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Accounting Services in Malaysia

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Accounting Services in Malaysia2021-06-18T13:32:30+08:00

What you need to know about accounting in Malaysia

Monthly or yearly accounting and bookkeeping services to record, summarize, analyze and report transactions for regulation and tax purposes.

All companies are required to prepare and audit (with exemption) their financial statements before lodging it with the Companies Commission of Malaysia (SSM).

The answer to your business outsource accounting questions

Foreign to accounting and its terms? Here is your essential questions to the important terms you should know the most commonly regarding accounting.

Is accounting necessary?2021-06-04T19:12:00+08:00

All companies are required to comply with keeping accounting records and preparing financial statements in compliance with approved accounting standards before lodging it with the Companies Commission of Malaysia (SSM).

How often do I need to do my accounting?2021-06-04T19:10:13+08:00

Depending on your volume of activity, some companies do daily, weekly, monthly or even yearly accounting. As long come the company’s financial year end, there is reasonable accuracy achieved in compiling accounts for accurate tax reporting.

Is there an accounting standard to follow in Malaysia?2021-06-07T18:56:20+08:00

Companies in Malaysia must follow the Malaysian Financial Reporting Standards (MRFS) framework that was introduced by the Malaysian Accounting Standards Board (MASB).

What are the types of tax professionals available? 2021-06-07T21:12:02+08:00

Generally, there are 4 types of tax preparers:

  • A Certified Public Accountant (CPA)
    A person who is licensed to offer accounting services to the public. Some CPAs specialise in tax planning and preparation and are allowed to represent clients on any tax matters.
  • Enrolled Agents
    A person trained in federal tax matters and is licensed by the Internal Revenue Board and are allowed to represent clients on any tax matters.
  • Tax Attorney
    A person licensed by the state to practice law and are allowed to represent clients on any tax matters.
  • Non-credentialed Tax Preparers
    A person who prepares taxes without any professional credentials or certifications from an external organisation.
What is tax relief and tax deductions?2021-06-07T21:12:19+08:00

Income tax relief are set by the Inland Revenue Board of Malaysia to allow taxpayer to deduct a certain amount of money expended in an assessment year from the total annual income such as self & dependent tax relief, life insurance & EPF relief, lifestyle tax relief, etc. These are usually for certain activities/ behaviours encouraged by the government as well as necessities or burdens to lighten the taxpayers’ financial load.

Additionally, chargeable income can also be reduced through tax deductions. Tax deductions are a result of gifts and donations. Donations are only tax deductible if made to a government approved charity organisations or directly to the government

Tax relief and deductions reduce chargeable income amount and thus, the final payable taxes

What are the tax exemptions for expatriates?2021-06-07T21:25:00+08:00

An expatriate may qualify for tax exemptions if his/her employment period is less than 60 days (about 2 months) or if he/she is not a tax resident in Malaysia. As an expatriate, you are considered a tax resident if you are going to live or has lived in Malaysia for 182 days (about 6 months) or longer.

Why do I need to pay corporate tax in Malaysia as an SME entrepreneur?2021-06-07T21:20:05+08:00

It helps in financing support and growth for Small and Medium-Sized Entrepreneurs.