Licensed Tax Services in Malaysia
Tax Consultant Malaysia
Understanding the Importance of Tax Services in Malaysia
Taxation services in Malaysia offer individuals and businesses a wide range of services to manage their tax responsibilities and liabilities. These services include tax planning, preparation, filing, assessment, tax audit, and compliance, and can be provided by tax consultants, agents, certified accountants, or professionals in tax law and regulations. The aim of taxation services is to minimize taxpayers’ tax burdens while maximizing their tax benefits within existing legislation and regulations.
Taxation is crucial to Malaysia’s economic health as it funds public projects, ensures wealth distribution, and is a government essential. Failure to pay tax is a criminal offense in Malaysia, highlighting the importance of proper tax compliance. Tax preparation services offer tax exemptions and incentives, which can help individuals and businesses navigate the stringent tax processes, contributing to the economy.
It is helpful for locals and companies to have a firm grasp on the Malaysian tax system. Hiring a certified professional as a tax body member is recommended to ensure the best practices and avoid the hassle of doing it alone.
5 Types of Taxation Services in Malaysia
Tax services in Malaysia are vital to the country’s financial system, we offer individuals and businesses a variety of tax solutions. Services are widely known as preparing and filing tax returns, up to processing refunds. Tax Return Preparation Service, Tax Return Filing Service, and Tax Payment Refunds are all part of our package for taxpayers to file their tax returns correctly and on time. Planning ahead with the help of a professional can help individuals and businesses save money and fulfil their tax obligations.
See below our clear view of services:
Tax Advisory Compliance Services
- Tax Compliance Check
- Consultancy in tax matters
- Tax consulting and management service
- Tax advisory for businesses
- Tax advisory for Audit tax
- Income Tax Consultancy
- GST consultation services
- Sales taxes advisory service
- Advice on improving tax returns
- Guidance with tax audits and investigations by IRB
- Yearly income Tax filling and returns for personal
- Sole proprietorships, enterprises, and partnerships tax service
- Income Tax on Corporations
- Real estate capital gains tax
- Advice on fiscal planning and business transactions
- Guide usage on Tax Incentives
- The Pioneer Status and Manufacturing Licence Application
- Sales and service tax management
- Expatriate tax issues
- Reduce fiscal burdens
Personal Tax Service Preparation
- Individual Tax Compliance
- Tax advice for individuals
- Personal Income Tax
- Individual tax preparation
- Individual tax audits
- Personal Income Tax Returns
- Tax Deductions for Personal income tax
- Personal tax relief and exemption
- Capital gains tax on real estate
- Personal income tax preparation
- Submission on Form BE, Form B, and Form M)
- tax advice for individuals
Tax Compliance Service for Corporations
- Tax filing and return submission
- Inland Revenue Board (IRB) submission
- Corporate tax return on annual income (Form C)
- Full Income Tax Calculation
- Filling and submission on Form CP 204, (Advance Tax Estimate),
- File a new Form CP204A if any updated taxable income estimate is found revised.
- Calculate Capital Allowances
- submitting a Withholding Tax Refund Claim
- Calculate Deductible expenses and other reductions
Tax Consultancy Services
- Professional Advice in Accounting and Taxes
- Chartered Tax Advisory Services
- Tax compliance for businesses and personal income
- Financial planning for businesses / corporate
- Dealing with tax investigations and audits
- Advisory services on mergers and acquisitions (M&A)
- Plan for Privatisation
- Financial plans
- Advice and tips on tax relief
- Guide to setup tax-efficient company
- Applying income tax incentives and exemptions
- Guidelines for GST obligations
- Guidelines on SST obligations
Goods and Services Tax (GST)
- Preparations for SST/ VAT
- Registering SST Malaysia
- GST payment and refund submission
- Estimate Sales tax rate
- Planning and filing SST or VAT return
- Auditing and appealing SST compliance
- Guidance and counsel during and after SST
Talk to our Licensed Tax Consultants!
We have 2 tax forms: direct and indirect tax in Malaysia.
A direct tax is one that is cast upon the taxpayer’s take-home pay; your salary. In contrast, indirect taxes take position of Sales & Services Tax, which took effect on September 1, 2018 (in place of the Goods & Services Tax, or “GST”), on the purchase of goods and services.
The more a taxpayer spends on goods and services, the more tax they must pay. Sales tax is standardized at 10%, while service tax is standardized at 6%.
Businesses usually pay direct and indirect taxes based on their sales and services industry area. If your companies are in retail sales, you may owe both business profit tax and sales tax on the products.
Types of Malaysian Taxes
Income tax, property tax, and sales tax are the three main types of government taxes in Malaysia.
- An income tax is a levy on a person’s or a company’s yearly profit.
- Real estate tax as in land and buildings, are known as property taxes. (RPGT)
- Sales tax: goods purchase made within a country are subject to the tax.
