The Employees Provident Fund (EPF) is extending the date for employers to remit their mandatory contribution for the months of September 2020 until December 2020, from the 15th to the 30th of each month respectively.
Source from: KWSP website
https://www.kwsp.gov.my/-/extension-of-september-december-2020-contribution-payment-date
Save this link for statutory updates for your reference.
https://mywave.biz/index.php/resources/sharing/39-statutory-malaysia-2
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Today the government announced additional funds under the Bantuan Prihatian Nasional or BPN 2.0. Now the BPN 2.0 can be made checked on the official portal of bpn.hasil.gov.my. This additional assistance will be channelled directly to previously eligible BPN recipients. The new application can be made starting October 14 2020, for those who are not eligible and want to apply.
Please refer to the official payment schedule below :
The cash can be claimed only after the serial number exists on the BPN 2.0 at https://bpn.hasil.gov.my/
For those who do not have a bank account or CREDIT FAIL status, you need to make a cash claim at the nearest BSN branch. And for rural recipients in Sabah and Sarawak, payment will be made in cash starting January 2021. The cash can be claimed after the serial number exists on the BPN 2.0 at https://bpn.hasil.gov.my/
The BPN 2.0 status can be checked on October 15. If you forget your password, you are asked to contact the LHDNM Revenue Care Line (HCL) at 03- 89111000 (for account reset action and security questions) or call the nearest LHDNM Branch / PKH / UTC.
Apart from BPN 2.0, the government also announced the extension of the Program Subsidi Upah and Geran Khas Prihatin to ease the burden of employees and employers that are affected by COVID-19.
More Employees Working Remotely
The beginning of COVID-19 brought about more organizations than any time in recent memory offering far off work as well as requiring it. While a few organizations accomplished offer distant work as an advantage, many didn’t, wanting to keep representatives in the workplace. Notwithstanding, presently that any organization that can has executed the innovation and framework to deal with representatives working distantly, more individuals will keep on working distantly even after the pandemic is finished.
This is uplifting news for some workers. There are numerous who can profit by working distantly, including the individuals who have an incapacity, the individuals who need adaptable planning, those with long drive times, and that’s just the beginning. It’s additionally uplifting news for organizations. The more staff can work distantly, the lower the workplace overhead expenses might be.
I’m not catching This’ meaning for HR?
While for some HR experts, overseeing telecommuters is the same old thing, a few organizations should actualize new guidelines and cycles. It’s imperative to create rules for far off work as quickly as time permits. Formal cycles for taking care of distant work will help guarantee that the organization keeps on running easily while the pandemic is as yet going on.
These guidelines for far off work will have been tried and balanced as vital during the pandemic. Once the Covid pandemic is finished, they can stay set up for any individual who keeps on telecommuting.
Difficulties Keeping Employees Engaged
The COVID-19 pandemic is trying a ton of organizations’ capacity to react to crises. Organizations that didn’t already have any framework set up for distant work needed to execute the innovation in a rush. In a pandemic that undermines the lives and soundness of representatives just as their occupations, it’s significant for organizations to show that they care about their workers.
Workers are more connected with when they feel that their organization thinks about their prosperity. On the off chance that an organization’s reaction to the pandemic caused workers to feel disposable or that they didn’t make a difference to the organization, they’ll feel less connected with and, accordingly, be less gainful. The pandemic is a troublesome time for everybody and a few organizations were needed to make staffing cuts due to lost income.
It might be troublesome, yet it’s critical to show your workers that the organization cares. Keeping up a notoriety for thinking about your staff will help keep current representatives connected with, yet in addition help for future enrolling and for maintenance.
Enlisting Will Also Be Remote
As opposed to directing face to face meets, the whole enrollment cycle will probably keep on being far off. Occupation looking and applying are now done on the web. Advanced innovation empowers video conferencing for interviews from anyplace. With far off work conjecture to proceed after the finish of the pandemic, it benefits organizations to keep selecting distantly too.
Particularly if the position you’re hoping to fill should be possible distantly, far off meetings will permit organizations to enlist from anyplace instead of just locally.
Before you start creating your advertising pipes and building deals methodologies, it’s essential that you distinguish who your optimal client is and what you’re generally enthusiastic about. By distinguishing the business wherein your optimal customer is working, you’re ready to straightforwardly focus on that particular customer, yet additionally learn more data about their field. The more information you get, the more prominent your odds of pulling in more organizations inside a similar industry as you leverage your expertise and understanding to convey important administrations.
As your insight into your objective customer and their industry develops, progress in the direction of situating yourself as an idea chief. You can accomplish this by displaying your bits of knowledge with educational and informative substance.
While this may appear to be a brisk method to lose expected customers, given the supposition that on the off chance that you give somebody the data they have to achieve an assignment themselves they will do as such, this isn’t the situation. In all actuality, your intended interest group as of now approaches the data you’re giving them. What they’re hoping to is somebody who has a demonstrated history of taking this data and utilizing it to effectively actualize arrangements.
