Professional Annual Tax Compilation & Filing Services from RM980

The Companies Act 2016 mandates that all companies registered in Malaysia are required to prepare and audit their financial statement before lodging it with the Companies Commission of Malaysia (SSM).

Some general guidelines of the financial reporting framework include:

  • Newly incorporated companies are required to submit its estimate tax payable within 3 months from the date of commencement of operations. Small and Medium Enterprise (SME) are exempted from submitting its estimate tax payable for the first 2 years of assessments from the date that it commenced business.
  • Every company shall not later than 18 months from the date of incorporation and subsequently once every calendar year circulate to its shareholders, a copy of Audited Financial Statements made up to a date not more than 6 months from its financial year end.
  • A company is required to lodge a copy of its Annual Return with the Registrar within one (1) month from its anniversary date of incorporation.
  • A company is required to submit its tax return within 7 months from its financial year end.

However, under section 267(2) of the Companies Act 2016, the Registrar of Companies can exempt selected categories of private companies from having to appoint an auditor and to impose the criteria and conditions accordingly.

The following THREE categories of companies are exempt from audit requirements:

A dormant company is a private entity as defined by the Malaysian Accounting Standards Board (MASB) and the company is qualified for audit exemption if–
(a) it has been dormant from the tie of its incorporation; or
(b) it is dormant throughout the current financial year and in the immediate preceding financial year.

A zero-revenue company is a private entity as defined by the Malaysian Accounting Standards Board (MASB) and the company is qualified for audit exemption if—
(a) it does not have any revenue during the current financial year; or
(b) it does not have any revenue in the immediate past two financial years; and
(c) its total assets in the current Statement of Financial Position (FS) does not exceed RM300,000 as well as in the FS of the immediate past two financial years

A threshold-qualified company is a private entity as defined by the Malaysian Accounting Standards Board (MASB) and is qualified for an audit exemption if –
(a) it has revenue not exceeding RM100,000 during the current financial year and in the immediate past two (2) financial years; or
(b) its total assets in the current Statement of Financial Position (FS) does not exceed RM300,000 and in the immediate past two (2) financial years; and (c) it has, at the end of its current financial year and in each of its immediate past two (2) financial years end, not more than five (5) employees.

VentureHaven Malaysia provides comprehensive tax filing and compilation services that are catered to individual business operations and requirements.

Our Annual Tax Compilation & Filing Services include:

  • Consolidated accounts preparation and reporting
  • Corporate and individual tax compliance
  • SST compliance

Contact us today for a free consultation and quotation

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+60 11-1617 8668

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