SSM 2025 Compound Reduction Incentive: Strategic Opportunity for Companies and Directors to Settle Outstanding Compounds   In 2025, Companies Commission of Malaysia (SSM) introduced new initiative offering a 95% compound reduction incentive to help companies and their directors to settle outstanding compounds. This move is in line with the government's effort to promote corporate compliance, ease the financial burden on businesses, and facilitate the closure of inactive companies through a streamlined process.   Compound Reduction and Striking Off Initiative This incentive is part of a campaign introduced under the Moratorium Period from 16 April 2025 to 30 September 2025. Companies that are no longer in operation and wish to strike off their names with SSM under Section 550 of the Companies Act 2016 can now do so with up to 95% reduction in compound fines. This initiative is designed to encourage corporate responsibility while enabling companies to formalize closure without being hindered by high compound amounts that may have accumulated over time.   Who can Apply for the incentive? To qualify for the incentive, companies must meet the following conditions: * Have ceased business operations and do not intend to operate business. * No assets, liabilities, or outstanding charges. * No outstanding tax or other liabilities with any Government Department or Agency. * Must not be a holding company. * Is not a housing developer. * Is not a Guarantor Corporation   Applications must be submitted with a fee of RM100, along with supporting documents such as the latest management accounts, directors’ resolution, and consent letters from shareholders where required.   Appeal for Compound Reduction Companies with outstanding compound fines must submit a formal written appeal to SSM.   Encouragement to Directors SSM strongly encourages company directors to take advantage of this limited-time to settle outstanding compounds and ensure full regulatory compliance. This will help them to avoid potential legal consequences and make it easier to close down companies that are no longer in use with SSM. It’s important to act quickly, as the moratorium period ends on 30 September 2025.   Conclusion SSM compound reduction initiative offers a valuable opportunity for companies and their directors to resolve past non-compliance regulation at a significant lower cost. This initiative reflects SSM’s commitment to supporting businesses and maintaining high standards of corporate governance.Directors are encouraged to act promptly to take advantage of this incentive before the deadline. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/42XKWsk Instagram https://bit.ly/42Uqf0e Linkedin https://bit.ly/3EH885M   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more

As part of Malaysia's effort to enhance revenue collection and align with current economic developments, the Royal Malaysian Customs Department (RMCD) has announced new guidelines for Service Tax (SST) affecting five major sectors: Construction Work, Rental/Leasing Services, Education Services, Private Health-related Services, and Financial Services. These changes will come into effect starting 1 July 2025. Here's a comprehensive overview for businesses and individuals impacted by the updated tax regime. 📅 Effective Dates 1 July 2025: Construction, Rental, Education, Financial (Phase 1), and Health-related services become subject to SST. 1 August 2025: Health-related services – transitional period begins. 1 September 2025: Financial Services Phase 2 expansion. 📊 Key SST Rates and Registration Thresholds Sector SST Rate Registration Threshold Construction 6% RM1.5 million/year Rental/Leasing 8% RM500,000/year Education 6% RM60,000 per student/year Private Health Services 6% RM1.5 million/year Financial Services 8% RM500,000/year (except card fees) 🔹 Construction Services Taxable: Commercial buildings, infrastructure, ports, mixed-use developments Facility management during construction Not Taxable: Pure residential construction Federal/State government and local authority projects Other Notes: Retention sums: taxable when released Liquidated damages (LAD): not taxable B2B exemption if subcontractor and contractor are registered Transitional rules for ongoing projects 🔹 Rental and Leasing Services Taxable: Commercial property rental, machinery, vehicles Import of lease services Not Taxable: Residential property Financial leases, hire-purchase Offshore leasing Exemptions: B2B exemption (subleasing use) Fixed-term or low-value contracts (< RM500k/year) 🔹 Education Services Taxable: Private institutions charging > RM60,000/year per student Higher education and language centres serving non-Malaysians Not Taxable: Malaysian citizens, OKU holders Preschool and special needs education Short courses (under 3 months/20 hours) Note: Imported education services are taxable; scholarships do not exempt the institution from tax if fees exceed the threshold. 