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Goodbye October and Hello MBRS!

31/10/2018

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Good morning everyone! Today is the last day of October and hope that everyone ended the month of October with a great celebration of Halloween!

We have an interesting update from SSM which is the introduction of "MBRS" (Malaysian Business Reporting System). MBRS is a submission platform based on the eXtensible Business Reporting Language (XBRL) format.​

MBRS allows for the submission of:
  1. Annual Return (AR);
  2. Financial Statements and Report (FS); and
  3. Exemption Applications (EA) related to the FS and AR.

SSM has issued a notice to inform the public on the mandatory submission of Annual Return, Certificate for Exempt Private Company and unaudited financial statements through MBRS portal effective on the following months:
Zone
State
Effective date
Middle zone
Kuala Lumpur & Selangor
November 2018
South zone
Negeri Sembilan, Melaka & Johor
December 2018
Eastern zone
Pahang, Kelantan & Terengganu
January 2019
North zone
Perlis, Perak, Kedah & Pulau Pinang
February 2019
East Malaysia
Sabah, Sarawak & Labuan
March 2019
As for the financial statement, we will inform further once we have more details on the effective dates and other updates. 

Have a great week ahead and do remember to bring along your umbrella as it is rainy season now.

Source: http://www.ssm.com.my/Pages/Services/Other-Services/MBRS.aspx
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Form CP500

11/10/2018

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Good afternoon from Wan & Company! We have gotten some queries about CP500 and would like to share some important facts about this Form especially to individual with business income. Please refer to the following:

Tax Installment Scheme – Form CP500
  • Form CP500 is a tax installment scheme for a taxpayer that has income other than employment income such as business income, rental income and royalties.
  • The payment for Form CP500 should be made within 30 days from the date payable (Tarikh Kena Bayar).
  • Failure to remit the tax installment (if any) by the filing deadline will result in a 10% penalty being imposed on the outstanding balance. The penalties are to be self-assessed and paid to the Malaysian Inland Revenue Board (MIRB).
  • For individual that did not receive the Form CP500, they can visit or call LHDN Branch that handle the file or call the Hasil Care Line at 1-800-88-5436.
  • Form CP500 can be revised by completing the Form CP502 and send it to the respective LHDN Branch before 30 June for the current year of assessment.
  • However, if the revised tax installment (Form CP502) is 30% lower than the actual tax payable, the difference will be subject to a penalty of 10%.
  • The formula to calculate the amount of tax to be increases is as follows: = [(Actual tax payable - Estimated tax payable) - (30% x Actual tax payable)] x 10%




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Gentle reminder: Deadlines for 31 October 2018

3/10/2018

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Gentle reminder: Deadlines for 31 October 2018:
1.  Companies with March financial year end: Tax filing 2018
2.  Companies with April financial year end: 6th month revision of tax estimates
3.  Companies with January financial year end: 9th month revision of tax estimates
 
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