Income Tax filing Malaysia
Our discussion on income tax filing Malaysia and process of income tax return are as follows:
Income Tax filing Malaysia
Limited liability partnership (LLP), LLC, Society, trusty bodies are liable to pay tax to government every year. Those corporations have not started business are not responsible to apply CP 204. Tax payer needs the following:
Each corporation may pay taxation as monthly installment system.
Penalty of late installment payment
|Penalty on late payment||
If the tax payer does not pay tax on time 10 percent additional tax will be applied with outstanding amount.
|Appeal on penalty amount||
If the applicant, company unlike to pay penalty will submit written copy within 30 days of accounts date.
|Mode of payment||
Payment can be made at counter of IRBM, Cheque or bank draft, at bank and by internet
|Corporate Tax Rate
(As guide of income tax filing Malaysia)
Income Tax assessment of year 2016
If paid up capital is less than RM 2 point 5 millions
|Tax for individual
Income has to declare to IRBM who is identified as tax payer. Tax payer shall submit tax form by and before Thirty April of every year. Tax payer shall declare income and expenditure, record of audit etc.
Tax payer shall keep the following papers:
Form ES, Medical receipt, Zakat receipt, Insurance papers, book purchase receipt and donation papers if any, birth certificate of children, work paper, marriage certificate and dividend
|Chargeable income||Calculations (RM)||Rate %||Tax (RM)|
|0 to 5000||2500||zero||zero|
|5001 to 20,000||5000 to 15,000||One||0 to 150|
|20001-35000||20000 to 35000||5||150 to 750|
|70001-100000||70000 to 100000||21||5600 to 6300|
|600001-1000000||1000000 to next amount||28||238650|
How to register tax file?
|How to register Tax file?(As guide of income tax filing Malaysia)|
|Documents require for registration (As guide of income tax filing Malaysia)|
|Tax exemption(As guide of income tax filing Malaysia)
|Retirement gratuity, medical benefit, leave passage, gratuity paid upon contract, gratuity paid apart from public fund, compensation for the loss of staff hiring, pension, scholarship, death gratuity, dividend, royalty, income from outside of Malaysia and some others|
Offences, Fine and penalty
|Failure to process income tax form without cause||112 (two)||200-two thousand or imprisonment or both|
|Failure to give the payable tax without valid cause||112 (two)||200-two thousand or imprisonment or both|
|If improper tax return is made||113 (one) (a)||1000-10000 and 200 percent tax additional applicable|
|If incorrect information is given||113 (one) (b)||1000-10000 and 200 percent tax additional applicable|
|Intentionally if any person assist others to evade tax||114 (one)||1000-20000 and 300 percent tax additional applicable or imprisonment or both|
|Assist others to declare income||114 (one A)||2000-20000 or imprisonment or both|
|Attempt to go out from country without pay of tax||115 (one)||200-2000 or imprisonment or both|
|If any officer of Inland Revenue makes obstacle to carry responsibilities||116||1000-10000 or imprisonment or both|
|If fails to keep proper papers||119 A||300-2000 or imprisonment or both|
|If change office address without notice||120 (0ne)||200-2000 or imprisonment or both|
|If pay tax after thirty (30) June of business||103 (4)||10 percent or 5 percent additional tax will be applicable|
Close tax file permanently
|Close tax file permanently
A forwarding letter has to submit to close tax file.
You may find other writing apart of Income Tax filing Malaysia as below:-
Malaysia-S & F Consulting Firm Limited
Secondary phone: +601136901890