TAXATION SERVICES
PERSONAL TAX SERVICES
Personal income tax is assessed on a current-year basis. The tax year, commonly called the year of assessment (YA), runs from 1st January to 31st December. Tax residents and non-tax residents are subject to tax on Malaysian-source income only. For individuals, they should ensure their income(s) and relief(s) are reported in accordance to the Malaysia tax law. Failure to do so may attract unexpected penalty. One common mistake that taxpayers made is failing to claim tax reliefs that the taxpayers are entitled to. This means that the taxpayers have paid more tax than they should have paid.
WHAT DOES PERSONAL TAX SERVICES INCLUDE?
- Access the tax residency status of the individual;
- Access the source of income earned by individual and determine tax reliefs, tax exemptions and tax rebate that are applicable to the individual;
- Filing up Income Tax Return Form (ITRF) and submit to IRBM;
- Objecting to IRBM’s assessment;
- Handling IRBM’s queries.
BENEFITS OF OUTSOURCING PERSONAL TAX SERVICES TO YTK
Foreigners who are unsure of the filing process and Malaysia Tax Resident who owned multiple Sole Proprietorships and properties will find a peace of mind when their taxes are taken care by a professional like us.
CASE STUDY
| Scenario | A client disposed its non-residential property and derived a gain on the disposal. The client is unsure of the laws and how to derive the tax payable in regards to Real Property Gains Tax (RPGT). |
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| YTK action | We studied the case carefully and computed the tax in accordance to the Malaysia tax law. We also provided advice on the tax implications of disposing property in Malaysia. |
| Benefits to client | The client is assured that he has fulfilled his tax obligation and is able to plan for the future disposal of properties to maximise tax saving. |
CORPORATE TAX SERVICES
All taxpayers are generally required to report their tax return for source of income derive from Malaysia to IRBM within seven months from the financial year end.
Malaysia corporate tax law may be a complex and daunting task. Let YTK assist you in submitting the tax return accurately in accordance to the Malaysia tax law and on time.
WHAT DOES CORPORATE TAX SERVICES INCLUDE?
- Preparation of the tax computation of the company;
- Submission of Estimated Chargeable Income (Form CP2014) and Income Tax Returns (Form C);
- To prepare and submit the revision of estimate of tax payable via Form CP204A, if any.
- Raise objections to notices of assessment raised by the IRBM.
BENEFITS OF OUTSOURCING CORPORATE TAX SERVICES TO YTK.
With YTK managing your income tax compliance obligations, we would able to keep you informed on any tax updates that may affect your company or business.
CASE STUDY
| Scenario | The client has a group of companies. They wanted to maximise tax saving. |
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| YTK action | After analysing the Company structure, we assist to advise on applying Group Relief to reduce their tax payable. In addition, we use various scheme and tools to help to lower the tax payable. |
| Benefits to client | The client is able to reduce their overall tax payable. |