Latest guide on What is SST in Malaysia (Sales and Service Tax )
6 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.
Malaysia Employment Pass: Your Gateway to Working in Malaysia
5 minutesIn the diverse and economically dynamic nation of Malaysia, securing a Malaysia Employment Pass (EP) is your key to unlocking a world of professional opportunities. Whether you plan to work in the manufacturing or services sectors, understanding the intricacies of EP applications is essential.
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.
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
4 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.
A Rundown of E-Commerce Tax in Malaysia and How It Varies
4 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.
E-Commerce Growth in Malaysia: Key Factors Behind the Surge
4 minutesIn recent years, Malaysia has witnessed an unprecedented surge in e-commerce activity, transforming its digital landscape into a bustling hub of online commerce. This rapid growth can be attributed to a confluence of factors, including government support, advances in logistics, and changing consumer behaviors.
What is SSM in Malaysia: Essential to register for Malaysia Company
4 minutesStarting a business in Malaysia requires navigating various legal and regulatory frameworks, one of which is the Suruhanjaya Syarikat Malaysia (SSM), or the Companies Commission of Malaysia. SSM plays a crucial role in the Malaysian business landscape, overseeing company and business registration as well as ensuring compliance with corporate laws. This article provides a comprehensive guide on what SSM is, the requirements for starting a business in Malaysia, the importance of the SSM certificate, the necessity of SSM for registering a new SDN BHD company, and the step-by-step process for registering with SSM. Whether you are an aspiring entrepreneur or an established business owner, understanding SSM is essential for successful business operations in Malaysia.
Malaysia Audit Exemption: The Impact on Local Businesses
3 minutes
The Malaysian government is reviewing the criteria for audit exemptions, a move deemed to significantly impact local businesses. This proposed review aims to streamline compliance processes and reduce costs for smaller entities. Under the current framework, companies can qualify for audit exemption based on three main criteria: dormancy, zero revenue, and meeting specific thresholds for assets, revenue, and employees. Dormant companies, which have no significant transactions, and zero-revenue companies, which have not generated income during the financial year, are prime candidates. Additionally, small companies that meet the thresholds set by the Companies Commission of Malaysia (SSM) are also eligible. Despite the exemption, these companies must still submit their financial accounts to the SSM, ensuring transparency and regulatory oversight remain intact. In this article, we will unfold the key elements behind the Malaysian audit exemption.
A Comprehensive Look at Malaysia E-Commerce Accounting Standards
5 minutesHave you been managing the accounts and books for your business by yourself? If you have, how’s that been for you? With the numerous tasks that business owners have to take care of and overseeing the activities of staff and other business members, accounting and bookkeeping are definitely not fun tasks to take on.