Meeting tax deadlines can be a dizzying task, especially for busy Sdn Bhd business owners in Malaysia. It's paramount to get a grip on important dates in 2024 required by the Inland Revenue Board of Malaysia (IRB) or in Malay, Lembaga Hasil Dalam Negeri Malaysia (LHDN) to avoid hefty penalties for non-compliance.
Our guide cuts through the complexities of tax forms and regulations. Discover how timely and strategic planning can turn tax time from stress to success.
Read on – your peace of mind awaits!
- Sdn Bhd companies must submit various tax forms on time in 2024, including Form C by seven months post-financial year-end and Form CP204 within three months of commencement of business (typically upon incorporation for new businesses) or 30 days after the financial year commences (for existing businesses);
- Accuracy is crucial when submitting Forms E and EA by 31 March (or 30 April if e - filing), detailing employee earnings and deductions;
- Utilise accounting software for record keeping, file taxes electronically to reduce errors, and consider hiring a professional with a PTIN for complex tax situations.
Key Tax Deadlines for Businesses in Malaysia in 2024
In 2024, businesses in Malaysia must be aware of key tax due dates for filing tax return forms including Form C, CP204, E, EA, and CP58.
Filing Form C is a critical obligation for every company operating in Malaysia, marking the submission of their main income tax return form for companies. This form declares to the tax authorities on your business income and any other income the company received and self assessment of the company's tax payable to LHDN. Companies must carefully prepare this document and submit it to LHDN within seven months after their accounting period ends for the relevant basis period.
Securing competent tax services well ahead of the deadline can lead to strategic advantages for companies. Not only does early engagement promote accurate filings, but it also aligns tax preparations with your business objectives.
Form CP 204
For new companies in Malaysia, the ticking clock starts now: you've got three months from commencement of business (typically upon incorporation for new businesses) to submit Form CP 204. It's more than just paperwork; it's your company’s forecast of tax dues for the year ahead.
Think of it as a financial crystal ball – detailing probable income and deductions that could sway how much you owe the taxman. Get it right, and you pave the way for smoother fiscal sailing.
Existing businesses aren't off the hook either - they have a 30-day window from their financial year start to get this estimate nailed down. With strict fines hanging over late submissions, there’s no room for dallying.
Engage a savvy tax agent early on; they can pinpoint savings and craft strategies aligning with your corporate vision while keeping penalties at bay.
Moving from planning your tax instalments with Form CP 204, Sdn Bhd employers must also focus on the crucial task of submitting Form E. This form is a mandatory declaration for all Malaysian employers and has to be filed by 31st March or given an extra month if e-filing is chosen, extending the deadline to 30th April 2024.
It's time to gather details about each employee, total salaries paid out, and all the tax withholdings i.e the monthly tax deductions (MTD) or in Malay, potongan cukai bulanan (PCB) you've managed throughout the year.
Employers carry the responsibility of accurately reporting their payroll information through Form E.
Employers in Malaysia, mark your calendars for last day of February, the 29th of February 2024 – the due date for Form EA submission. This crucial document details every ringgit of salary paid to employees throughout the year, providing a clear picture of their earnings.
Ensure accuracy when completing Form EA; it's not just about compliance but also about integrity in reporting wages. Each employee relies on this form for accurate personal tax filings and securing loans or credit.
It’s important employers provide these forms promptly, safeguarding both parties' interests and upholding the law.
Filing Form CP58 by the 31st of March, 2024 is crucial for businesses operating through agents, dealers, or distributors in Malaysia. This form records both monetary and non-monetary incentives provided to these partners over the year.
Businesses that keep a close eye on their tax obligations benefit from smoother operations and avoid penalties.
Steering your Sdn Bhd through the tax season need not be daunting. Remember to mark your calendar with all the crucial deadlines and perhaps even set reminders a few weeks in advance.
Consult experts early, leverage technology for payroll management, and utilise software that simplifies tax filing processes. Stay on top of your business game by being proactive with taxes; it will pay dividends in peace of mind and financial health.
Take action now to ensure smooth sailing come tax time 2024!
1. Where can I find the tax deadline published by LHDN for all taxpayers?
Here's the full list of official tax deadline published by LHDN, including form BE, form B, form P.
2. Can I get help if I'm not an expert on taxes?
Certainly! Tax preparation services can provide assistance, and many people turn to trusted tax agents to assist with the forms to be submitted to LHDN. Tax agents will typically also remind you of the critical dates to be aware of.