{"id":4740,"date":"2018-07-24T12:20:36","date_gmt":"2018-07-24T04:20:36","guid":{"rendered":"https:\/\/skale.today\/?p=4740"},"modified":"2018-07-24T12:20:36","modified_gmt":"2018-07-24T04:20:36","slug":"commonly-asked-tax-questions-malaysia","status":"publish","type":"post","link":"https:\/\/www.skale.today\/content\/2018\/07\/24\/commonly-asked-tax-questions-malaysia\/","title":{"rendered":"Commonly Asked Tax Questions By New Malaysian Business Owners"},"content":{"rendered":"

Death and taxes, the two inevitable dreads we must face. <\/em><\/h3>\n

If you have been employed in a company before, filing income taxes was a breeze with the good people in the finance department. However, for those of us who wish to start a business, the concept of corporate income tax can be daunting. Understandably, here are some pointers to get you started:<\/p>\n

What are my tax rates as a new business owner?<\/h2>\n

[restrict]
\nAs a business owner, you will be filing for corporate income tax. The rates are based on your chargeable income. For YA 2018, the rates are as such:<\/p>\n

First RM 500,000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18%<\/p>\n

On subsequent chargeable income \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 20-24%<\/p>\n

Note that if your paid-up capital exceeds RM2.5 million, your rates may differ.<\/p>\n

What sort of deductibles are available?<\/h2>\n

As a small business owner, you are eligible to enjoy deductibles. Below are some items that count for double deduction:<\/p>\n

    \n
  1. Expenditure incurred by companies on the training of employees under an approved training program<\/li>\n
  2. Expenses incurred in obtaining recognised quality systems, standards and halal certification<\/li>\n
  3. Childcare allowances given to employees<\/li>\n
  4. Expenses for Goods and Services Tax (GST) related training of employees in accounting and information, & communication technology<\/li>\n
  5. Expenditure incurred in participating in career fairs abroad that are endorsed by TalentCorp<\/li>\n<\/ol>\n

    Is it compulsory to hire a professional tax accountant?<\/h2>\n

    While it is not compulsory, it is encouraged. Minor and common errors can be penalized. Some common mistakes involve:<\/p>\n

      \n
    1. Incorrectly calculating taxable income<\/li>\n
    2. Submission of wrong forms<\/li>\n
    3. Failure to be punctual with installment payments<\/li>\n<\/ol>\n

      Is the process of filing corporate income tax similar to the PCB scheme?<\/h2>\n

      The steps required for corporate income tax is not the same as personal tax. Here is a quick overview of the process:<\/p>\n

        \n
      1. Submit form CP204 within the year<\/li>\n
      2. Pay tax installments for forecast profits<\/li>\n
      3. Submit income tax return (Form C) within 7 months from the end of the company\u2019s fiscal year<\/li>\n
      4. Settle all unpaid taxes within 7 months from the end of the company\u2019s financial year<\/li>\n
      5. Would I still need to pay taxes if my business is not profitable?<\/li>\n
      6. It is common for businesses to operate on a loss during its\u2019 initial phases. Unless you have taxable expenses, you may not have to pay taxes.<\/li>\n<\/ol>\n

        Business losses may be offset against income from all sources in the current year. Any unemployed losses can be carried forward indefinitely.<\/p>\n

        Actionable takeaway:<\/p>\n

        Running a small business can be a challenging enterprise. Many new business owners often find themselves in a rut when they are unable to reach their targets. If you would like some wholesome advice on salvaging a business, we have just the article for you.<\/p><\/blockquote>\n

        [\/restrict]<\/p>\n","protected":false},"excerpt":{"rendered":"

        Death and taxes, the two inevitable dreads we must face. If you have been employed in a company before, filing income taxes was a breeze with the good people in the finance department. However, for those of us who wish to start a business, the concept of corporate income tax can be daunting. Understandably, here… Continue reading Commonly Asked Tax Questions By New Malaysian Business Owners<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":4741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[306,31,13],"class_list":["post-4740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-malaysian-tax","tag-small-business-advice","tag-small-business-owners","entry"],"acf":[],"yoast_head":"\nCommonly Asked Tax Questions By New Malaysian Business Owners - sKale<\/title>\n<meta name=\"description\" content=\"For those of us who wish to start a business, the concept of corporate income tax can be daunting. 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