🔹 Private Health-Related Services Taxable: Services to non-Malaysians in: Private hospitals and clinics (medical, dental, ambulance, etc.) Traditional/complementary medicine (e.g., Malay, Chinese, Indian, chiropractic) Allied health (e.g., physiotherapy, radiography, psychology) Not Taxable: Services to Malaysian citizens Services by public hospitals and exempt university medical centres Other Notes: Service tax applies where service is rendered to foreigners Location rules: services within/between Designated or Special Areas may be exempt Transitional guidance applies for services crossing 1 August 2025 🔹 Financial Services Taxable (Phase 1 - 1 July 2025): Loan/credit facilities, Islamic financing Insurance and takaful (certain policies) Investment advice, fund management, brokerage, underwriting Expanded Scope (Phase 2 - 1 Sept 2025): Fee-based financial services not explicitly listed Not Taxable: Interest/profit from loans Late payment charges Basic banking (ATM, account maintenance) Services linked to exports, offshore assets Intra-group transactions Services to the Government Imported Services: Malaysian businesses receiving services from overseas must self-account for tax 📣 What Businesses Should Do Review all services provided against SST thresholds Register via MySST if thresholds are exceeded Issue tax invoices with correct tax codes Apply for exemptions (B2B, government, residential, special areas) Comply with transitional rules and maintain proper accounting 📖 Final Thoughts The new SST measures reflect a significant evolution in Malaysia's tax framework, impacting a wide range of industries. Whether you're in construction, education, leasing, finance, or healthcare, understanding your obligations is crucial. Timely registration and record-keeping will be essential to ensure compliance and avoid penalties when these changes come into force starting 1 July 2025. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/42XKWsk Instagram https://bit.ly/42Uqf0e Linkedin https://bit.ly/3EH885M   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more

📘 Understanding Malaysia’s Dividend Tax: What You Need to Know for 2025 As Malaysia modernizes its tax framework, a new rule has been introduced that will impact investors and shareholders across the board. Starting from the Year of Assessment (YA) 2025, a 2% tax will be imposed on chargeable dividend income that exceeds RM100,000 per individual annually. While this change represents a shift in tax policy, it’s important to note that not all dividend income will be taxed. In fact, the Inland Revenue Board of Malaysia (IRBM) has outlined a range of exemptions that could significantly reduce — or even eliminate — your liability. In this article, we break down the new rules, the exemptions, and what you should do to prepare. 📊 Overview: The New Dividend Tax Effective from YA 2025, individuals (residents and non-residents alike) will be taxed at 2% on dividend income above RM100,000 annually, after deductions and allowances. This tax is part of Malaysia’s efforts to broaden its revenue base while still encouraging investment through targeted exemptions. ✅ Exemptions from Dividend Tax The IRBM has made it clear that the following types of dividend income are not subject to the 2% tax: 1. Foreign-Sourced Dividends Dividends received from foreign sources are exempt, as long as: The income has been taxed in the foreign jurisdiction; or The receiving entity in Malaysia meets certain economic substance requirements. This aligns with the latest IRBM guideline titled “Tax Treatment in Relation to Income Received from Abroad” (Amendment, Dec 2022). 2. Pioneer Status or Reinvestment Allowance Companies Dividends paid out from companies that enjoy pioneer status or are granted reinvestment allowances under the Investment Incentives Act are tax-exempt. This encourages ongoing investment and industrial development in key sectors. 3. Tax-Exempt Shipping Companies Dividends from profits of shipping companies that are exempted from income tax will not attract the 2% dividend tax. 4. Cooperative Societies Dividends distributed by registered cooperatives are fully exempt, consistent with Malaysia’s policy to support cooperative movements. 5. Closed-End Funds Income declared in the form of dividends by closed-end funds falls outside the scope of the dividend tax. 6. Labuan Entities Dividends received by Malaysian residents from Labuan entities — governed under the Labuan Business Activity Tax Act — are not taxed. 7. Exemptions at Shareholder Level Where any specific exemption is granted to a shareholder by the IRBM, that exemption will prevail. 🏦 Institutions Not Subject to Dividend Tax In addition to the above, dividend tax does not apply to distributions made to contributors and depositors of: Kumpulan Wang Simpanan Pekerja (KWSP) – Employees Provident Fund Lembaga Tabung Angkatan Tentera (LTAT) – Armed Forces Fund Amanah Saham Nasional Bumiputera (ASNB) Any approved Unit Trust Fund This ensures that retirement and savings-focused institutions continue to enjoy tax efficiency. 