Malaysia Taxation Service
With our professional and experience in handling Malaysia Tax, we will strive to provide our clients with one-stop tax services.
Malaysia Corporate Income Tax
Malaysia’s economy is based on free enterprise, with no restrictions on foreign ownership of a business. The repatriation of profits and the import of capital are freely allowed. Malaysia has a low corporate tax rate at 17% to 24% compared to other leading economies in the world. A company is taxed at scales rates on its chargeable income and capital gains are not taxable.
A company, whether resident or not, is assessable on income accrued in or derived from Malaysia or received in Malaysia from outside Malaysia. A company is considered a resident in Malaysia if the control and management of its affairs are exercised in Malaysia.
Our Malaysia Taxation Services include:
- Filing of Tax Estimation (CP204)
- Preparation of Tax Computation including analysis of accounts and prepare income tax schedules
- Filing of Tax Return
- Registration of Tax File
Malaysia Personal Income Tax
Individuals are liable to pay Individual Tax on income accrued in and derived from Malaysia or received in Malaysia from outside Malaysia. Income remitted to Malaysia by a resident individual is exempted from tax. A non-resident individual will be taxed only on income earned in Malaysia. With the availability of potential tax savings, government incentives and complex tax implications, it is wise to consult tax experts to advise you on the best way to declare your income to enjoy the maximum tax savings you are entitled to.
The rate of tax depends on the individual’s resident status. Generally, an individual who is in Malaysia for at least 182 days in a calendar year is regarded as a tax resident.
A resident individual is taxed on chargeable income after deducting personal reliefs at a graduated rate from 0% to 30% with effect from the year of assessment 2020.
Our services
- Preparation of individual income tax computation and filing of tax return
- Filing of tax return
- Registration of Tax File
Sales and Services Tax (SST)
Sales tax is a single-stage tax, only imposed at one stage in the supply chain at the import or manufacturers level.
Sales tax is an ad valorem tax and different rates apply based on a group of taxable goods. Sales tax for petroleum is charged on a specific rate which is different from other taxable goods.
Service tax that is a tax charged and levied on taxable services provided by any taxable person in Malaysia in the course and furtherance of business.
Currently, goods are taxed between 5% to 10% and services are taxed at 6%.
Malaysia taxation - Our services
- SST registration/deregistration
- Preparation of SST report and submission of SST return every 2 months (bi-monthly)
Contact us for more details
FAQs for Taxation Services in Malaysia
WHAT ARE THE STANDARD TAX RATES IN?
As of 2018/2019, companies pay 8.25% on profits up to HK$2 million and 16.5% on any profits over HK$2 million.
If your business is unincorporated then rates are 7.5% on profits up to HK$2 million, and 15% on profits that are over HK$2 million.
DO ALL BUSINESSES NEED TO FILE AN EMPLOYER’S RETURN?
Yes. It doesn’t matter how many employees you have or how much profit you make, all Hong Kong businesses are required to fill out their Employer’s Return within 30 days of receiving it.
WHAT KIND OF TAX FORMS DO I HAVE TO FILL OUT?
There are typically 3 forms that you need to fill out and send to the Inland Revenue Department.
Employer’s Return (issued the first working day of April)
Profits Tax Return (issued the first working day of April)
Individual Tax Return (issued the first working day of May)
Be sure to fill out and send these forms as quickly as possible otherwise, you stand subject to possible fees or prosecution.
That’s why we always recommend that you hire a one-stop agency like Korchina. Here at Korchina we can handle your accounting/ audits, as well as provide your registered office address and receive your mail. This means that we will be providing service to fill out your tax forms once we receive them, so you don’t have to worry about anything.
Contact us today to inquire about how our taxation services in Hong Kong can help you.
