Lembaga Hasil income tax payment codes
Payment codes Payment Code Description 084 Individual tax instalment payment 086 Company tax instalment payment 090 Real Property Gains Tax (RPGT) payment
Why outsource payroll?
Payroll involves time consuming tasks that will need to be repeated every month. It is a non revenue generating function of your business, but needs to be handled on a timely and efficient way if you are to keep your employees motivated and happy. For small businesses, managing payroll can be a challenging and time-consuming…
5 reasons to outsource
5 Reasons Businesses Benefit from Outsourcing Accounting and Payroll In today’s competitive business environment, businesses are constantly looking for ways to improve efficiency, reduce costs, and stay focused on core operations. One strategic move that businesses, both large and small, can benefit from is outsourcing their accounting and payroll functions. Here are five key reasons…
Interest on loan or advance to company directors
From year of assessment 2014, for loans or advances to directors, the company will be deemed to have derived an interest income from it. Interest is calculated on the the balance of the loan or advance at the end of each month and the aggregate of the monthly interests would be taken as income for…
Personal tax rates – Y/A 2013
Personal Income Tax Rates Year of assessment 2013 Chargeable Income Rate Tax payable On the first 5,000 – 0 On the next 15,000 2% 300 On the first 20,000 – 300 On the next 15,000 6% 900 On the first 35,000 – 1,200 On the next 15,000 11% 1,650 On the first 50,000 – 2,850…
Budget 2014
GST from April 2015 Prime Minister Datuk Seri Najib Tun Razak announced GST at 6% to be introduced from 1st April 2015, with the existing sales and services tax to be abolished. Some of the items excluded from GST include: Government services Public transport Food items such as cooking oil, spices, salted fish, rice, flour….
Malaysian Corporate tax rates
Year of assessment 2017 Company with paid up capital of RM2.5 million and below at the beginning of the basis period: On first RM 500,000 chargeable income 18% On subsequent chargeable income 24% Company with paid up capital above RM2.5 million at the beginning of the basis period – 24% Year of assessment 2016 Company…
Minimum wage set
Prime Minister Datuk Seri Najib Tun Razak announced, on 30th April 2012, the introduction of Malaysia’s first minimum wage that will cover employees in all sectors excluding those employed as domestic help. For Peninsular Malaysia, the minimum wage has been set at RM900.00 while that in East Malaysia and Labuan is RM800.00 The rates will…
Malaysian personal income tax rates
Employment income is taxed at progressive rates ranging from 0% to 28%. Self assessment for individuals was introduced from the year of assessment 2004. With self assessment, the taxpayer bears the responsibility for correctly assessing his or her tax liability. The forms are issued in January of each year, and tax returns are to be…