🕒 When Does This Take Effect? These changes are effective from the Year of Assessment 2025. If you're an investor or managing dividends, it’s vital to review your investment portfolio and tax planning strategy ahead of time. 📌 What Should You Do Next? Tax rules are becoming more nuanced — and the difference between being taxed and being exempt could lie in how your income is structured or where it originates from. Here’s how you can prepare: ✅ Identify which dividend sources fall under the exempt categories. ✅ Review your investments in shipping, cooperatives, and Labuan-based entities. ✅ If you receive foreign dividends, ensure proper documentation and compliance with economic substance rules. 🔍 Conclusion As the 2025 assessment year approaches, it is crucial for individuals and investors to proactively assess the impact of the new dividend tax. While the 2% levy may seem modest, the cumulative effect could be significant for high-income dividend earners — especially those unaware of potential exemptions. The good news? With proper planning and a clear understanding of the available exemptions, you can minimize your tax exposure and ensure compliance with confidence. Whether you're receiving dividends locally or from abroad, taking action now can help preserve your returns and avoid unexpected liabilities. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/42XKWsk Instagram https://bit.ly/42Uqf0e Linkedin https://bit.ly/3EH885M   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more

AUDIT EXEMPTION   Effective from 01st January 2025 to the Companies Commission of Malaysia (SSM) allows certain private companies to be exempted from the mandatory requirement to have their financial statements audited annually under the Companies Act 2016. This exemption aims to reduce the regulatory burden and compliance costs, especially for small and medium-sized enterprises (SMEs) that may find audits costly and time-consuming relative to their size.   What is Audit Exemption? Audit exemption means eligible private companies do not have to appoint an auditor or conduct an audit of their financial statements for a financial year.   However, these companies still need to prepare and lodge their unaudited financial statements with SSM, along with other required documents such as directors’ reports and audit exemption certificates confirming compliance with accounting standards and legal requirements.   Eligibility Criteria for Audit Exemption in 2025. To qualify for audit exemption starting from financial years beginning on or after 01st January 2025, a private company must meet any two of the following three conditions for the current and preceding two financial years:   Criteria Threshold for Audit Exemption Annual Turnover         ≤ RM3,000,000 Total Assets ≤ RM3,000,000 Number of Employees Number of Employees   ≤ 30 Dormant Status Dormant since incorporation or current + prior year   Additionally, companies that are dormant since incorporation or dormant throughout the current and preceding financial year also qualify for exemption.   Phased Implementation to Facilitate Transition   To facilitate the revised framework, SSM has adopted a phased implementation approach over a period of three years, thus allowing companies to adapt gradually to the new requirements.   Phase 1 will apply to financial periods commencing on or after 1 January 2025, with submissions starting from 1 January 2026. During this phase, the thresholds are set at annual revenue of RM1,000,000, total assets of RM1,000,000, and a maximum of 10 employees.   Phase 2 will follow for financial periods commencing on or after 1 January 2026, with submissions starting from 1 January 2027. In this phase, the thresholds are increased to an annual revenue of RM2,000,000, total assets of RM2,000,000, and a maximum of 20 employees.   Finally, Phase 3 will be fully implemented for financial periods commencing on or after 1 January 2027, with submissions starting from 1 January 2028, where the thresholds are fully implemented at a turnover of RM3,000,000, total assets of RM3,000,000, with a maximum of 30 employees.   The annual revenue, total assets, and number of employees for the immediate past two financial years must not exceed the maximum threshold specified for the respective corresponding phase.   In conclusion, the Audit exemption reduces compliance costs and administrative burden, enabling SMEs to focus resources on growth while maintaining financial accountability through submission of unaudited but compliant financial statements.   𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/42XKWsk Instagram https://bit.ly/42Uqf0e Linkedin https://bit.ly/3EH885M   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more