Straightforwardness is a key segment to both drawing in and holding customers. At our firm, the business meeting we have with a potential customer is regularly an exploratory call where we become acquainted with additional about the customer’s business, their requirements, and why they came to us.
We have likewise settled a cycle that permits us to recognize administrations we accept the customer would most profit by, just as their expense, continuously. The customer is vigorously engaged with deciding their custom cost dependent on the administrations they select. Like purchasing a vehicle, they can choose the base alternative, on that is completely stacked or something in the middle. It’s a similar vehicle, it simply has various alternatives.
The customer picks the alternative that best meets their requirements. This degree of straightforwardness precisely speaks to our qualities and promptly sets up a specific measure of trust among us and the possible customer, which ordinarily prompts us bringing the deal to a close.
The business instrument we’ve made at our firm is sufficiently basic to where different colleagues effectively pitch administrations and articulate their separate expenses to clients and think of a similar dollar sum. This instrument is especially valuable since it permits us the adaptability to certainly remember important staff individuals for deals calls regardless of whether they don’t have broad deals understanding.
The effortlessness is additionally significant in light of the fact that the individual we’re talking with commonly doesn’t have a clue about the responses to itemized addresses, for example, what number Quick-books exchanges do you have in a month?
The kinds of inquiries we pose are ones that a proprietor would realize directly all things being equal or can make a sensible speculation. Keeping up this degree of access and adaptability has been one more factor that has helped us land new customers and urged current customers to build the quantity of administrations we’re giving them.
Making an effective deals technique comes down to making sense of what addresses your objective customer and how to best speak to your organization. From that point, utilizing the tips here can make you another stride nearer to making sure about more qualified leads and expanding customer maintenance.
Corporate tax is governed under the Income Tax Act 1967, which applies to all companies registered in Malaysia for chargeable income derived from Malaysia including business profits, dividends, interests, rents, royalties, premiums and other income. Income obtained from other countries are exempted from corporate tax except for businesses related to banking, insurance, and sea and air transport. Similar to personal income tax, there are tax exemptions available such as tax incentive and foreign tax credit.
Tax rates of corporate tax (as of Year of Assessment 2020)
| Paid-up capital of RM2.5 million or less | Rate |
| On the first RM 600,000 chargeable income | 17% |
| On subsequent chargeable income | 24% |
| Paid-up capital of more than RM2.5 million | Rate |
| Flat rate | 24% |
When to pay corporate tax?
Newly registered companies should file the estimation of tax payable within 3 months of operation and make monthly instalments starting from the 6th month of the assessment year by the 15th of each month. If this estimated tax submission falls within the Movement Control Order period, an extension of time is given until 31st May 2020. After the assessment year has ended, a company is required to file its tax to the LHDN through the e-filling portal within 9 months instead of 7 months due to the disruption caused by the COVID-19 pandemic. If the actual tax liability is greater than the taxes paid based on estimation, the balance of tax payable has to be paid. On the other hand, you can apply for a refund if the actual tax liability is lower than the taxes paid.
However, for Sdn Bhd companies with a paid-up capital of 2.5 million or less, you don’t have to submit the estimation of tax payable for the first 2 assessment years.
Withholding tax is applicable only if your company is paying a non-resident individual or company (known as the payee) for their services where a certain percentage of the payment is deducted and paid as their income taxes to the LHDN. Each payment type has a different tax rate according to Section 107A and Section 109 of the Income Tax Act 1967. Under the Double Taxation Agreements (DTA), you may apply for a refund of overpaid withholding tax.
Tax rates of withholding tax
| Payment Type | Rate |
| Contract payment for services done in Malaysia | 10% , 3% |
| Interest | 15% |
| Interest paid by approved financial institutions | 5% |
| Royalty | 10% |
| Special classes of income: Technical fees, payment for services, or payment for use of moveable property | 10% |
| Income of non-resident public entertainers | 15% |
| Real Estate Investment Trust | 10% , 25% |
| Family Fund / Takaful Family Fund / Dana Am | 8% , 25% |
| Others | 10% |
When should the tax be paid?
The withholding tax should be paid within 1 month from the date of payment to the non-resident payee. However, any payment falling within the Movement Control Order period can be made from 29th April to 31st May 2020 without penalties being imposed.
As part of the employer’s responsibility, a company with employees will need to retain a percentage of the employees’ remuneration including salary, commission, bonus, incentives, etc. and pay as Monthly Tax Deduction (MTD) to LHDN on behalf of employees who are taxable. This deduction, along with EPF, SOCSO, and EIS, will be stated in the employees’ payslip as PCB (potongan cukai bulanan). The payroll tax can be deducted if the employee is paying Zakat, a payment made under the Islamic law for charitable and religious purposes.
Tax rate of payroll tax
The calculation of PCB can be done based on the MTD schedule or through the Computerised Calculation Method on the e-CP39 portal. The amount of PCB required from each employee varies according to the category they fall in and also the amount of remuneration they receive each month.
When to pay payroll tax?
