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.
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.
A must-know about the obligatory contributions for foreign workers in order to comply with Malaysian statutory bodies’ rules and regulations to avoid heavy monetary fines.
What are the 3 taxation traps if you own property for rental income?