Mandatory Requirement for the Company to Display the Company Name and Registration Number   In Malaysia, Companies are required by law to display their Company registration number on all official documents. This is enforced by the Companies Commission of Malaysia (SSM) under the Companies Act 2016. Failure to comply with this requirement can result in penalties being imposed by SSM.   Legal Requirement Under the Companies Act 2016 According to Section 30(2) of the Companies Act 2016, a Company must include its Company name and registration number on: * Company’s signboard and all panel displays. * Business letters, notices, and other official publications, including in electronic form; * Websites and online communications (eg, Facebook, Instagram, etc); * Bills of exchange, promissory notes, endorsements, and order form; * Cheques purporting to be signed by or on behalf of the Company; * Order invoices, receipts, and letters; * All other forms of its business correspondence and documentation.   The purpose of this rule is to ensure transparency and accountability, allowing customers, partners, and authorities to verify the legitimacy of a business.   Penalties for Non-Compliance If a company fails to include its registration number as required, SSM may impose penalties, which can include: * Fines: The Company and its officers (directors) can be fined up to RM50,000 under the Companies Act 2016. * Legal Action: Continued non-compliance may lead to further enforcement actions, including potential legal proceedings.   SSM actively monitors compliance and may conduct audits or inspections to ensure that businesses adhere to these regulations.   How to Ensure Compliance To avoid penalties, the Company should: Review Business Documents Ensure that all business letters, invoices, and statements contain the company name and registration number Update Online Platforms If your company has a website, social media pages, or online business presence, the registration number should be visible. Train Employees Staff handling correspondence and document preparation should be aware of this requirement to prevent accidental omissions. Regularly Check Compliance Conduct periodic internal reviews to ensure all materials remain compliant with SSM regulations.   Conclusion   Displaying the company registration number is a simple yet essential requirement for all Companies in Malaysia. It reinforces business credibility and ensures compliance with legal obligations under the Companies Act 2016. Companies should take proactive steps to ensure all official communications include this information to avoid unnecessary fines or legal consequences. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs Instagram http://bit.ly/3Rkw6hP Linkedin http://bit.ly/3sapf5l   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more

Starting 1 December 2024, a new chapter in corporate reporting begins in Malaysia with the mandatory implementation of MBRS 2.0. The enhanced system by the Companies Commission of Malaysia (SSM) requires all companies to file their annual financial statements digitally using the eXtensible Business Reporting Language (XBRL) format.   What is MBRS 2.0? MBRS 2.0 is a digital platform designed to streamline the submission of financial statements, annual returns, and exemption applications. The XBRL format facilitates the structured tagging of financial data, making data analysis and comparison more efficient.   Types of Submissions under MBRS 2.0 MBRS 2.0 mandates the submission of the following documents in XBRL format: Annual Returns (AR): Effective Date: 25 September 2024 Description: Companies are required to file their annual returns electronically through the MBRS platform. Financial Statements and Reports (FS): Phase 1: Effective Date: 1 December 2024 Description: Unaudited financial statements under Companies Act, 2016; Financial Statement for Exempt Private Company (FS-EPC) under Companies Act, 2016; Application for extension of time (EOT) Application & Submission of Court Order Rectification for Unaudited Financial Statement under Companies Act, 2016. Phase 2: Effective Date: 1 March 2025 Description: Financial Statements under Companies Act, 1965; Certificate for Exempt Private Company (Section 260) under Companies Act, 1965; Financial Statement regulated by Bank Negara Malaysia under Companies Act, 1965 & 2016. Application & Submission of Court Order Rectification for Audited Financial Statement under Companies Act, 1965. Effective Date: 1 June 2025 Description: Audited financial statements for all companies under the Companies Act 2016; Application & Submission of Court Order Rectification for Audited Financial Statement under Companies Act, 2016. Phase 3:   Important Points to Note: Digital Submission: All submissions must be made electronically through the MBRS platform. XBRL Format: Financial statements require conversion into XBRL format using the MBRS Preparation Tool (mTool). Compliance is Crucial: Compliance with all MBRS 2.0 regulations is essential, as penalties may be imposed for any non-compliance.'' Embrace the Future of Corporate Reporting MBRS 2.0 represents a significant step towards modernizing corporate reporting in Malaysia. By embracing this new system, businesses can streamline their reporting processes, enhance data accuracy, and improve transparency. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs Instagram http://bit.ly/3Rkw6hP Linkedin http://bit.ly/3sapf5l   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o read more