PCB should be paid to LHDN by the 15th of each month, for the remuneration issued for the previous month. Due to the COVID-19 pandemic, the remittance of MTD for the salaries of March and April will be extended to 31st May 2020.
Your company is required to pay for Stamp Duty when instruments are involved, which are written legal, commercial, and financial documents. Examples of taxable instruments are partnership agreement and mortgage agreement. There are two types of Stamp Duty, one with a fixed rate regardless of the amount stated in the instrument, the other which varies according to the nature of the instrument and the value stipulated. Besides some situations where the Stamp Duty is exempted, you may apply for Stamp Duty relief under certain cases.
For loan restructuring and rescheduling agreements, a 100% stamp duty exemption will be given from 1st March 2020 to 31st December 2020.
Tax rate of stamp duty
All information regarding taxable instruments and exemptions are stated in the Stamp Act 1949. Instruments that are chargeable for Stamp Duty are listed in the First Schedule together with the rates while the persons liable to pay the Stamp Duty are listed in the Third Schedule.
When to pay stamp duty?
The instrument should be stamped within 30 days of the execution of the instrument. The following are ways to pay stamp duty:
For stamp duty payments due during the Movement Control Order, the due date has been extended to 31st May 2020.
Sales tax is a single-stage tax charged on taxable goods manufactured in or imported into Malaysia by a taxable person and is due when the goods are sold, disposed of, or first used with a total sale value of more than RM500,000 in 12 months. There are exemptions for certain goods manufactured or imported. Effective from 23rd March 2020, the following items will be exempted from import duty and sales tax until a later date to be announced.
Not to be confused with service charge, service tax is charged on taxable services in Malaysia such as accommodation, gaming, telecommunication services, etc. provided by a taxable person with a total value of more than RM500,000 in 12 months. For the F&B industry, however, the threshold is a total value of more than RM1,500,000 in 12 months. Credit card services have no threshold and a different rate.
There are several laws that govern SST. You are required to register your company for SST if the requirements are met.
Tax rates of SST
| Rate | |
| Sales Tax | 5% or 10% or on specific rate |
| Service Tax | 6% |
* SST does not apply to Special Area.
When should the tax be paid?
SST should be paid bi-monthly, except for the 1st tax period after your registration with RMCD. For hotel and other accommodation operators, service tax exemption is given from 1st March to 31st August 2020.
Real property gains tax is applicable only if your company disposes of chargeable assets such as houses, commercial buildings, farms, and vacant lands, and also shares in real property companies, gaining profit from the disposal. The calculation of chargeable gain is the disposal price minus by acquisition price. Governed under the Real Property Gains Tax 1976, the tax rates differ according to the holding period of the chargeable assets.
Tax Rates of RPGT
| Disposal Period (after the year of acquisition) | Rate |
| Within 3 years | 30% |
| The 4th year | 20% |
| The 5th year | 15% |
| The 6th year and above | 10% |
When to pay RPGT?
You and the acquirer of the chargeable assets are required to file the tax within 60 days from the date of disposal. The acquirer will pay part of the purchase consideration which will be deducted from the RPGT payable. After filling the tax, an assessment notice will be issued for taxable cases; for non-taxable cases, a certificate of non-chargeability will be issued instead. You are then required to pay the RPGT payable within 30 days from the date the assessment notice is issued. For submission and payment of RPGT that fall within 18th March to 31st May 2020, the due date is extended to 31st May 2020.
Besides the taxes stated above, there are customs duty, excise duty, property taxes (cukai tanah and cukai pintu) and other taxes which might be applicable to your company according to industry and nature of business. Besides, please bear in mind that Labuan has a different tax regulation than other States in Malaysia. Fulfilling this obligation as a company should not be an obstacle that hinders your business growth or operations. Hence, understanding the taxes at the early stage of your business ensures full compliance with the tax law and regulations.
What is SST Rate in Malaysia?
Following are the SST Malaysia rates applicable to different goods and services
| Rate | Type | Which goods or services |
| 10% | Standard | The goods are charged with SST throughout the process or chain of B2B. This kind of tax isn’t deductible by the taxpayer. |
| 6% | Standard | The sales and service tax is also applicable on the services. It is only due when the services are offered to the non-tax registered final consumer. These services include hotels and accommodation, restaurants, car repair & rental services, insurance, domestic flights, credit cards, business consulting, legal/accounting services, telecoms, electricity. |
| 5% | Reduced | SST Malaysia rates are less for goods like petroleum oils, construction materials, telecommunications, foodstuffs, IT, and printing materials and hardware. |
Who Pays SST in Malaysia?
The local or international businesses performing their activities in Malaysia are bound to pay SST if they exceed a specific annual income threshold. At present, this threshold is set at a figure of RM500,000.
Businesses already registered with the GST don’t need to register again for the sales and services tax. This is so, as their data will be transferred to create the SST Malaysia registration. The overall process of registration is simple as it is an online procedure.
