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ACCOUNT IN MALAYSIA

Directors of every company shall at some date not later than eighteen months after incorporation and subsequently at least once in every calendar year at intervals of not more than fifteen months, lay a profit and loss account at its AGM. Accounts must be made up to a date not more than 6 months before the AGM Profit and loss account and balance sheet – section 169.

AUDITED ACCOUNT

Every company and its directors must present an audited profit and loss account and balance sheet together with a directors’ report, signed by the directors, with regard to the state of affairs of the company at the annual general meeting (AGM).The period for such presentation to the AGM IS, Within or 18 months after incorporation of a company, and Every 5 months and once at least in every calendar year.

CORPORATE TAX

Resident companies are subject to tax on income accruing in or derived from Malaysia. Income received in Malaysia from outside Malaysia is exempt from tax, except for companies carrying on the business of banking, insurance or sea or air transport. Assessable incomes for companies includes gains from a business, dividends, interest and rentals, royalties, premiums and other gains and profits. Non-resident companies are subject to tax only on income accruing in or derived from sources within Malaysia. Foreign income is exempt, whether received in Malaysia or not. Business income of non-residents derived through a permanent establishment in Malaysia is subject to tax.

PERSONEL TAX

Any individual who has income accruing in or derived from Malaysia or received in Malaysia from outside Malaysia for a year of assessment is liable to tax in Malaysia. A resident individual is subject to tax on income accruing in or derived from Malaysia; and income received in Malaysia from outside Malaysia, while a non-resident individual is subject to tax on income accruing in or derived from Malaysia. However, with effect from the year of assessment 2004, income received in Malaysia by an individual for a year of assessment that is derived from sources outside Malaysia is exempted from tax.

For further information, please contact:

Office : 03-61488262 | Saedah Binti Saidin: 019-3260345 | Mohd Daud Bin Abdul Raman: 019-3698122

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