ACG Consulting Group offers a comprehensive range of accounting, bookkeeping, audit and taxation services for newly established and existing company limited by shares, sole proprietorship, partnership and also Limited Liability Partnership (LLP).
Our accountants are equipped with to provide you with expertise and advice along with customized package which best suit to your business venture. Our professionals ensure the annual compliance and reporting requirements in submitting the financial statements and management reports as we comprehend the complexities faced in financial evaluation and tax matters.
In ACG, our qualified tax agents can assist you in managing your tax compliance obligations and other tax return matters. We will keep you abreast with all tax updates and highlights which have been implemented to keep you at ease of mind. In addition, we offer you financial forecast and tax planning to generate strategies which work best for your business.
- Monthly or yearly accounting services
- Consolidation accounts
- Auditing services
- Corporate and personal tax return
- Review of tax position to enhance claims of tax incentives
- Financial planning
- Financial assessment reporting
Personal Tax
Personal tax is imposed on the personal income of a person from his trade, his profession or even from dividends paid on shares held by him. This is payable on the income remaining after deduction of permitted expenses.
Chargeable income derived after adjusting for the expenses incurred wholly and exclusively in the production of the income. The rate of tax depends on the residential status of the individual which is to be determined by the duration of his stay in the country pursuant to Section 7 of the Income Tax Act 1967. Therefore, an individual is regarded as a resident is his stay in Malaysia is at least 182 days of the calendar year, or if he is in Malaysia for a period of not less than 182 days but that period is linked to another period of physical presence of at least 182 consecutive days in adjoining year.
Preparing and filing of income tax can be challenging and time consuming. In ACG Consulting Group, we have the clients covered starting from the creation of tax file
- A graduated scale of rates of tax is applied to the chargeable income of resident individual taxpayers, starting from 0% (on the first RM5,000) to a maximum of 28% on chargeable income exceeding RM1 million with effect from YA 2016.
| YA 2017 | YA 2018 | |||
| Chargeable Income | Income Tax Rate (%) | Gross Tax Payable (RM) | Income Tax Rate (%) | Gross Tax Payable (RM) |
| On RM5,000
Next RM5,000 |
0
1 |
0
50 |
0
1 |
0
50 |
| On RM10,000
Next RM10,000 |
–
1 |
50
100 |
–
1 |
50
100 |
| On RM20,000
Next RM15,000 |
–
5 |
150
750 |
–
3 |
150
450 |
| On RM35,000
Next RM15,000 |
–
10 |
900
1,500 |
–
8 |
600
1,200 |
| On RM50,000
Next RM20,000 |
–
16 |
2,400
3,200 |
–
14 |
1,800
2,800 |
| On RM70,000
Next RM30,000 |
–
21 |
5,600
6,300 |
–
21 |
4,600
6,300 |
| On RM100,000
Next RM50,000 |
–
24 |
11,900
12,00 |
–
24 |
10,900
12,00 |
| On RM150,000
Next RM100,000 |
–
24 |
23,900
24,00 |
–
24 |
22,900
24,00 |
| On RM250,000
Next RM150,000 |
–
24.5 |
47,900
36,750 |
–
24.5 |
46,900
36,750 |
| On RM400,000
Next RM200,000 |
–
25 |
84,650
50,000 |
–
25 |
83,650
50,000 |
| On RM600,000
Next RM400,000 |
–
26 |
134,650
104,000 |
–
26 |
133,650
104,000 |
| On RM1,000,000
Exceeding RM1,000,000 |
–
28 |
238,650 | –
28 |
237,650 |
- If a non-resident / expatriate stays in Malaysia is less than 60 days, then any income, fee, commissions or bonus received will not be taxed.
- If during the period of employment, stay is not more than 182 days in a year, then he is a non-resident.
- A non-resident will be taxed at a flat of 25%. The Malaysian Inland Revenue Board had increased the tax to 28% with effect from YA 2016.
| Types of Income | Rate (%) |
| Public Entertainer’s Professional Income | 15 |
| Interest | 15 |
| Royalty | 10 |
Special Classes of Income:
|
10 |
| Dividends (Single Tier) | Exempt |
| Dividends (Franked) | 28 |
| Business & Employment Income | 28 |
Corporate Tax
Corporate tax is raised from a Company’s profits. A company, whether resident or not, is accessible on income accrued in or derived from Malaysia.