If you are confused about how and where these tax rules will be applied, don’t worry! We, as a top accounting firm, can provide you best taxation advisory services for GST and SST in Malaysia.
What does SST stand for?
SST is an abbreviated term for “Sales and Services Tax”, which is a new tax collection system introduced in Malaysia. It’s a single-stage tax that is levied on all types of taxable goods being manufactured and sold within the country.
If the products or goods are taxable, SST is levied on them irrespective of the fact that whether Malaysian registered manufacturer has manufactured these goods or they have been imported.
However, there are various products or goods, exempted from sales, and service tax. These goods are listed in the “Sales Tax Exemption Order”.
The Companies Act 1965
The Companies Act 1965 was the pioneer law ascertained to govern starting and running a company in Malaysia. Although the law has been replaced with Companies Act 2016 yet there are various key updates that streamline the statutory compliance a company is required to follow. These regulations are only restricted to companies that are registered after the Companies Act 2016 came into force. These are some examples of compliance a company is no longer obliged to follow:
Common seal
A common seal is a melted wax impression or an indentation on any official document that holds the document officially executed. According to the Companies Act 2016, 2 signatures authorized persons are required out of which one should be the director for the execution of documents.
If in case, the company has only one director, signatures of the director and one witness are permissible. Henceforth, newly registered companies no longer need a common seal.
Memorandum and Articles of Association (M&A)
In the former years, M&A was established in the constitution to govern a company including responsibilities of directors, allotment of shares, etc. Today, The Companies Act 2016 can be utilized as a constitution per se without any need to ascertain a separate M&A unless the company requires more rules and regulations for smooth functioning.
AGMs are organised every year between the directors and shareholders of a company to evaluate the company’s performance as well as plan business strategies for the coming year. However, holding an AGM every year is no longer mandatory for private limited companies in Malaysia. The directors and shareholders of the company are given rights to sign a circular resolution without organising an in-person meeting.
Annual General Meeting (AGM)
Submission of Tax Payable Estimations
Corporate tax is one of the company tax payable estimations in Malaysia that is needed to be submitted within 3 months of operation for a new company. For companies with capital of less than 2,000,000 Malaysian Ringgit, the estimation of tax payable is not required to be submitted for the first 2 assessment years. In such a case, the company is only required to file the corporate tax within 7 months after the end of the assessment year.
Sales and Service Taxes (SST)
If your company offers taxable goods or services to customers, you might want to know when you can start collecting Sales and Service Taxes (SST) from the customers. Your business needs to register for SST if your annual sale value exceeds 500,000 Malaysian Ringgit in twelve months.
If you are confused about how SST will be applied, don’t worry! We, as the best audit firm in Malaysia, can provide you the most comprehensive taxation advisory services for SST in Malaysia.
Audited Financial Statement
Every year, the company secretary files the annual returns and financial statements of your company to the SSM. However, you are free to put forward an unaudited financial statement if your company belongs to one of these three categories:
Dormant companies
It includes the companies that have had no transaction since their inception.
Companies with zero revenue
It incorporates companies with zero revenue for the current as well as past two financial years adding up to a total asset of less than 300,000 Malaysian Ringgit.
Threshold-qualified companies
It includes companies with less than 100,000 Malaysian Ringgit revenue with total assets adding up to less than 300,000 Malaysian Ringgit along with less than 5 employees for the current and past 2 financial years.
A company secretary Malaysia is best suited for the job. They can offer advice in regard to laws and regulations of running a company. These experts can also get you in touch with a pertinent professional for other required services. For further readings, check out this guide on all you need to know about company secretary Malaysia.
That said, do not let statutory compliance of your company come in the way of growing your business operations. It is best to appoint an experienced company secretary to assist you readily in making well-informed decisions with statutory compliance.
Efficient
By looking for redistribute bookkeeping administrations, you can spare a ton of time. Which means consequently, you can use such time in other beneficial exercises to help your business. For example, you can zero in on center business exercises, which would assist you with producing more income.
Moreover, deciding on extraordinary compared to other re-appropriate bookkeeping administrations likewise mitigates yourself from the problem of keeping up back-end bookkeeping. It would help you to bring down the pressure related with keeping up your business accounts. Then again, you can improve the effectiveness and profitability of your business by using redistribute bookkeeping administrations Malaysia.
Equipped and Reliable Services
At the point when you re-appropriate representing private company or an enormous substance, you can make certain of the best record or examining administrations. The profoundly talented and experienced staff would take great consideration of bookkeeping errands. Regardless of whether you have to record the assessment forms or need somebody to deal with your accounting errands, you can take the help of the re-appropriating bookkeeping administrations in Malaysia.
Moderate and Cost-powerful
There is a wide exhibit of organizations, which battle to keep up their free records office. This is along these lines, as it requires the business to hold up under weighty costs regarding compensations of expert bookkeepers.
In actuality, in the event that you have decided to pick re-appropriate bookkeeping administrations, you can set aside a great deal of cash. For example, you are not needed to employ the bookkeeping staff for your organization. In this manner, you don’t have to stress over the costs connected with staff pay, execution rewards, health advantages, or protection costs.
