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Taxation

Avoid being IRBM’s target: Why is capital statement important?

Posted at: 25-03-2023

Overview of Capital Statement of Individual Tax Payers Capital Statement is requested by the Inland Revenue Board of Malaysia (IRBM) during a tax investigation to assess if an individual is able to substantiate his or her spending with the income generated. It is a combination of balance sheets and profit and loss accounts of an… Continue reading Avoid being IRBM’s target: Why is capital statement important?

Taxation

Are you eligible for RPGT Exemption?

Posted at: 23-03-2023

Real Property Gains Tax Exemption The disposal of real property in Malaysia is subject to real property gains tax (RPGT) based on a scale of rates ranging from 0% to 30% depending on the length of time the real property is held. However, there are certain situation where gains from disposal of real property are… Continue reading Are you eligible for RPGT Exemption?

Taxation

How to utilize business losses to save tax?

Posted at: 21-03-2023

Business Loss Current year adjusted business losses can be used to set off against other income from the aggregate income for that year of assessment in ascertaining its total income. The other types of income such as other businesses, rental income, interest income, employment income, etc. After offsetting the current year losses against the other… Continue reading How to utilize business losses to save tax?

Taxation

IRBM forms that you may have MISSED OUT!

Posted at: 19-03-2023

Employer’s Statutory Requirement Being an employer is not an easy job. On top of the daily ins and outs of running a business, employers also have a whole list of statutory requirements to fulfil. The Income Tax Act (ITA) 1967 places an obligation on employers to fill out a list of forms, and failure to… Continue reading IRBM forms that you may have MISSED OUT!

Taxation

What should an employer do after an employee leaves?

Posted at: 17-03-2023

Personal Tax Clearance Letter On top of reporting obligations under the Income Tax Act 1967, employers are also responsible for informing the Malaysian Inland Revenue Board (IRB) of an employee’s cessation of employment, retirement, death, or departure from Malaysia for a period exceeding 3 months so that the tax clearance letter (TCL) can be issued. The TCL notifies the employer… Continue reading What should an employer do after an employee leaves?

Taxation

Loss of Employment? Is the compensation taxable?

Posted at: 15-03-2023

Loss of Employment? Do you know you can get Tax Treatment? While the recession hasn’t “officially” arrived, Malaysians are still feeling the heat with the rate of retrenchments and budget cuts due to the falling ringgit. If you are unfortunate enough to be laid off and receive the compensation, will this income be taxed? In this… Continue reading Loss of Employment? Is the compensation taxable?

Taxation

Tax Estimation was NOT done properly?

Posted at: 13-03-2023

What If Tax Estimation Was Not Done Properly? What are the possible consequences if tax estimation is not done properly? A taxpayer who fails to submit Form CP204 will be liable to pay a fine of not less than RM200 and not more than RM2,000 or to imprisonment for a term no than 6 months,… Continue reading Tax Estimation was NOT done properly?

Taxation

Who should pay Withholding Tax?

Posted at: 11-03-2023

Withholding Tax on Foreign Service Provider in Malaysia As business owners, we want the best for our businesses. Therefore, sometimes we may enlist the services of foreign providers who are known to be the cream of the crop in their respective industries. When we make payments to these non-resident service providers, something called “withholding tax”… Continue reading Who should pay Withholding Tax?

Taxation

What if I fail to pay Withholding Tax?

Posted at: 09-03-2023

Consequences of Not Remitting Withholding Tax When the withholding tax (WHT) is not appropriately deducted and remitted to the Malaysian Inland Revenue Board (HASiL), serious consequences will follow. What Constitutes Non-Compliance? The payer fails to pay WHT at the prescribed rate (whether deducted or not). The payer pays WHT late (not within the period… Continue reading What if I fail to pay Withholding Tax?

Taxation

NOT all interest expenses are tax deductible!

Posted at: 07-03-2023

Interest Restriction As defined in Public Ruling No. 2/2011, “interest” is the return or compensation for the use or retention by a person of a sum of money belonging to or owed to another. How does interest restriction work? If you have taken a loan, you would have interest expenses incurred on the loan obtained. Pursuant to… Continue reading NOT all interest expenses are tax deductible!

Taxation

Is key-man insurance tax deductible?