- Income derived from outside Malaysia and remitted by a resident company is exempted from tax, except in the case of banking and insurance business, sea and air transport undertakings.
- A company is considered a resident in Malaysia if the control and management of its affairs are exercised in Malaysia.
- A company carrying on petroleum upstream operations is subject to a Petroleum Income Tax of 38%.
- Resident company with paid up capital of RM2.5 million and below at the beginning of the basis period
On first RM500,000 chargeable income – 18%
On subsequent chargeable income – 24% - Resident company with paid up capital above RM2.5 million at the beginning of the basis period – 20% to 24%
- Non-resident company or branch – 24%
| Percentage of increase in chargeable income as compared to the immediate preceding year of assessment | Percentage point reduction | Income tax rate after reduction (%) |
| Less than 5.00 | NIL | 24 |
| 5.00 to 9.99 | 1 | 23 |
| 10.00 to 14.99 | 2 | 22 |
| 15.00 to 19.99 | 3 | 21 |
| 21 20.00 and above | 4 | 20 |
Import Duties
Import duties are levied on goods that are subject to import duties at an ad valorem basis, although some items can be imposed at a specific basis. The ad valorem rates of import duties range from 0%-60%. Raw materials, components, machinery, pharmaceutical and essential food stuffs are entitled for exemptions or else, imposed at a lower rates in line with the trade liberalization. Customs Form No.1 (K1) must be declared with the Royal Malaysian Customs Department (RMCD) to import successfully into Malaysia.
Import Criteria
- The goods must have been used by the importer for a period of not less than three (3) months
- The goods must not be disposed of less than three (3) months after the date of import
Sales & Services Tax (New)
It has been announced by the Ministry of Finance (MOF) that the Sales & Services Tax (SST) to be implemented by 1st September 2018 in replacing the Goods & Services Tax (GST). Governed by the Sales Tax Act 1972 and Service Tax Act 1975, the Sales Tax was a federal consumption tax imposed on a wide variety of goods while the Service Tax was levied on consumers who consumed certain taxable services.
Sales Tax
- Sales tax was levied at the import or manufacturing level and it is mandatory for all manufacturing companies of taxable goods are licensed under the Sales Tax Act 1972.
- Companies with sales turnover of less than RM100,000 and companies with Licensed Manufacturing Warehouse (LMW) status can apply for Exemption of Manufacturing License from Malaysian Investment Development Authority (MIDA)
- Licensed manufacturers are levied on their output while others will be taxed on their inputs.
Service Tax
- Service tax was imposed on certain prescribed goods and services including foods, drinks and tobacco
- Professional services such as accountants, lawyers, engineers, architect, insurance companies are subject to service tax.
- Under the Service Tax Act 1975, any taxable person who runs a business of giving taxable service must apply for a license.
ACG Consulting Group offers a comprehensive range of accounting, bookkeeping, audit and taxation services for newly established and existing company limited by shares, sole proprietorship, partnership and also Limited Liability Partnership (LLP).
Our accountants are equipped with to provide you with expertise and advice along with customized package which best suit to your business venture. Our professionals ensure the annual compliance and reporting requirements in submitting the financial statements and management reports as we comprehend the complexities faced in financial evaluation and tax matters.
In ACG, our qualified tax agents can assist you in managing your tax compliance obligations and other tax return matters. We will keep you abreast with all tax updates and highlights which have been implemented to keep you at ease of mind. In addition, we offer you financial forecast and tax planning to generate strategies which work best for your business.
- Monthly or yearly accounting services
- Consolidation accounts
- Auditing services
- Corporate and personal tax return
- Review of tax position to enhance claims of tax incentives
- Financial planning
- Financial assessment reporting
Personal Tax
Personal tax is imposed on the personal income of a person from his trade, his profession or even from dividends paid on shares held by him. This is payable on the income remaining after deduction of permitted expenses.
