When does a company in Malaysia have to register with the Inland Revenue Board?
In Malaysia, a company has to register with the Inland Revenue Board (IRB) within 30 days of incorporation. The company must appoint a tax agent to act on its behalf and file monthly returns and annual tax statements. Non-compliance can result in heavy fines and penalties.
What is a Tax Identification Number (TIN)?
A TIN is an identification number assigned to a business entity by the Internal Revenue Board (IRB) of Malaysia. The TIN is used for tax filing and other tax-related matters. Businesses are required to use the TIN when interacting with the IRB, and it must be included in all tax documents. The TIN can be found on the official registration documents of a business or in correspondence from the IRB.
How to get a Tax Identification Number (TIN) for your business in Malaysia?
You will need to fill up and submit the required forms, together with the supporting documents. The LHDN will issue you a TIN once your application is approved. The forms and documents necessary vary, depending on the type of business entity that you have.
For example, if you are registering a sole proprietorship, you will need to submit Form C (individual) together with your identity card. If you are registering a partnership, you will need to submit Form A (partnership), together with the identity cards of all partners. For a company, you will need to submit Form C (company), together with the Certificate of Registration from the Companies Commission of Malaysia.
Is it possible to file my tax return without the assistance of a tax agent in Malaysia?
Yes, it is possible to file your tax return without the assistance of a tax agent in Malaysia. However, we recommend that you seek professional help in order to ensure that your tax return is filed correctly and on time. Tax agents are experienced in completing tax returns and can save you time and money. They’re familiar with the forms and the process, which can be complicated for first-time filers. Additionally, tax agents may be able to negotiate a better tax rate on your behalf. If you decide to complete your tax return, make sure you understand all the rules and regulations – it’s easy to make costly mistakes if you’re not familiar with them.