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 [...]
What happens if you accidentally or unknowingly committed an offence on your tax returns?
Amendments can be made to a submitted tax return form depending on when the amendments are/ can be submitted: Submitting amendment before tax deadline: Submit a letter detailing the mistake(s) made with [...]
What are the key dates relevant to the filing of personal tax?
No later than the last day of February the following year: Delivery of Form EA by employers to employees. By 30 April the following year: Deadline for filing of Forms BE, BT, M, [...]
How high are the penalties leading from tax mistakes?
It is extremely crucial that tax returns be done properly, accurately, timely and with careful consideration. If errors are detected, the Inland Revenue Board may impose fines of up to 200% of [...]
How does a Parent Company differ from a Holding Company?
Parent Companies have daily business operations of its own while Holding Companies do not.
How can Holding Companies or Parent Companies be held liable for their Subsidiary Companies?
If it can be shown that the Subsidiary Company is not truly independent of the control of the Holding Company or Parent Company. This could be in the form of direct day-to-day [...]
Are Holding Companies or Parent Companies liable for legal and financial risk incurred by their Subsidiaries?
Generally, no. Holding Companies or Parent Companies are separate legal entities from the Subsidiary Companies they own. They do not have an obligation for the legal or financial issues of the Subsidiary.
Are Holding Companies and Parent Companies legally the same?
Yes, their relationships with their owned Subsidiary Companies are legally the same although a parent and a holding company is not the same in terms of its daily operations.
Are foreigners eligible for tax relief and deductions?
Foreigners who are classified as tax-resident are eligible to claim relief and deductions wherever applicable and with proof of receipts.
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 [...]