Essential Information on Withholding Tax in Malaysia
5 minutesWithholding tax in Malaysia is imposed on income paid to non-resident individuals or entities. The payer, typically a Malaysian company or government agency, deducts a portion of the payment and remits it to the Inland Revenue Board (IRB) on behalf of the non-resident. This ensures compliance with tax obligations and streamlines the collection of taxes on cross-border transactions.
Growth Opportunities: Expanding with 10+ Best Small Business Ideas In Malaysia
5 minutesSmall businesses are vital to Malaysia’s economy, significantly enhancing productivity, job creation, and employment across various sectors. If you are new to Malaysia and exploring profitable ventures, this guide outlines some of the top small business ideas to consider. Continue reading for the full list below.
The Price of Non-Compliance: Exploring Tax Offences and Penalties in Malaysia
6 minutesIn this article, we will take a closer look at the consequences individuals and businesses may face when failing to adhere to tax laws in the country. This sheds light on the potential tax offences and penalties in Malaysia, offering valuable insights in order to help taxpayers navigate the complexities of tax compliance in the country.
Comprehensive Guide On Sarawak MM2H Requirements (SMM2H)
6 minutesFor those who may not be familiar, the Sarawak MM2H refers to the Malaysia My Second Home program specifically administered by the Sarawak state government. Malaysia My Second Home (MM2H) is a program that allows foreign nationals to live in Malaysia on a long-term basis, and Sarawak, one of the states in Malaysia, has its branch of this program.
In this article, we will be taking an in-depth look at everything this program entails and, most importantly, Sarawak’s MM2H requirements.
Latest guide on What is SST in Malaysia (Sales and Service Tax )
5 minutesEvery country has its own taxation rules. In addition to individual taxes, corporations and businesses have their operations and activities taxed in various schemes.
Malaysia is no exception, as the government has clearly defined rules in place guiding corporations and businesses on the payment of taxes, including how and when the taxes should be paid. The guidelines also dictate the various operations that qualify as taxable and the procedures involved in tax reporting.
As a business owner or CEO with a business incorporated in Malaysia, it’s important to understand how sales and service tax work and how to stay on the right side of the law regarding all things taxation.
A Comprehensive Guide to Malaysia MM2H Requirements (Malaysia My Second Home Programme)
7 minutesThe Malaysia My Second Home (MM2H) Programme invites foreigners to experience Malaysia’s warm hospitality, stunning landscapes, and rich culture. This initiative offers a unique opportunity for retirees and adventurers alike to make Malaysia their second home, providing a vibrant and diverse living experience. With welcoming requirements, the MM2H Programme opens doors for individuals worldwide to embark on an unforgettable journey of discovery and belonging in this captivating country.
Navigating Malaysia Real Property Gains Tax (RPGT)
4 minutesReal Property Gains Tax (RPGT) is an important factor when engaged in the disposal of real property activities in Malaysia. RPGT represents a tax that is imposed on the chargeable gains that result from selling properties. The RPGT tax rate imposed varies depending on various criteria such as the period of ownership over the property that will be disposed of and etc. Here is some basic general information that will come in handy for Malaysians as well as foreign investors on how to calculate the RPGT tax rate when the time comes.
Key Compliance Essentials to Malaysia Corporate Income Tax
5 minutesCorporate Income Tax (CIT) in Malaysia is a direct tax imposed on all businesses, including resident and non-resident companies, operating within the country. Governed by the Income Tax Act 1967 and regulated by the Inland Revenue Board of Malaysia (IRBM), CIT applies to all income generated locally, such as profits, dividends, royalties, and premiums. The tax rates may vary depending on the company’s status, making it essential for newly established businesses to understand the relevant CIT obligations for successful compliance and growth.
Insights about the Corporate Tax in Malaysia
4 minutesThe Sales and Service Tax (SST) stands as a critical component of Malaysia’s taxation framework, designed to replace the broader Goods and Services Tax (GST) in 2018. This pivotal shift aims to streamline tax collection while minimizing the financial burden on consumers. This guide delves into the intricacies of what is sales and service tax in Malaysia (SST), illuminating its structure, implementation, and ongoing impact on various economic sectors.
A Rundown of E-Commerce Tax in Malaysia and How It Varies
5 minutesThe rapidly expanding e-commerce market in Malaysia has prompted the government to implement new tax regulations, including a sales tax on imported low-value goods (LVG). This move is designed to level the playing field for local businesses, protect domestic industries, and increase government revenue from online sales. Understanding how these new regulations impact on your business is crucial, especially for sellers involved in cross-border e-commerce transactions. This article will explore key topics such as import tax and duties, the rationale behind the LVG tax, its effects on sales processes, and the penalties for non-compliance.
