Why Accounting Records Keeping is a Mandatory Requirement for Retirement in Malaysia
Accounting records keeping in Malaysia is a requirement under the Malaysia Income Tax Act, 1967 Section 107C. The Form CP204 is recommended form for the 1st and the Form CP204A is recommended to make the initial submission revision.
How Can You Submit a Tax Payable Estimate?
Using the form CP204
Submission of CP204 Due Date + Monthly Installment Based on Form CP205
- Each company must determine and submit an estimate payable tax for one year of assessment using the Form CP204. This must be within 30 days before each basis period begins.
- For the companies that are newly incorporated, the estimated tax to be paid must be presented within three months from the commencement date of the business.
- The SME is not obligated to furnish a payable tax estimation or pay in instalments for two years from the assessment year where the SME is commencing operations.
- The estimated monthly instalment of the tax must be paid on or before the 15th of every month.
LHDN Statement Through a Statement Letter on SME CP204
- LHDN has given statements that companies must submit their estimate tax payable using the form CP204 that notifies the LHDN SME Status. Further, there must be no amount of tax payable to avoid incurring penalties. This is because of administrative issues even if it is not mandatory to submit For CP204 for these companies.
Liable Company Directors
- A company director in that period of when the company taxes were due and payable. This begins when the assessment notice was served or deemed to be served.
- A person directing the company in that period wherein the company debt needs to be paid. Hence, action against the company director cannot be taken during this period where the MTD needs to paid already.
Disclaimer
This is a piece of tax information issued by malaysiataxation.com. We make no representations or guarantee about the accuracy, suitability, reliability or completeness of this information for any purpose while every care has been taken in compiling this information. Malaysia Taxation, its agents and employees accept no accountability, and disclaim all responsibility, for the consequences of anyone acting, or refraining from working, in reliance on the information contained in this book or for any conclusion based on it. Recipients shouldn’t act upon it without seeking specific advice tailored to your circumstances, requirements or needs.