There are also tax reliefs to take into account like your age and profession. If you are over a certain age or fit into a certain category of taxpayers based on your occupation, you may qualify for a tax relief. Read Budget 2023. When the government offer taxes and reliefs, it can ensure that taxation reduce the strain on the average person’s budget. Now that we know the taxes structure in Malaysia, we move on to type of tax services.
tax knowledge sharing
Top 25 Tasks Tax Agent Can Do for You
Taxation service company offer expert advice and assistance at every step of the way, including tips on filling out forms correctly and on time to minimise any penalties or refunds you may owe. This makes handling money during tax time much less stressful, here goes the list:
The Advantages of Our Malaysian Tax Services
By working with us, you’ll have access to a wide variety of advantages and tax services in Malaysia:
- All sorts of tax help, for both businesses and individuals tax returns precisely.
- Our reasonable price for tax preparation services get you full compliance with the tax code efficiently.
- Locate potential tax risks and bring you the most effective answers.
- Maximising tax savings and tax deductions through analysis of business transactions.
- Plus, we offer expert guidance to new startups setting up store in Malaysia.
- Consulting services regarding tax treaty challenges concerning permanent establishments and withholding taxes.
- We will help you in laying close the necessary documents for an effortless tax audit.
- Consultation service on potential tax credits and exemptions for your company.
- You will get free latest tax advice released from time to time.
Trusted Tax Services in Malaysia.
When you need reliable tax services in Malaysia, turn to Accounting.my. Our knowledgeable tax experts are here to help with any and all aspects of tax planning and compliance for businesses, nonprofits, and private citizens. We offer a wide range of tax-related services, from simple return filing to audit defence and beyond. You can count on us to assist you in fulfilling your tax responsibilities in Malaysia in a timely and accurate manner.
Tax Services Testimonials
Hi-Tech Record Auto Part Sdn. Bhd.
”Accounting.my tax Services has done my taxes for years, and I’ve been completely satisfied with their work. They are thorough, well-informed, and reliable, and they never fail to meet any deadline I set for them to file my taxes.”
Ms Izzah Hari Ali
Bestari Jaya Poultry Sdn. Bhd.
“I was previously working with a different firm, but after switching to Accounting.my Tax Advisors, I was blown away by their professionalism and thoroughness. They found a number of deductions I had overlooked in the past, which allowed me to pay much less in taxes.”
Ms Esther Wong Pik Chan
HL Steel Products Sdn. Bhd.
“If you’re looking for a reputable tax preparation service, Tax Solutions comes highly recommended from me. Every member in the team is helpful, knowledgeable, and pleasant to work with. They facilitate a smooth and stress-free tax filing experience.”
Accounting Software We Work With
Frequently Asked Questions: Tax Services in Malaysia (FAQs)
Tax services in Malaysia typically cost between RM500-RM2,000, depending on the difficulty of the procedure, breadth and depth of services, and unexpected costs. Basic income tax filing services range from RM500-RM2,000, while more complex returns can range from RM1,800 to RM5,000.
A tax service firm’s credibility is crucial to maintain high ethical standards. Researching the company reviews, asking about the experience level and qualifications of staff members, and looking for clear terms of service outlining their obligations are all good ways to tell if a tax service is trustworthy.
The Malaysian Inland Revenue Board (IRB) provides detailed instructions and convenient tools for personal income tax filing. Online accounting tools such as TaxCaster and MyTaxRefund can make the process even easier, making it easier to prepare tax returns. However, if your personal income tax and corporate taxes are getting out of hand, it is worth getting someone to sort it out for you. Experts save you time and hassles without you verifying if things are outdated or correctly in place when you DIY.
The 5 advantages of hiring a tax service firm in Malaysia covers:
- Get sound guidance because of their familiarity with Malaysia’s tax code.
- Save resources and devote more time to core operations by outsourcing tax-related tasks.
- Reduce risk of making expensive mistakes
- Increased visibility into the company’s financial performance,
- Outsourcing tax preparation can be effective and is preferred than a full-time in-house tax professional.
Accounting.my as one of the tax firms in Malaysia offer full range of tax services to local businesses; tax registration, tax planning, tax compliance, audits, tax exemptions and incentives, goods and services tax (GST) and value added tax (VAT) registration and compliance, and withholding tax compliance.
We also help businesses with registering and adhering to GST/VAT plus withholding tax regulations, as well as identifying and applying for tax exemptions and incentives. All in one package.
Due to the complexity and difficulty of Malaysia’s tax regulations, smaller and medium-sized businesses SMEs in the country may not have the resources to devote to tax compliance. Businesses need to work with tax experts who have a deep familiarity with Malaysian tax laws to ensure they remain in compliance. That will avoid penalties and fines imposed on the startups or expansions.