corporate Tax
Corporate Tax is charged on a resident company (sendirian berhad and berhad) receiving income in Malaysia and outside Malaysia for company carrying out insurance, sea or air transportation and banking business.

8. Co-Operative Tax
A co-operative society registered under the Co-operative Act 1993 (Act 502). A co-operative society is subjected to tax under ITA 1967. The income of a co-operative society received in Malaysia from outside Malaysia is chargeable to tax. Exemption of Co-Operative Tax is for the first 5 years form the date of registration and after the end of the 5th year, if members’ funds are less than RM 750,000.

9. Real Property Gains Tax
Real Property Gains Tax (RPGT) is charges on gains arising from the disposal/sale of real properties or shares in Real Property Companies (RPC). Submit the RPGT form within 60 days from the date of disposal to the LHDNM Branch which handles the disposer’s tax file.

10. Stamp Duty
Stamp duty is a duty imposed on document/ instrument listed under First Schedule of Stamp Act 1949 which has legal, commercial or financial implication. Document/ instrument must be duly stamped in order to be admitted as an evidence in court. Stamping time is within 30 days of its execution, if executed within Malaysia. And within 30 days after it has been first received in Malaysia, if it has been executed outside Malaysia.

Contact us
For any Malaysia Tax enquiries, please do not hesitate to contact us, Malaysia hotline：603-2141 8908，Fax：603-21418909; Hong Kong hotline: 852-27826888, Fax: 852-34262391; China hotline: 86-755-82143181, Fax: 86-755-82143182; Email: tannetcom88@gmail.com (Malaysia), Group website：www.3737580.net