Frequently asked questions
Currently there are 5 types of business in malaysia, namely Sole Proprietor/Enterprise, Partnership, Limited Liability Partnership (LLP), Private Limited Company (Sdn Bhd) and Public Listed Company (PLC).
In Malaysia, Private Limited Company and Public Listed Company are required to submit audit report annually.
However, according to subsection 267(2) of the Company Act 2016, Private Limited Company may exempt for preparation and submission of audit report, if the Company is Dormant Company, Zero-Revenue Company or Threshold-Qualified Company.
All business incorporated and operated in Malaysia are required to prepare and submit tax return to Inland Revenue Board annually.
It is an offense under Income Tax Act 1967 to not submit tax return on time for businesses that generate income in Malaysia.
Although your business are exempted from preparation and submission of audit report in accordance to subsection 267(2) of the Company Act 2016, you are still required to prepare your financial accounts (at least once in a year) for your income tax filing and submission.
We strongly recommend you to prepare your financial accounts at least on quarterly basis to understand your business performance and position from time to time. This allows a better business strategy to be implemented in your business for growth and expansion.
For Sole Proprietor/Enterprise Business and Partnership, you will need to file your tax latest by 30 June every year.
For Limited Liability Partnership and Private Limited Company (Sdn Bhd), you are required to file your tax within 7 months after the financial year end.