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Which Accounting Software Is The Best In Malaysia?

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Capital Allowance Guides

Capital allowance claim allows businesses to offset tax liabilities by deducting eligible capital expenditures from their taxable income.

Malaysia E-Invoicing - Part 4: Who Must Comply & Who Can Be Exempted?

Malaysia E-Invoicing - Part 3: Accounting Software API or Manual Submission?

Malaysia E-Invoicing - Part 2: A 72-Hours Grace Period for Adjustments

Malaysia LHDN E-Invoice - Part 1: Mandatory E-Invoice for Tax Payers

How to Pay 2% Agent Commission Withholding Tax to LHDN

There are 3 branches across Malaysia that handle the 2% Commission Withholding Tax: Kuala Lumpur Branch (For Peninsular Malaysia), Kuching, Sarawak Br...

Calculating 2% Agent Commission Withholding Tax: Inclusive or Exclusive?

It is important to understand that the 2% withholding tax on agent commissions is not applicable to all agents, dealers, or distributors. This tax is ...

How to check income tax number online?

Withholding Tax for Agents

A 2% Withholding Tax (WHT) will be imposed to agents, dealers and distributors whose commissions surpasses RM100,000 within 1 year.

What is Profit & Loss Statement?

The term “profit and loss” is used in reference to a Financial Statement that gives us a summarised overview of a company’s revenues, expenses, ...

Education

What is CP204 & CP204A?

CP204 is a form for submission of estimated tax payable. Trust bodies, cooperative and Limited Liability Partners (LLP) are required to submit the CP2...

How To Pay Withholding Tax?

All payments for royalties and special class of income can be made via: Telegraphic transfer, Interbank Giro, and Electronic Transfer.

What is Real Property Gains Tax (RPGT)?

It is a tax charged on the profit earned from the selling of chargeable assets. Chargeable assets include houses, lands, condominiums and also shares ...

Capital Allowance

Capital Allowance is used as a subsidy to for the depreciation of fixed assets. Capital allowance is given to reduce the tax payable for the capital.

What is CP58?

CP58 is a statement of monetary and non-monetary incentive payment to an agent, dealer or distributor

What is Withholding Tax?

Withholding tax is an amount that is withheld by the payer on income earned by a payee who is not a resident in Malaysia.

What Is Digital Tax?

A 6% service tax will be implemented for digital services in Malaysia from 1st Jan 2020 onwards. The tax is expected to affect streaming services like...

RMCD

What Is Wages Subsidy Programme (WSP)?

The purpose of the wage subsidy programme is to help employers affected economically by Covid-19 to continue operations and avoid the loss of jobs and...

Prihatin

What is Employee Retention Programme (ERP)?

Employee Retention Programme / Program Pengekalan Pekerjaan is an immediate financial assistance worth RM600 monthly for employees who have been inst...

Prihatin

What is CP 500?

CP500 is a "Notis Bayaran Ansuran" which means "Prepayment of Income Tax by Installment". Form CP500 is a tax installment scheme for a taxpayer that h...

7 Factors to Consider When Buying an Accounting Software

Transfer Pricing

As of 2020, the government has imposed penalties for companies who are non-compliant with transfer pricing regulations. Prior this, such penalties did not exist. The IRB (Inland Revenue Board) has also shown more and more interest on the grey areas surrounding Transfer pricing.

4 Type of Business Incorporations in Malaysia

Are you thinking of starting a business in Malaysia? Did you know there are more than 1 type of business incorporation in Malaysia? In Malaysia there are 8 different types of businesses. They are Sole Proprietor, Partnership, Limited Liability Partnership, and Private Limited Company, Unlimited Company, Public Limited Company, Company Limited by Guarantee (CLG) and Foreign Company. In this article, we will be discussing the top four popular type of businesses in the list, tax rate, and more.

Which Payroll Software Is The Best In Malaysia?

Payroll Related

SQL Professional Income Tax Calculator

Steps to Submit & Pay Personal Income Tax

Are you first time to submit your income tax and don't have a income tax account yet? Follow our step-by-step guidance to register for your income tax...

Salary Calculation Malaysia

Steps to Submit Borang E / CP8D

Education

As an employer in Malaysia, you are required to submit your company CP8D via LHDN MyTax Portal before 31st March every year. In this guide, we'll take...

Maximum Working Hours - Employment Act

SOCSO & EIS Combine Submission

Starting from July 2022, employers can now combine to submit SOCSO and EIS contributions simultaneously in the PERKESO portal under "Combine Contribut...

EIS

SOCSO

Employment Act Amendments 2022

Budget 2022: Statutory Contribution & New Tax Initiatives

Payroll Malaysia 2022 changes and updates

What is CP39?

CP39 is a statement of monthly tax deduction (PCB) need to submit to LHDN Malaysia every month by every employer, effective 01 Sept 2019 IRB Malaysia ...

What is CP38?

CP38 is an additional tax deduction issued by LHDN. CP38 requires the employer to make additional deductions in the form of monthly instalments from t...

Form TP1, TP2 & TP3 Malaysia

LHDN has created 3 types of TP forms, It is the employer’s responsibility to ensure that their employees receive TP1, TP2 forms, TP3 is the employee...

What is Borang E / Form E ?

Form E is a declaration report submitted by every employer to inform the IRB on the number of employees and the list of employee's income details ever...

What is Employment Insurance System (EIS)?

EIS is a financial scheme aimed at helping employees who have lost their job, and it is managed by SOCSO. This scheme is meant to enable retrenched wo...

EIS

What is PCB Malaysia?

PCB/MTD is an income tax deduction mechanism from an employee’s current monthly remuneration in accordance with the schedule of Monthly Tax Deductio...

What is SOCSO (PERKESO)?

SOCSO provides assistance both medically & financially to employees that have had their abilities reduced or incapacitated due to accidents or disease...

SOCSO

What is EPF (KWSP)?

A portion of an employee’s salary and employer’s contribution on behalf of their workers. Every company is required to contribute EPF for their st...

KWSP

What is Benefits In Kind (BIK)?

BIK are non-cash benefits provided by employers to their employees and are treated as income of the employees

What is HRDF?

The Human Resources Development Fund (HRDF) is a pool of funds that consists of Human Resources Development levies collected from employers of the man...

HRDF

What is EA Form / Borang EA?

EA form is a Yearly Remuneration Statement for private employees that includes your salary for the past year. EA form is used for the filing of person...

From CP22 VS CP22A