Tax Return Form BE if,
Note: If you are non-resident, must file Form M.
|P (Partnership)||30th June|
|M (Non-business source)||30th April|
|M (With business source)||30th June|
Tax paid in excess will be refunded automatically to the taxpayers. However if you do not receive your refund you could:-
If a taxpayer has income other than employment such as business, rental and royalties, he is required to make 6 bi-monthly installment payments, commencing from the month of March. The installment dates will be prescribed in the notice of the installments to be paid (CP500) and send to taxpayers by end of February each year. The amount of each installment will be estimated by IRBM.
Taxpayers who do not receive the CP500 by end of February each year, may:-
Tax payers who receive the directive can apply for the installments to be revised by filing the CP502 Form. The application should be made not later than 30th June for the relevant year. Take note, any revision would subject to underestimation penalty which is calculated as below:-
10% penalty will be imposed on:
Company is required to apply exemption to submit Form C and R by writing a letter to Jabatan Pemprosesan Maklumat. Otherwise, company will still need to submit Form C and R.
Company will still need to submit Form C and R as those sources of income are taxable income.
Form C and R are required to be submitted within 7 months from the date of closing of accounts.
Every companies are required to furnish estimation of tax payable to IRB included those companies which presumed not liable to tax.
Every company is allowed to revise its estimate of tax payable by submitting a prescribed Form CP204A.
In the 6th month and/or 9th month of its basis period for a year of assessment.
No reason should be provided.
Payment of tax by 12 equal monthly installments has to be made beginning from the second month of the company’s basis period for a year of assessment.
By the 10th day of the following month.
10% penalty will be imposed.
A company is still required to submit the prescribed Form CP204 within the stipulated deadline even if it expects its estimated tax payable to be less than RM 600 or Nil. However, company has flexibility of choosing either pay in installments or pays a lump sum payment.
Not later than the last date for the seven month from the closing of accounts. (I.e. same with the deadline for filing Form C & R)
A penalty equivalent to 10% on the balance of tax payable without any notice given and if the tax is still not paid after 60 days, a further 5% penalty will be imposed.
For the company which is inactive / dormant, they can fill in Form CP7 which can be downloaded in IRB’s websites. This Form CP7 will need to submit to the Collection Unit of the branch where their file is located.
The company still need to submit Form C until obtaining tax clearance from IRB.
A tax audit is an examination of a taxpayer’s business records and financial affairs. IRB carries out two (2) types of audit, namely desk audit and field audit.
A desk audit is held at the IRBM’s office. Desk audits are normally concerned with straightforward issues or tax adjustments which are easily dealt with via correspondence. A taxpayer may be called for an interview at IRBM’s office if further information is required.
A field audit is one that takes place at a taxpayer’s premise. It involves the examination of the taxpayer’s business records. In the case of a sole-proprietorship or partnership, if the taxpayer’s business records are incomplete it may involve the examination of non-business records such as personal bank statements, etc. A taxpayer will be given notice prior to a field audit.
IRB wanted to ensure that the right amount of income had been declared and the right amount of tax had been calculated and paid which are in accordance with tax laws and regulations.
Equal to the amount of tax undercharged (100%) accordingly. However, the DGIR in exercising his discretionary powers may consider a lower penalty of 45% to be imposed.
Official objection must be made within 21 days from the date of notification of proposed tax adjustments. Additional information and copies of evidence should be provided to support your objection.
IRBM may consider the taxpayer’s application for settling the total tax liability and penalty by installments. (Case on case basis)
A name search via submission of Form 13A (Request for Availability of Name) with a fee of RM30.00 to the Registrar of Companies. When proposed name is approved, it is valid for a period of 3 months from the date of approval whereby the following incorporation documents must be submitted with payment of appropriate fees for the authorised capital:-
A certificate of incorporation will be issued by the Registrar upon compliance with the incorporation procedures.
The Company is advised to obtain the required licence/permit/approval from other relevant authorities prior to carrying on any business outlined in the Memorandum of Association upon incorporation.Note: The requirements of forming a company are:-
The directors and company secretary must have their principal or only place of residence within Malaysia.
He must be of full age (18 years old); is not a bankrupt; has not been convicted and imprisoned for any offences in relation to promotion or management of corporations, fraud, dishonesty or breach of responsibilities as a director; and has a principal or only place of residence within Malaysia.
Yes, a foreign national may become a director of a company in Malaysia and must be above 18 years of age; is not a bankrupt; and has not been convicted and imprisoned for any offences.
Yes, the declaration if signed outside Malaysia must be made before a Notary Public under the law relating to statutory declaration or oaths prevailing in that country.
Yes, existing companies incorporated overseas may be registered as a branch in Malaysia under the Companies Act 1965.
MyCoID refers to company incorporation number which is used as a single source of reference for registration and transaction purposes with other relevant government agencies. With MyCoID, the public can utilize a single number derived from the incorporation number assigned by the Companies Commission of Malaysia (SSM) for registration, reference and transaction purposes with participating government agencies, such as:
With effect from 16 May 2013, SSM has mandatorily require company’s name search and incorporation to be done via the MyCoID portal in Kuala Lumpur, Selangor and Negeri Sembilan.
This breakthrough has enabled the starting of a business within one (1) day.
An LLP is a hybrid of conventional partnership and a private company. LLP confers limited liability status to its partners and offers flexibility of partnership arrangement for the internal management of its business.
An LLP is a body corporate and has legal personality separate from its partners and has perpetual succession. It has unlimited capacity and is capable of suing and being sued, acquiring, owning, holding and developing or disposing of properties and may do and suffer such other acts and things as bodies corporate may lawfully do and suffer.
No. LLP is intended only for businesses with a view to make profit.
When a company is wound up, a liquidator is appointed for the winding up process and manage the affairs of the wound up company. He is responsible to collect and realize all assets of the company, settle all creditors’ claims and distribute the surplus assets (if any) to the shareholders according to their entitlement.
In the striking off process, the Registrar exercises his discretionary power under Section 308 of the Companies Act 1965 to strike the name of a defunct company off the register if he has reasonable cause to believe that the company is not carrying on business or is not in operation.