Corporate tax is imposed on resident companies (both private limited and public limited) that earn income:
- Within Malaysia; and
- Outside Malaysia, for insurance companies, maritime/air transport, and banking sectors.
The company’s responsibilities are as follows:
Item | New Company | Existing Company | Form |
Submission period | Within 3 months of starting operations | 30 days before the start of the basis period | CP204 |
Payment Start | 6th month of the basis period | 2nd month of the basis period | CP207 |
Payment Due Date | Before/on the 15th of the month | CP207 | |
Amendment of Tax Estimate | 6th, 9th, or 11th month of the basis period, or within any of these months | e-CP204A | |
Notification of Change in Accounting Period | If the new accounting period is under 12 months: 30 days before the end of the new period. If the new accounting period exceeds 12 months: 30 days before the original period’s due date. | CP204B | |
Form Submission | Within 8 months after the accounting period ends | e-C | |
Payment of Outstanding Tax (if any) | Before/on the last day for submitting the e-C form (7 months after the accounting period ends) | CP207 | |
The following individuals are responsible:
- Company directors
- Company secretary
- Managers or key officers
- Any individual performing the roles above
Failure to meet the company’s obligations may result in the company being charged with:
Criminal Offense | Civil Offense |
Failure to submit or report income within the required timeframe, and submitting incorrect income (false claims) in the Income Tax Return Form | Failure to pay income tax within the designated period |
To know more, refer here.
