Tax Consultation Services




Tax Consultation Services in Malaysia

Malaysia has its own tax system and is a tax welcoming country like other countries. As of  calendar year, tax year also runs in Malaysia which starts from 1 January and ending on the 31 December. Before 30th April of  the upcoming year, all the tax returns should be completed and returned. There are different taxes in Malaysia other than personal income tax which are like property tax, corporate tax, road tax and consumption tax.

Corporate Tax Compliance and Planning Services

Tax is an unavoidable part of all businesses. Like that, spending in inappropriate and inadequate services of handling the tax issues can affect the development of many business. Many times in accordance with corporate tax involves a huge amount of management time, costs and effort. At Steve & Co. Asia, either to meet the needs of your business or specific technical advices or an independent tax compliance review or a fully outsourced tax compliance  we provide all end to end tax compliance services, sequentially allowing you to focus more on your business.

Personal Income Tax

Income tax is a tax which is levied on financial income of all individuals or companies within their jurisdiction. In Malaysia, Every individual and businesses have to file the tax returns every year to cross check whether they pay the taxes regularly or owe any taxes or  eligible to any tax refund. In short, people are eligible to file the income return every year if an income is earned from Malaysia. Furthermore, income tax is the main source of the government funds used in financial support  activities as well as to serve the public.

Tax Clearance Letter Application

If taxpayer owes any tax it will be shown in the Tax Clearance Letter (Surat Penyelesaian Cukai, SPC) which is a letter or certificate given by the IRBM.. In Malaysia, a person who retiring, resigning, leaving Malaysia for the period of more than three months, terminating from the employment, or leaving the employment before the contract ends should apply for the Tax Clearance Letter. After receiving the Tax Clearance Letter from IRBM , will release the salary in Malaysia. Additionally, in case of the taxpayer’s death, his relatives or family can apply for the Tax Clearance Application. This Tax Clearance Letter is applicable for both Malaysians and emigrants or workers from outside Malaysia

 

E-Stamping

Stamp duty is the tax levied on documents or written instruments which specifies in the First Schedule of Stamp Duty Act 1949 in Malaysia. After execution of the documents or instruments, it should be stamped within 30 days if executed within Malaysia. But if it is executed outside Malaysia, after receiving in Malaysia it  should be stamped within 30 days. E-Stamping is  the computer application  and also it is one of the secured and safe ways to pay the non-judicial stamp duty to the government. It provides easy stamping of documents without risk free.

 

Withholding Tax Services in Malaysia

Malaysia imposes withholding taxes on few payments to the non- residents like any other countries. Withholding tax represents the portion of tax of an income of the non-resident recipient and it is to submitted directly to the IRBM which is withheld by the taxpayer in Malaysia. In other words, withholding tax is a process of gathering the certain amount of income tax from the certain groups of non-resident in Malaysia. Withholding tax will apply for some payments of income that includes interest, royalty, contract payments and ‘special classes of income’ which is made only to non-residents.

 

Malaysia Certificate of Residence Application (COR)

COR is an official document in Malaysia which is issued by the IRB of Malaysia to confirm taxpayer is the resident of Malaysia for the paying purposes of Tax. COR issuance enables the taxpayer who are the residents in Malaysia for the benefit of the Double Taxation Agreement (DTA). It helps to avoid paying taxes twice on the same income by the partner treaty countries. Certificate of Resident validity period is for 12 months from the endorsement date and after the expiry of current COR you can apply for the next COR application or after the request which is made from the client of treaty countries.

 

Goods and Service Tax (GST)

GST is a Value Added Tax (VAT) and it is introduced in April 2015 in Malaysia. In Malaysia, GST has implemented to replace the consumption tax incorporating the sales tax and service tax(SST) at the rate of 6{4464fdb1985ab504814e1f1cb36d7218370b0e9604ffbed418889285cda48ef5}. It is imposed on the supply chain of the goods and services from the from the stages like supplier to the retail of the distribution. In addition, GST is expected to increase the compliance tax and it is easy to regulate in the view of its self-policing method.

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