Business Income Tax Malaysia Format

Company tax computation format 1.

Business income tax malaysia format. The government has also included a new condition whereby this concessionary income tax rate of 17 will only give to a company having gross business income from one or more sources for the relevant year of assessment of not more than rm50 million in addition to the ordinary share capital requirement. To check and sign duly completed income tax return form. You make payment on income generated the previous year i e. It is also commonly known in malay as nombor rujukan cukai pendapatan or no.

Tax submitted in 2017 is for 2016 income. Both your employment and business income can be captured on this form. Lembaga hasil dalam negeri malaysia classifies each tax number by tax type the most common tax reference types are sg og d and c. Once you ve registered your side business it will be recorded on form b.

Non business income x dividend received as per p l acc x interest received as per p l acc x interest on loan to employee x add. All supporting documents like business records cp30 and receipts need not be submitted with form p. Examples of direct tax are income tax and real property gains tax. Non allowable expenses drawings cogs x holiday leave passage x bad debt specific nil general x loan to directors employees x.

1 1 business environment 1 2 currency 1 3 banking and financing 1 4 foreign investment 1 5 tax incentives 1 6 exchange controls 2 0 setting up a business 2 1 principal forms of business entity 2 2 regulation of business 2 3 accounting filing and auditing requirements 3 0 business taxation 3 1 overview 3 2 residence 3 3 taxable income and rates. Keep all business records supporting documents for deductions reliefs and rebate for a period of 7 years. The tax is paid directly to the government. A direct tax is a tax that is levied on a person or company s income and wealth.

All business decisions today have tax implications and it is important for a company to manage its income tax requirements efficiently. If you re still unsure which type of business you should register as we recommend checking out our article on the different types of business entities in malaysia. This unique number is known as nombor cukai pendapatan or income tax number. Malaysia information on tax identification numbers section i tin description malaysian income tax number itn the inland revenue board of malaysia irbm assigns a unique number to persons registered with the board.

Company tax computation format add less rm rm net profit before tax xx less. To submit the income tax return form by the due date. Imoney has a useful guide about taxes made up of 11 short chapters. The statutory body who is in charged with the direct tax is the malaysia inland revenue board lhdn.