Accounting Services in Malaysia

Q: What are the types of tax professionals available?

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 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).

FAQs

Is accounting necessary?Tommy2021-06-04T19:12:00+08:00

Is accounting necessary?

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?Tommy2021-06-04T19:10:13+08:00

How often do I need to do my accounting?

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?Tommy2021-06-07T18:56:20+08:00

Is there an accounting standard to follow in Malaysia?

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? Tiwi2021-06-07T21:12:02+08:00

What are the types of tax professionals available?

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?Tiwi2021-06-07T21:12:19+08:00

What is tax relief and tax deductions?

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?Tiwi2021-06-07T21:25:00+08:00

What are the tax exemptions for expatriates?

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?Tiwi2021-06-07T21:20:05+08:00

Why do I need to pay corporate tax in Malaysia as an SME entrepreneur?

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

Common Accounting Services

Cash flow and working capital analysis

To help small and medium enterprises (SMEs) identify, assess, and address gaps in the management of their working capital and cash flow.

Accounts consolidation services

To allow a company’s shareholders or management understand the current financial status of the company. This is done by providing them with consolidated financial statements.

Management reports and accounts

To management reports and accounts provide accurate and timely financial and statistical information required by managers and then use the information to make day-to-day and short-term decisions for the organization’s internal audiences

Financial planning and budgeting

To help SMEs structure and implement proper planning and budgeting practices in managing their financial resources.

Others

XBRL filing of a company’s annual returns,
Payroll tax reporting,
Compilation of accounts for dissolution or tax clearance purposes,
Advisory services,
Setting up of proper accounting systems,
and many other invaluable services.

Need tips about accounting in Malaysia?

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As a Singapore-certified public accounting company and a full practicing member of ISCA, we provide a full range of computerized accounting and bookkeeping services for our clients.

Over the past 13 years, we have gained vast experience in accounting as well as auditing services. We are CPA Singapore certified company. Thus, you should know that your company’s accounting matters will be in good hands after you have contacted us for our services.

Our CPA Firms Offers

Malaysia tax advisory
Auditing, Taxation & accounting solutions for IRBM & SSM Annual filing
Specialists in accounting related requirements of businesses in Malaysia

Our CPA Accounting & Auditing Firm Services

Manual accounting services
Partial / Full accounting services
Periodic financial statement preparation
GST filing
Tax filing & tax computation

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