Malaysia’s taxes are assessed on a current year basis and are under self-assessment system for all taxpayers. There are two types of taxes, i.e. direct taxes and indirect taxes which shown as below: –
Direct taxes:
- Income Tax
- Real Property Gains Tax
- Petroleum Income Tax
Indirect taxes:
- Sales and Services Tax (SST)
- Excise Duty
- Customs Duty
- Stamp Duty
Malaysia’s taxation system is territorial in scope. All income accrued in or derived from Malaysia is liable to tax.
Income tax is a direct tax regulated under Income Tax Act 1967. The Malaysia Inland Revenue Board (MIRB) is responsible for the overall administration of direct taxes in Malaysia.
In Malaysia, RPGT is applicable on gains arising from the disposal of real property in Malaysia. RPGT is also charged on the disposal of shares in a real property companies (RPC).
Petroleum Income Tax is regulated under Petroleum (Income Tax) Act 1967. It is applicable on petroleum operations business in Malaysia.
| Our Services Includes: | |
|---|---|
| ✔ | Corporate and Individual tax compliance |
| ✔ | Tax advisory / planning |
| ✔ | Assistance in attending tax audit: desk audit or field audit |
| ✔ | Specific engagement on tax incentive |
| ✔ | Withholding tax |
| ✔ | Transfer pricing documentation |