Taxation in malaysia

Taxation Services With our team of trained tax professionals, who have extensive experience and knowledge in Malaysia and International Taxation, rest assured for we provided a broad range of corporate taxation services in Malaysia to assist various Multi-National Corporations. We keep our clients updated on the Malaysia tax regulations (including Budget updates). -Corporate Tax -Personal Income Tax -Expatrait Tax -Other taxable -Record Keeping -Self-Assesment System Corporate Taxes -Paid-up share capital of MYR 2.5 million and below: 20% on the first MYR 500,000 (19% from YA 2016), 25% on every ringgit exceeding MYR 500,000 (24% from YA 2016) Corporate tax rates for companies resident in Malaysia: 25% (24 %from YA 2016) Companies, limited liability partnerships, trust bodies and cooperative societies that are dormant have not commenced business are required to furnish the ITRF (including Form E) Personal Income Tax It is mandatory to make monthly contributions to the Employees’ Provident Fund. In addition, employee earns < MYR 3,000/mth, must make contributions to the Social Security Organization. -26% , applies to income > than MYR 100,000. -From YA 2015, 25%, apply to income of MYR 400,000 or >. -Non-residents are taxed at a flat rate of 26%. Every individual who is liable to tax is required to declare income to IRBM. The taxpayer is responsible for obtaining and forwarding Income Tax Return Form (ITRF) have to submit duly completed before 30th April every year to the address: Information Processing Department Inland Revenue Board of Malaysia Ground Floor, Menara Hasil No. 3, Jalan 9/10 Seksyen 9 43650 Bandar Baru Bangi Selangor Darul Ehsan Expatraite Taxes Types of Income: - Non-resident Tax rate: Liable to Malaysian tax when it carries on a business through a permanent establishment and assessable on income accruing in/or derived from Malaysia. -Special Classes of Income: 10% Rental of movable property 10% Fees for technical or management servies performed in Malaysia 10% Payment for services rendered in Malaysia purchased from a non-resident person -Real Estate Investment Trust (REIT): Other than a resident company Non-resident company Foreign Investment Institution *With the introduction of the single tier dividend system effective 1.1.2008, all dividends are tax free in the hands of the shareholders. However companies with section 108 credit under the old imputation system are given a transitional period until 31.12.2013 to frank normal dividends so as to enable them to exhaust their section 108 credit. Other Taxable -Property taxes -Import Duty -Export Duty -Excise Duty -Inheritance /gift tax Let Paul Hype Page assist you in all your business compliance and taxation in Malaysia. www.paulhypepage.myRead less