Ever since Pakatan Harapan took over the helm at the Malaysian government, we the people have been waiting for the changes and new policies that will be introduced by them. The biggest one by far would be the 2019 Malaysian budget.
The Malaysian Budget does not only include the amount of money Malaysia will spend on certain things but also the amount of taxes and etc that will be imposed onto Malaysians in the new year.
Here are some of the highlights from the Budget we have compiled specifically for corporate companies.
With the insane increase in national debt, the Finance Department of Malaysia has changed a lot of its policies to help with this debt. Here are some of the corporate tax highlights you should look out for.
- Corporate tax rates will be reduced to 17% from 18% for SMEs that have a paid capital of RM 2.5 Million and below and also for businesses with an annual taxable income of below RM 500,000.
- An existing tax exemption for interests earned from wholesale money market funds will stop with effect from January 1st 2019.
- The income tax deductions for contributions made to any social enterprises will be subject to a maximum of 10% of aggregate income of a company or 7% of aggregate income for a person other than a company.
These are just a few of the highlights for corporate companies that you should take note of before tax season 2019.
Another way you could be prepared is to ensure that your team that will be in charge of all things taxes have been sent to MBRS training.
The MBRS tool that will help you report your annual returns and a whole lot more. It will soon become a mandatory tool that must be used by every registered business.
To ensure that your team is ready for this amazing upgrade, please make sure that they attend these workshops to get certified today. All the necessary data about using and maximising the Malaysian Business Reporting System are right at your fingertips. Choose the right training provider and get exclusive MBRS tutoring.