Posted at: 05-03-2023

Key-Man Insurance You may have heard of the saying “a company is only as good as its people”. At the end of the day, a business is run by people. Without the pivotal man or woman playing their respective roles in a company, the organisation may face the danger of crumbling apart. That is… Continue reading Is key-man insurance tax deductible?

Taxation

Is rental considered a business source of income?

Posted at: 03-03-2023

Income Received From Letting of Real Property Public Ruling No. 12/2018 (PR 12/2018) was issued to clarify the tax treatment on rental income received from the letting of real property. The key difference in tax treatment depends on whether the letting of real property can be deemed as a business source or not. When… Continue reading Is rental considered a business source of income?

Uncategorized

Real Property Gain Tax (RPGT) vs Income Tax

Posted at: 12-12-2022

What is RPGT? Real Property Gains Tax is one of Malaysia’s most important real estate taxes. If you made a profit from selling real estate, you need to make sure you pay the RPGT within 60 days of the sale to the Malaysia Inland Revenue Board (IRB). However, you do not have to pay RPGT… Continue reading Real Property Gain Tax (RPGT) vs Income Tax

Application

Boss Boleh is Hiring Freelancers!

Posted at: 07-11-2022

Work from everywhere, when you want, and how you want! Are you looking to earn additional income? Look no further because Boss Boleh is here to make that possible. Don’t worry! We even provide referral fees if you manage to refer clients to us as well! By being a part of our team, you will… Continue reading Boss Boleh is Hiring Freelancers!

Information

Winning MYHackathon 2020: Boss Boleh aims to improve the efficiency of government services

Posted at: 04-11-2022

Businesses flourish with innovative ideas and effective solutions, and they don’t come from a single place. This can be proved through the events that had occurred at MYHackathon 2020, a Pelan Jana Semula Ekonomi Negara (PENJANA) programme hosted by Cradle Fund. It is an initiative aimed to address national difficulties in servicing residents. What happens… Continue reading Winning MYHackathon 2020: Boss Boleh aims to improve the efficiency of government services

Information

Registering Your Sdn. Bhd. at A SSM Counter

Posted at: 19-10-2022

What is needed to form a Sdn. Bhd.? For a company to run, the minimum requirement in Malaysia is having at least 1 director and 1 shareholder (same entity eligible) to incorporate the company. Apart from that, a few other criteria are required to be checked off. Only 18 years old and above are eligible … Continue reading Registering Your Sdn. Bhd. at A SSM Counter

Information

Registering Sdn. Bhd. Online through BossBoleh

Posted at: 18-10-2022

Do you know all the important elements that are needed before registering your Sdn. Bhd. business? Don’t worry, we’ve got you covered. We have put together a list of 5 key factors to address before starting your business just for you. Read our full article here. Why a company secretary? Let’s say you are new… Continue reading Registering Sdn. Bhd. Online through BossBoleh

Industry Guide

2 Ways to Register A Sdn. Bhd. Company in Malaysia

Posted at: 17-10-2022

You’re probably here because you decided on starting a new business and wondering how to register a Sdn. Bhd. online in Malaysia. TL; DR You can register online, hassle-free and fast. 100% online via BossBoleh.com – RM 1,499 (Verify your identity online using eKYC) 50% online via SSM’s MyCoID – RM 1,010 (You’ll still need… Continue reading 2 Ways to Register A Sdn. Bhd. Company in Malaysia

Industry Guide

5 Key Factors to Address Before Starting Your Business

Posted at: 14-10-2022

Click here to read the Chinese version 点击此处阅读华语版本 The formation of a company is an important step in the process of starting a business. Besides sparing you the considerable hassle that comes with filling out the incorporation form, you can focus on the vital elements that matter most to your business by being aware of… Continue reading 5 Key Factors to Address Before Starting Your Business

Industry Guide

What You Need to Consider Before Joining an Accelerator Programme

Posted at: 14-10-2022

A new path in your life begins when you launch your first business. When things don’t appear to be heading your way, it’s only reasonable to feel concerned because there’s such a big learning curve to get over and so much is on the line. Your concern might then lead you to seeking support from… Continue reading What You Need to Consider Before Joining an Accelerator Programme