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Corporate Tax in Malaysia

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Corporate Tax
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Corporate Tax Services in Malaysia2021-07-28T11:11:06+08:00

Overview of Corporate Tax System in Malaysia

In Malaysia, companies are taxed based on the territorial tax system. A territorial tax system imposes taxes on individuals and businesses on any income earned within a particular country’s borders. Hence, companies in Malaysia are assessable on any income accrued in or derived from Malaysia.

Income derived from abroad and remitted in Malaysia is tax-exempt unless the company is in the banking, insurance, air transport, or sea transport industries. Domestic dividends are also tax-exempt.

Tax Incentives

Resident SMEs are taxed at 17% on the first RM 600,000 worth of taxable income and at 24% on subsequent earnings.

Popular tax credits and incentives include companies with MSC Status enjoying tax exemptions of up to 5 years.

Malaysia Corporate Tax Rates

The flat corporate tax rate is 24% in Malaysia.

FAQs

What is SST? What does it contains?2021-06-04T23:53:36+08:00

Sales and Service Tax (SST) is made up of two separate taxes. There is no VAT and GST has been abolished.

Sales tax is imposed by a registered seller on all goods unless exempted by the Minister of Finance. The standard rates are 5% or 10% depending on class of goods.

Service tax is levied at 6%.

Are capital gains taxed in Malaysia?2021-06-07T18:57:20+08:00

Capital Gains are not taxed in Malaysia other than gains which will be taxed under the real property gains tax.

What is the taxable period for Malaysia2021-06-07T21:25:53+08:00

The Malaysian Tax Year is the calendar year; 1 Jan to 31 December.

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.

What is a ‘beneficial owner’ for tax purposes? 2021-06-07T21:20:48+08:00

A beneficial owner is an individual who ultimately owns or controls more than 25% of a company’s shares or voting rights, or who otherwise exercises control over the company or its management. One who ultimately enjoys the income on the asset and also controls such income receipts and the assets itself. E.g.For example, aAccording to OECD, the recipient of a dividend is the ‘beneficial owner’ of that dividend if he has the full right to use and enjoy the dividend, unconstrained by a contractual or legal obligation to pass the payment to another person.

How do Malaysia’s Corporate Tax Rates compare to those of other countries?2021-06-07T21:24:04+08:00

In most of the countries of the world, the corporate tax rates are higher than those of Malaysia. For example, in China, India, and Pakistan, the corporate tax rate stands at 25%, 34.61%, and 31% respectively. Therefore, the corporate tax rate in Malaysia, which is 24%, is relatively low.

How does Tax Administration in Malaysia work?2021-06-07T21:24:42+08:00

Tax administration in Malaysia is based on the concepts of  payingself-assessing, and filing. Monthly salary deductions are made for individuals with an employment income; they may also be made through installments for individuals with a business income. Taxpayers are to compute their own taxes and submit the ITRF to the IRB. The ITRF is to be accompanied by the payment for the balance of the income tax to be paid so as to meet any shortfall in the monthly payments or a claim for repayment if there is an overpayment.

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Paul Hype Page & Co ensures both your company and your compliance meet the standards required for corporate tax submissions, tax filing, various tax matters including tax deductions and exemptions.

Our team of specialists are well-versed with the latest trends of tax laws and practices. We offer you support to deliver more than just an ordinary tax return.

Our Malaysia Tax Compliance Services include:

  • Update you with Malaysia tax regulations and compliance requirements

  • Monitor the statutory deadlines and meet the compliance filing deadlines

  • Preparation and filing an estimated chargeable income

  • Preparation/reviewing tax provision calculations based on the information provided

  • Oversees the process of reviewing the Form B and Form P with the details provided

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