Greatest Convenience
By and large, redistribute bookkeeping administrations Malaysia fill in as an all in one resource. This recommends you can benefit of a wide range of administrations related with the bookkeeping and inspecting needs of your organization. For example, these re-appropriated bookkeeping arrangements can deal with an assortment of issues like duty, bookkeeping, inspecting, warning, and comparative other fund related administrations.
Guarantees the Best Possible Outcomes
By using the administrations offered by an outsourced accounting firm, you can make certain of the most ideal results. The certified and experienced bookkeepers/evaluators expertly play out their administrations. Thus, every one of your announcements and bookkeeping records will remain fit as a fiddle. Additionally, the nature of work done by these specialists likewise satisfies the budgetary revealing principles of Malaysia.
Assists with developing your Business
These arrangements likewise offer money related guidance to the business. It causes such organizations to develop by considering the guidance of master experts. By understanding the diverse budgetary regions, you can extend your business inside the less foreseen time.
Opening expense has been in the news for some time because of the oversupply of properties, which are profoundly evaluated and left unsold because of unacceptability. Manufacturers who needed higher overall revenues assembled these properties, and now the Malaysian government is to force opening assessment on such developers for unsold properties. An opportunity charge is forced as the punishment dependent on the level of gross selling on the properties that are left empty and are unsold for a particular measure of time.
Dr. Carmelo Ferlito, CEO at Center for Market Education, and a senior at Institute for Democracy and Economic Affairs, accepts that the up and coming activities may get disheartened on the burden of an opening duty on engineers. He expressed that the burden of opportunity expense would be an infringement of property rights. The designers and individual proprietors ought to be given the freedom to discard their properties.
Ferlito further noticed that an opportunity expense would set a dangerous model of managerial deduction. It pictures the administration’s entitlement to intrude with the removal of a property when the cycle of removal isn’t going toward a path that is “socially” attractive. He included that the oversupply of unsold properties is a dynamic of the market cycle that returns through business variances.
He further included, such a move will debilitate future activities as one would fear wrong ventures and dissuade pioneering activities that could be generally effective.
Appointee Federal Territories Minister Datuk Seri Edmund Santhara Kumar expressed, the administration will examine the suggestion of forcing opening duty on designers to address the issue of unsold extravagance apartment suite units in the Klang Valley.
There were 2,260 unsold apartment suite units inside the Klang Valley as per The National Property Information Center, out of these unsold townhouses 498 extravagance units were worth in any event RM1m as of the second quarter of 2018.
CBRE Group Inc and CH Williams Talhar and Wong Sdn Bhd MD Foo Gee Jen expressed an opening duty which is normally joined by a theory charge is to control the exorbitant costs and is restricted to private property. He further included an opening duty is typically focused in “nonattendance proprietorship.” This nonappearance possession generally applies to unfamiliar purchasers in a particular nearby market.
He stated, in Malaysia, under the Local Government Act, the empty property appreciates a discount for evaluation; rather, covering charges. Notwithstanding, Foo noticed that an opening expense would hamper future activities in Malaysia. It is a counterproductive move in when the nation needs more unfamiliar speculation.
Knight Frank Malaysia Sdn Bhd MD Sarkunan Subramaniam said that the motivation behind monumental opportunity assessment is guarantee that proprietors don’t keep their properties empty for high-overall revenues. Rather, they lease it out on lower rents.
He said the recommendation of an opportunity assessment would be deadly to the property markets as the proprietors should decrease the lease in a market where properties are now oversupplied. He further included, it is difficult to screen empty properties for the burden right now.
Talking about the secretary of a Malaysian company, this particular role holds a key position in creating as well as operating a company in Malaysia. According to the Companies Act 1965 (section 139A of), it’s obligatory for a company to hire a qualified company secretary.
What is the Qualification of Company Secretary?
What are the Roles and Responsibilities of a Company Secretary?
The corporate secretary must ensure that all the operations of a company are within the ambit of the Companies Act 1965. He/she should update the SSM with any change in the statutory information of the company.
For this purpose, the secretary must submit the completely filled forms that are prescribed by the law. These forms should reach the company’s registrar within a given period. Moreover, the secretary must advise the director/s regarding annual meeting of the company.
The secretary must take part in almost every board meeting. Furthermore, corporate secretarial services malaysia also include advising the director/s on secretarial matters.
In addition, the secretary is also required to send notices and circulars and stay in contact with shareholders when taking care of the company’s matters.
One of the most essential company secretarial services is the filing of annual returns. This task needs to be completed within a given deadline.
Some of the most prominent responsibilities of a company secretary associated with board meetings are listed below:
If any change happens within the structure of a company, the secretary is responsible for updating the statutory registers of such a company. For instance, the secretary is bound to maintain the Register of Members and Register of Directors.