What is CP58? CP58 is a tax form issued by Lembaga Hasil Dalam Negeri (LHDN), Malaysia’s Inland Revenue Board. It is used by businesses to declare commission payments made to agents, dealers, or distributors. Who Needs to Issue CP58? Any company that pays commissions exceeding RM5,000 annually to an agent, dealer, or distributor is required to issue a CP58 form. Even if the amount is below RM5,000, businesses may choose to issue it voluntarily. Why is CP58 Important? Tax Compliance – Ensures LHDN can track commission income. Income Declaration – Helps recipients report income in their tax returns. What Information Does CP58 Contain? Payer details – Company name, tax reference, and address. Recipient details – Name, NRIC/Company No., and address. Commission details – Amount paid, including incentives, bonuses, or rewards. When Should CP58 Be Issued? Companies must issue CP58 by 31st March of the following year for commissions paid in the previous year. Are Recipients Required to Pay Tax on CP58? Yes, recipients must report the commission income in their personal or business tax filings. Consequences of Not Issuing CP58 While there is no direct penalty for failing to issue CP58, businesses may face compliance risks under the Income Tax Act 1967, including: Failure to Report Commission Payments – May result in additional taxes, penalties, or an audit. Failure to Maintain Proper Records – Businesses must retain records for 7 years under Section 82A. Incomplete records may lead to fines. Recipient’s Non-Declaration of Income – Agents, dealers, or distributors who fail to declare CP58 income may face penalties for under-reporting. By ensuring proper issuance of CP58, businesses can remain compliant with tax regulations and avoid unnecessary risks. For any further assistance, feel free to contact us! 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs Instagram http://bit.ly/3Rkw6hP Linkedin http://bit.ly/3sapf5l   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o read more

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Aligned with the strategy and support for the reform agenda to strengthen government governance and the corporate sector ecosystem, the Companies Commission of Malaysia (SSM), has begun phased enforcement of the Limited Liability Partnerships (Amendment) Act 2024 effective from 31 January 2025. The Act will be enforced in stages starting from 31/01/2025, by the SSM. It will be carried out in 3 phases. What will be the Key Changes with the Amendment Act 2024? Key Changes: Beneficial Ownership: The Act sets out new requirements for reporting and disclosing information about the beneficial owners of Limited Liability Partnerships (LLPs). According to Sections 2, 3, 4, 5, Sub-Section 11(a), and Section 13, LLPs are required to identify and record their true owners. Corporate Rescue Mechanisms: New frameworks and provisions related to procedures to support the implementation of sustainable LLP governance under Sections 8, 9, 10 and Sub-Section 11 (b). Sustainable Governance: The amendment strengthens procedures to ensure better governance and sustainability within LLPs as stated in Sections 6, 7, and 12. 3 Phases Implementation: Phase 1 – Following the implementation of the Limited Liability Partnerships (Amendment) Act 2024, all LLPs are granted a 3-month grace period from 01 February 2025 to 30 April 2025 to identify their beneficial owners and record the beneficiary ownership details at the LLP's registered office. From 01 May 2025 to 31 October 2025, LLPs must submit the beneficial ownership information to SSM. During this period, SSM will waive any late fees and correction charges, and no enforcement action will be taken. Phase 2 – Aim to establish procedures that support sustainable LLP governance, with implementation expected by 31 March 2025. Phase 3 - It involves provisions related to the corporate rescue mechanism, which is expected to be enforced by 31 December 2025 The implementation of the Limited Liability Partnerships (Amendment) Act 2024 aims to reduce liability for partners in traditional partnerships, while also enhancing transparency, governance, and support for businesses, and minimizing risks and liabilities for LLPs partners.   LLPs are required to identify and obtain information on beneficial owners, and if an individual is aware that they are a beneficial owner, they have the obligation to inform the LLP, and vice versa. 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru   𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs Instagram http://bit.ly/3Rkw6hP Linkedin http://bit.ly/3sapf5l   𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn   𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo   𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o   #KTP #Thk #Myktp #ktplifestyle #ktpcareer #24years read more