Frequently Asked Question
How to appoint a tax agent for a Malaysian company?
If you’re looking to appoint a tax agent for a Malaysian company, there are a few things you’ll need to keep in mind. First and foremost, you’ll need to register with the Malaysian Inland Revenue Board (IRB). From there, you can begin the process of appointing a tax agent. Generally speaking, there are a few different ways to go about this.
For example, you can directly appoint an agent through the IRB’s website or via thePersonally Appointed Agent Scheme (PAAS). However, it’s worth noting that both of these methods come with certain requirements and conditions that must be met. Therefore, it’s always best to consult with an experienced tax professional before making any decisions.
Can a director submit a tax return without the help of a tax agent?
Yes, a director can submit a tax return without the help of a tax agent. However, it is advisable to seek professional assistance in order to ensure that all paperwork is properly filed and that the correct deductions are claimed. The Malaysian Inland Revenue Board (IRB) has outlined specific requirements for company directors when it comes to filing taxes.
When does a company need to appoint a tax agent?
A company needs to appoint a tax agent when it first becomes liable to tax. Liability to tax generally arises when a company starts carrying on business in Malaysia, or when it acquires an interest in certain Malaysian companies or property. The company is then required to file its income tax return and pay the corresponding amount of taxes within 6 months from the end of the fiscal year. If you are unsure whether your company is liable to tax, you should seek advice from an accountant or the Malaysian Inland Revenue Board (MIRB).
What is the role and responsibility of an tax agent?
The role of a tax agent is to file and pay taxes on behalf of their clients. This can include individuals, businesses, or even other organizations. In order to keep up with the latest tax laws and regulations, tax agents must stay up-to-date on changes in the tax code. They should also have a good understanding of how different types of taxes work, such as income taxes, property taxes, and sales taxes.
Tax agents typically work with clients throughout the year to make sure that their taxes are filed correctly and on time. In Malaysia, the responsibilities of a tax agent are governed by the Malaysian Inland Revenue Board (IRB). The IRB is responsible for administering, assessing, collecting, and enforcing all taxes in Malaysia.