Such a person is also responsible for keeping the important company documents at a safe and secure place. These documents include “Certificate of Incorporation”, “Share Certificates”, “Memorandum and Article of Associations” and “Minutes of the meeting”.
The corporate secretary must maintain consistent communication with the director/s. The secretary also issues notifications and documents associated with the monitoring of a company’s operations.
The company secretary serves as a bridge between the company and shareholder/s. Therefore, all the key announcements should be communicated to the executives via secretary.
PURPOSE
These guidelines explain the imposition of penalties on
taxpayers who are late or fail to submit a return form in
the period prescribed under the Income Tax Act 1967 (ACP 1967),
Petroleum (Income Tax) Act 1967 (APCP 1967) and Tax Act
Real Estate Gains 1976 (ACKHT 1976).
BORANG NYATA DI BAWAH ACP 1967
Seksyen 77A ACP 1967
BORANG NYATA DI BAWAH APCP 1967
BORANG NYATA DI BAWAH ACKHT 1976
KADAR PENALTI LEWAT MENGEMUKAKAN BORANG NYATA
PENALTI DI BAWAH SUBSEKSYEN 51(3) APCP 1967
PENALTI DI BAWAH SUBSEKSYEN 29(3) ACKHT 1976
KADAR PENALTI BAGI KEGAGALAN MENGEMUKAKAN BORANG NYATA
In February 2020, the Malaysian government issued an emergency stimulus package worth US$4.8 billion to counter the economic impact of the corona virus (COVID-19) outbreak.
The package implements strategies that include spurring economic growth, promoting investments, and encouraging businesses to adopt automation and digitization in their processes.
The government has devised a number of measures to mitigate the short-term impact of the COVID-19 outbreak, aimed primarily at the tourism industry. Below are some of the key features.
The government has asked financial institutions to provide financial relief to borrowers by rescheduling or restructuring loans, as well as offering payment moratoriums. There will be a 100 percent stamp duty exemption arising from these rescheduling, restructuring, or moratoriums. The exemption is given from March 1, 2020, until December 31, 2020.
Bank Negara Malaysia (BNM), the country’s central bank, will provide 2 billion-ringgit (US$453 million) worth in loans for small and medium-sized enterprises (SMEs). The funds will be distributed through commercial banks at an interest rate capped at 3.75 percent per annum.
Each SME will be eligible to receive up to 1 million ringgit (US$226,000) with a tenure of 5.5 years – this includes a 6-months payment moratorium. The government will provide banks with an 80 percent guarantee on the loans.
Moreover, the government has prepared a 200 million ringgit 500 million ringgit (US$43 million) micro-credit scheme for small businesses in the tourism industry.
Travel agencies, hotels, airlines, as well as businesses in the tourism industry, will be given a deferment of their monthly tax installments for six months starting April 1, 2020. Hotels will also be exempt from service tax from March 1, 2020, until August 31, 2020.
To support the tourism industry, the government has allocated US$113 million in the form of:
A special income tax relief worth 1,000 ringgit (US$226) is available to individuals for expenses on domestic tourism from March 1, 2020, to August 31, 2020.
This is limited to entrance fees for tourist attractions and expenses on accommodations at premises registered with the Ministry of Tourism, Arts, and Culture.
The government will provide 100 million ringgit (US$45 million) to help businesses affected by COVID-19 to upgrade the skills of its workers. This includes for sectors, such as retail, hospitality, and tourism in addition to electrical, electronic, and automotive manufacturing.
Another 50 million ringgit (US$11 million) will be provided to finance short courses, in particular, to improve the digital skills of employees, and 20 million ringgit (US$4.5 million) will be allocated to fund short courses for employees in the manufacturing sector.
The package aims to spur economic growth by boosting household income and implementing ‘people-centric projects’.
The Employee Provident Fund (EPF) is a compulsory saving and retirement plan for private-sector workers in Malaysia. Employees usually contribute between 11 percent to seven percent from their monthly salary. This has now been reduced to four percent, potentially increasing cash in the hands of households by some 10 billion ringgit (US$2.2 billion).
Low-income households will begin receiving a monthly payment of 200 ringgit (US$45) scheduled for May to be paid in March. Families will also receive an additional one-off payment of 100 ringgit (US$22).
The government has allocated 2 billion ringgit (US$450 million) for infrastructure projects, such as maintaining roads, bridges, streetlights, drainage systems, and water supplies, among others, at the federal, state, and local government level. This is aimed at assisting small-scale contractors and encouraging economic activities.
From this budget, 200 million ringgit (US$45 million) is assigned to the repair and maintenance of housing and public amenities whereas 150 million ringgit (US$33 million) will go towards the maintenance of alternative electricity and water supply in rural areas.
BNM has allocated a loan scheme for SMEs involved in the food production industry totaling 1 billion ringgit (US$226 million).
The loan scheme is available for a period of eight years at 3.75 percent interest; an eligible SME will able to receive 5 million ringgit (US$1.1 million).
