Information Library

Accounting

Factors Consider buy Accounting Software

The convenience of using a local accounting software takes away alot of the stress and anxiety in managing your accounts. Choose a local software that is...

Best Accounting Software in Malaysia

SQL Account is an easy to learn software with a clean, intuitive user-interface. SQL Account automatically commits all accounting double entries for ...

What is CP500?

CP500 is a “Notis Bayaran Ansuran” which means “Prepayment of Income Tax by Installment”. Form CP500 is a tax installment scheme for a taxpayer that...

Malaysia LHDN E-Invoice - Part 4:Who Must Comply & Who Can Be Exempted?

The Malaysian government has implemented a mandatory e-invoicing system to streamline tax processes and enhance transparency. Businesses with...

Malaysia LHDN E-Invoice - Part 3: Accounting Software API or Manual Submission?

As part of Malaysia’s effort to improve the efficiency of its tax administration management, the Government plans to...

Malaysia LHDN E-Invoice - Part 2: A 72-Hours Grace Period For Adjustments

The Inland Revenue Board of Malaysia(IRBM)is implementing a new e-Invoicing system to streamline and enhance the country’s tax administration....

Malaysia LHDN E-Invoice - Part 1: Mandatory E-Invoice for Tax Payers

IRB targets 4,000 businesses by August 2024 for mandatory adoption of E-Invoice by Malaysia LHDN for annual turnover of RM 100 million! By July 2025...

Profit & Loss Statement

Term “profit & loss” used in reference to Financial Statement that gives a summarized overview of company’s revenues, expenses, and profit/ loss over a given...

What is CP204 & CP204A

CP204 is a form for submission of estimated tax payable. Trust bodies, cooperative and Limited Liability Partners (LLP) are required to submit the CP204...

Real Property Gain Tax(RPGT)

It is a tax charged on the profit earned from the selling of chargeable assets. Chargeable assets include houses, lands, condominiums and also...

Capital Allowance

Capital Allowance is used as a subsidy to for the depreciation of fixed assets. Capital allowance is given to reduce the tax payable for the capital...

Employee Retention Program

Employee Retention Programme / Program Pengekalan Pekerjaan is an immediate financial assistance worth RM600 monthly for employees...

What Is Withholding Tax?

Withholding tax is an amount that is withheld by the payer on income earned by a payee who is not a resident in Malaysia. Withholding tax is an amount...

How To Pay Withholding Tax?

All payments for royalties and special class of income can be made via: Telegraphic transfer, Interbank Giro, and Electronic Transfer. Withholding tax is an amount...

Withholding Tax For Agents

A 2% Withholding Tax (WHT) will be imposed to agents, dealers and distributors whose commissions surpasses RM100,000 within 1 year. This ruling takes...

Wages Subsidy Programme (WSP)

The purpose of the wage subsidy programme is to help employers affected economically by Covid-19 to continue operations and avoid the loss of...

Digital Tax

A 6% service tax will be implemented for digital services in Malaysia from 1st Jan 2020 onwards. The tax is expected to affect streaming services like Netflix and...

Transfer Pricing

As of 2020, the government has imposed penalties for companies who are non-compliant with transfer pricing regulations. Prior this, such penalties...

4 Types of Business Incorporations

Are you thinking of starting a business in Malaysia? Did you know there are more than 1 type of business incorporation in Malaysia? In Malaysia there are...

How to check income tax number online?

To simplify the process of obtaining income tax numbers, the Inland Revenue Board of Malaysia (LHDN) offers an official portal. This portal serves as...

Best Payroll Software in Malaysia

SQL Payroll is a the most popular Malaysia Payroll software that removes the complexities in Human Resources Management, fast, easy, and accurate...

SQL Income Tax Calculator

A tool that can calculate personal income tax in Malaysia. Enter income and tax relief details, the tax amount, tax bracket and tax rate will be calculated automatically...

Submit/Pay Personal Income Tax

Learn how to submit personal income tax in Malaysia. Get guidance from register tax account, submit income tax online, and make tax payments online...

Register Income Tax Account

Are you first time to submit your income tax and don’t have a income tax account yet? Follow our step-by-step guidance to register for your income tax account...

Salary Calculation Malaysia

Calculating salaries can be a daunting task, especially for those who are new to the workforce or for employers who are new in Malaysia. However...

Steps To Submit Borang E / CP8D

As an employer in Malaysia, you are required to submit your company CP8D via LHDN MyTax Portal before 31st March every year. In this guide...

SOCSO&EIS Combine Submission

Starting from July 2022, employers can now combine to submit SOCSO and EIS contributions simultaneously in the PERKESO portal...

Maximum Working Hours

Before 1 Jan 2023, the maximum working hours per week for non-shift and shift employees is 48 hours. From 1 Jan 2023 onwards, maximum...

Employment Act Amendments

Human Resources Minister has announced that the amendments on the Employment Act effective from 1st Sept 2022 has been postponed...

What Is CP38?

CP38 is an additional tax deduction issued by LHDN. CP38 requires the employer to make additional deductions in the form of monthly instalments...

What Is EA Form

EA form is a Yearly Remuneration Statement for private employees that includes your salary for the past year. EA form is used for the filing of personal...

What Is Form E

Form E is a declaration report submitted by every employer to inform the IRB on the number of employees and the list of employee’s...

Budget 2022

The Finance minister has announce in Budget 2022 that the employee EPF contribution rate will remain at the reduced rate of 9%. This statutory contribution...

What is CP39?

CP39 is a statement of monthly tax deduction (PCB) need to submit to LHDN Malaysia every month by every employer, effective 01 Sept 2019 IRB...

What Is SOCSO?

SOCSO provides assistance both medically & financially to employees that have had their abilities reduced or incapacitated due to accidents or diseases...

What Is PCB Malaysia?

PCB/MTD is an income tax deduction mechanism from an employee’s current monthly remuneration in accordance with the schedule...

What Is EPF (KWSP)?

A portion of an employee’s salary and employer’s contribution on behalf of their workers. Every company is required to contribute EPF...

What Is HRDF?

The Human Resources Development Fund (HRDF) is a pool of funds that consists of Human Resources Development levies collected from employers of...

What Is CP58?

CP58 is a statement of monetary and non-monetary incentive payment to an agent, dealer or distributor. CP 58 form is not a tax filing form. It is an income...

What Is Benefits In Kind (BIK)?

BIK are non-cash benefits provided by employers to their employees and are treated as income of the employees BIK are benefits not convertible into money...

Form TP1, TP2 & TP3 Malaysia

LHDN has created 3 types of TP forms, It is the employer’s responsibility to ensure that their employees receive TP1, TP2 forms, TP3 is the employees responsible...

From CP22 VS CP22A

Income Tax CP22 is a form that has to be submitted by the employer to notify LHDN on the newly recruited employees, where else, income tax form CP22A...

Employment Insurance System?

EIS is a financial scheme aimed at helping employees who have lost their job, and it is managed by SOCSO. This scheme is meant to enable retrenched...

Payroll for Foreign Workers

A must-know about the obligatory contributions for foreign workers in order to comply with Malaysian statutory bodies’ rules and regulations to avoid...

SOSCO, LHDN PCB, KWSP Wrong?

Submitted KWSP EPF Borang A, but found a mistake? Submitted PERKESO SOCSO Borang 8A, but found a mistake? Submitted LHDN Income Tax...

3 taxation traps for rental income

Rental income for residential property or non-business sources is often confused as an investment. Hence making it exemptible from taxation...