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.
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.
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.
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.
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.
A Better Look at Sales Tax on Low Value Goods (LVG) in Malaysia
4 minutesIn recent years, the taxation landscape for low-value goods has undergone significant changes globally, and Malaysia is no exception. With the rise of e-commerce and cross-border trade, the Malaysian government has implemented measures to streamline the taxation process for low-value goods. In this article, we explore the impact on consumers, businesses, and the economy at large. From understanding the thresholds and exemptions to navigating compliance requirements, we uncover essential insights to help stakeholders navigate this evolving taxation framework efficiently. Let’s explore how sales tax on low value goods in Malaysia affects businesses and consumers alike.
Malaysia Tax System
5 minutesMalaysia’s tax framework plays a pivotal role in shaping its economic landscape. As the backbone of the national economy, the system encompasses a range of taxes that fund public services and development projects. Understanding the intricacies of this system is essential for anyone navigating the Malaysian financial environment.
Malaysia Budget 2024: Key Tax Changes
5 minutesIn the evolving economic landscape of Malaysia, the announcement of the 2024 budget heralds a series of strategic tax reforms aimed at bolstering economic growth, enhancing fiscal sustainability, and promoting social equity. These adjustments are meticulously designed to navigate the complexities of the global economic environment, ensuring Malaysia’s competitive edge while fostering an inclusive society. This article delves into the salient tax changes introduced in Malaysia’s 2024 budget, elucidating their implications for businesses and the broader economy.
A Complete View of the Ins and Outs of Tax Clearance in Malaysia
5 minutesNavigating tax clearance in Malaysia can be complex, especially when it comes to settling liabilities before leaving the country or closing a business.
In this article, we will break down the essential steps and requirements outlined by the Inland Revenue Board of Malaysia (IRBM). Whether you are an expatriate, a business owner, or an individual, this guide aims to provide a concise yet comprehensive overview to help you navigate the complexity of tax clearance in Malaysia seamlessly.