In addition, the government will allocate 40 million ringgit (US$9 million) to help SMEs in the agriculture sector. This fund will be used to enable SMEs to sell their products on e-commerce platforms and therefore to a larger pool of consumers.
Some 500 million ringgit (US$113 million) will be available for early stage and growth stage Malaysian companies. This fund will be co-funded by the government and the private sector.
A total of 300 million ringgit (US$68 million) in loans has been prepared for SMEs looking to digitalize or automate their business. The financing can be used to help purchase hardware, software, and other IT solutions and services, in addition to equipment and machinery.
Eligible SMEs can receive up to 3 million ringgit (US$679,000) with the tenure offered up until 10 years.
This incentive is exclusive for port operators who need to import machinery or equipment, used in port operations. The incentive is valid from April 1, 2020, to March 31, 2023.
The Securities Commission and Bursa Malaysia will waiver listing fees for companies seeking to list on the LEAP or ACE market. This waiver is valid for a 12-month period. The incentive is also open to companies with a market capitalization of less than 500 million ringgit (US$113 million) seeking to list on the Main Market.
All taxpayers (individual/ cooperative/ other business/ non business entities) who rent out business premises to qualified SMEs tenants;
The rented premises must be used by the SME tenant for business purpose;
Landlord must be taxpayer who is receiving rental income under Subsection 4 (a) and 4 (d) of Income Tax Act 1967.
From April 2020 until 30 September 2020.
The rental reduction must be at least 30% from the current monthly rental rate.
Yes, as long as the reduction rates are not less than 30% in each of the eligible months.
If in any of these eligible months, the rental reduction is less than 30%, then the company is not eligible to claim the special deduction for that particular month/months.
The amount of special deduction is equivalent to the amount of monthly rental reduction offered by landlord to eligible SMEs tenants.
The definition of SME for this purpose follows the National SME definition.
For more information, please click here to refer to the SME Definition Guideline
SMEs that are eligible for this special tax deduction are registered SMEs and have obtained SME Status Certificate from SME Corp. Malaysia
Any queries regarding eligibility or registration as an SME can be directed to SME Corp at SME Corp Malaysia at 1300-30-6000 or email to info@smecorp.gov.my
Public listed entities on the main board
Subsidiaries of:
✔ Publicly listed companies on the main board
✔ Multinational corporations (MNCs)
✔ Government linked companies (GLCs)
✔ Syarikat Menteri Kewangan Diperbadankan (MKDs)
✔ State owned enterprises
The company (landlord) is eligible for this special deduction if the related company (tenant) qualifies as SME.
All premises used for business purpose (i.e office/workshop/ childcare/ warehouse/ rented lot/ bazaar/ booth /stall).
Residential house used for both residential and business is NOT qualified for this special deduction.
No. This special deduction is only applicable to rental of business premises used for business purpose only.
Yes. Landlord who has received rental payment in advance is still allow to offer rental reduction as long as all conditions are fulfilled.
Taxpayer (landlord) who claims this special deduction is required to keep the following documents:
i. Stamped tenancy agreement;
ii. Rental income statement;
iii. SME Status Certificate issued by SME Corp.*;
*Information regarding registration of SME can be referred at https://smereg.smecorp.gov.my
iv. Tenant’s information, rental information and rental reduction methods**
**To be provided in working sheet (HK) of Company Return Form, please refer to the example attached as below:
A Sdn Bhd rents a shop lot to B which is an eligible SME for RM5,000 a month (RM60,000 yearly).
A Sdn Bhd has agreed to offer rental reduction to B for the month of April 2020 to September 2020, of RM2,500 a month.
What is Invoice Financing?
Invoice financing is a way for companies to borrow money, with respect to the money due to its customers. It allows businesses to use unpaid invoices as a collateral to get short-term loans.
For a better understanding, say that you sell a product to your customer. Now, the customer tells you that they will only be able to pay you after some months.
Invoice financing is when you take the funds that the customer owes you from a third party, and pay the third party back when the customer gives you the money. In some cases, you can connect the debtor (customer) to the loaner.
Who Offers Invoice Financing?
Registered third parties, including banks, financial houses, and Malaysia accounting services may offer invoice financing.
Why is Invoice Financing in Malaysia Growing?
Well, there are many benefits of invoice financing. We list some of them:
Better Cash Flow
Companies need money to operate. They need to invest in capital, pay their employees, do promotion, and run other processes that require finances. With invoice financing, firms can easily cover the expenses and make use of new opportunities as soon as they are available. They no longer need to wait for customers to pay them.
A Better Customer Service
Customer service is another important aspect where invoice financing helps. In some cases, there may also be ‘trends’ or ‘standards’ in an industry, where customers are used to being given specific terms to pay their amounts.
Waiting for a lot of time to receive payments may affect a small business’ growth. This basically means without invoice financing, you may have to compel your customers to pay fast, which may give a negative message to them.
On the other hand, if you go for financing, you will not have to call your customers frequently. As long as you are sure they will pay, you can mind your own business, which is going to make everyone happy.
It is Easy to Set Up the Financing
Invoice financing isn’t connected to a lot of risks, so fund providers aren’t that picky about their clients. Most likely, there wouldn’t be a lot of requirements. If you are a genuine business and don’t have any ill-intents, you should get the financing without any troubles. Having good records in the past is going to help, of course.
Furthermore, setting up financing doesn’t take a lot of time. After setting up the financing, and getting an invoice, most of the money is released within 24 hours. In other words, invoice financing brings you short-term, low risk, and very fast funds.
No Hassle
Like what’s said above, you can start receiving funds as soon as you set up your accounting. Adding on to that, there isn’t a complicated process for securing the funds.
You don’t need a lot of assets. In most cases, the only collateral you’ll need is the invoice itself. This makes invoice financing in Malaysia an excellent choice for growing SMEs that don’t own a lot of things but still are finding a good number of customers.
Decide the Business Type
If you are a local entrepreneur, the registration of business Malaysia can be done as a Sole Proprietor, Limited Liability Partnership (LLP), or General Partnership. These are the common business entities available for registration of business Malaysia.
Choose a Business Name
Choosing a business name is crucial to have in mind when learning how to register new company Malaysia. In fact, one of the toughest steps in how to register new company Malaysia is choosing the perfect business name. You can check with Suruhanjaya Syarikat Malaysia (SSM), the commission for registration of business Malaysia on their website. You can also get a local agency to make inquiries about how to register new company Malaysia.
Run a name check after you have handpicked the business name. You can complete the Request for Availability of Name (Form 13A of the CA) and submit to SSM. You need to pay a fee at RM30.00 for each name applied. After the name check, you can register the name with commission for registration of business Malaysia, SSM, to get approval. If your name is approved by Commission for registration of business Malaysia, SSM, it will be reserved for three months.
Scout for a Business Premise
A good business location is part of your marketing strategy. Therefore, it’s paramount to make adequate research, in order to pick the best location for your business. Not only is the country where your business located important, the actual town, area, street, and office number are important.
In Malaysia, every business must have a legally registered local office address. Some of the important points to consider when scouting for a location are:
Prepare the Incorporation Documents for Registration of Business Malaysia
You need to submit the Incorporation Documents to the commission for the registration of business Malaysia, SSM, within 3 months from the approval date of the company’s name. Failure to lodge your incorporation documents, you will need to apply for a new name search. Documents required by the agency for registration of business Malaysia include:
A trademark is often referred to as the face of a brand or business. It may be a business name, heading, label, logo, device, signature word, letter, numeral or a combination of these items. It often distinguishes a particular company’s product or services from those of other companies.
This is like favoring your organization enlistment Malaysia through the commission for Malaysia organization joining, SSM. Here, you are likewise permitted to solely utilize your business name in authentic exchanges. Holding a brand name enrollment right permits you to solely utilize that mark for business increase, advancement, and marking of agreements.
The Docs Need for Registration of Business Trademark
Applications for organization enrollment Malaysia require the accommodation of fuse records. Additionally, applications for a brand name likewise require the accompanying records to be submitted:
SSM GOT A REPORT ON THE 25 AUGUST 2020 ABOUT A MONEY LENDING COMPANY IS USING SSM NAME TO PROMOTE THEIR BUSINESS AND SERVICES.
SSM WILL NOT BE RESPONSIBLE FOR ANY MONEY LENDING ENTITIES OR GIVING CREDIT TO ENTREPRENEURS AND WARNS ALL THE ENTITIES THAT LEGAL ACTIONS WILL BE TAKEN AGAINST ANY PART WHO USES SSM NAME OR LOGO WITHOUT ANY PERMISSION.
SSM DESIRE PEOPLE IN GENERAL TO CONSISTENTLY BE CAUTIONS BEFORE LEADING ANY EXCHANGE OFFERED BY ANY BUSINESS SUBSTANCE INCLUDING CASH LOANING BUSINESS ELEMENTS TO MAINTAIN A STRATEGIC DISTANCE FROM ANY ISSUES.
Nominee Director is a competent person that you appoint to act as the local director of your Malaysia company.
The nominee director will not be able to manage or involve in the operation of your company neither be a bank signatory to the corporate bank account. The nominee director will merely be the named director of the company in order to fulfill local statutory requirements. Our Client is solely responsible for daily business activities and solely responsible for corporate bank account activity.
Tax Identification Number or TIN will be assigned to all Malaysians above the age of 18, as well as corporate entities
It is said by Finance Minister Lim Guan Eng that in the beginning of January 2021 the TIN initiative will be started and to implement this initiative, engagement sessions with all stakeholders will commerce next year.
To improve efficiency of management of taxpayer appeals, the Special Commissioner of Income Tax and Customs Appeal Tribunal will be merged by the government which would be operational in 2021.
Taxpayers who are dissatisfied with the Inland Revenue Board director-general or the Customs Department director-general’s decisions may submit a tax-related appeal under all applicable tax laws to the Tax Appeal Tribunal
source : www.nst.com.my