Chargeable income derived after adjusting for the expenses incurred wholly and exclusively in the production of the income. The rate of tax depends on the residential status of the individual which is to be determined by the duration of his stay in the country pursuant to Section 7 of the Income Tax Act 1967. Therefore, an individual is regarded as a resident is his stay in Malaysia is at least 182 days of the calendar year, or if he is in Malaysia for a period of not less than 182 days but that period is linked to another period of physical presence of at least 182 consecutive days in adjoining year.
Preparing and filing of income tax can be challenging and time consuming. In ACG Consulting Group, we have the clients covered starting from the creation of tax file
- A graduated scale of rates of tax is applied to the chargeable income of resident individual taxpayers, starting from 0% (on the first RM5,000) to a maximum of 28% on chargeable income exceeding RM1 million with effect from YA 2016.
| YA 2017 | ||
| Chargeable Income | Income Tax Rate (%) | Gross Tax Payable (RM) |
| On RM5,000
Next RM5,000 |
0
1 |
0
50 |
| On RM10,000
Next RM10,000 |
–
1 |
50
100 |
| On RM20,000
Next RM15,000 |
–
5 |
150
750 |
| On RM35,000
Next RM15,000 |
–
10 |
900
1,500 |
| On RM50,000
Next RM20,000 |
–
16 |
2,400
3,200 |
| On RM70,000
Next RM30,000 |
–
21 |
5,600
6,300 |
| On RM100,000
Next RM50,000 |
–
24 |
11,900
12,00 |
| On RM150,000
Next RM100,000 |
–
24 |
23,900
24,00 |
| On RM250,000
Next RM150,000 |
–
24.5 |
47,900
36,750 |
| On RM400,000
Next RM200,000 |
–
25 |
84,650
50,000 |
| On RM600,000
Next RM400,000 |
–
26 |
134,650
104,000 |
| On RM1,000,000
Exceeding RM1,000,000 |
–
28 |
238,650 |
| YA 2018 | ||
| Chargeable Income | Income Tax Rate (%) | Gross Tax Payable (RM) |
| On RM5,000
Next RM5,000 |
0
1 |
0
50 |
| On RM10,000
Next RM10,000 |
–
1 |
50
100 |
| On RM20,000
Next RM15,000 |
–
3 |
150
450 |
| On RM35,000
Next RM15,000 |
–
8 |
600
1,200 |
| On RM50,000
Next RM20,000 |
–
14 |
1,800
2,800 |
| On RM70,000
Next RM30,000 |
–
21 |
4,600
6,300 |
| On RM100,000
Next RM50,000 |
–
24 |
10,900
12,00 |
| On RM150,000
Next RM100,000 |
–
24 |
22,900
24,00 |
| On RM250,000
Next RM150,000 |
–
24.5 |
46,900
36,750 |
| On RM400,000
Next RM200,000 |
–
25 |
83,650
50,000 |
| On RM600,000
Next RM400,000 |
–
26 |
133,650
104,000 |
| On RM1,000,000
Exceeding RM1,000,000 |
–
28 |
237,650 |
- If a non-resident / expatriate stays in Malaysia is less than 60 days, then any income, fee, commissions or bonus received will not be taxed.
- If during the period of employment, stay is not more than 182 days in a year, then he is a non-resident.
- A non-resident will be taxed at a flat of 25%. The Malaysian Inland Revenue Board had increased the tax to 28% with effect from YA 2016.
| Types of Income | Rate (%) |
| Public Entertainer’s Professional Income | 15 |
| Interest | 15 |
| Royalty | 10 |
Special Classes of Income:
|
10 |
| Dividends (Single Tier) | Exempt |
| Dividends (Franked) | 28 |
| Business & Employment Income | 28 |
Corporate Tax
Corporate tax is raised from a Company’s profits. A company, whether resident or not, is accessible on income accrued in or derived from Malaysia.
- Income derived from outside Malaysia and remitted by a resident company is exempted from tax, except in the case of banking and insurance business, sea and air transport undertakings.
- A company is considered a resident in Malaysia if the control and management of its affairs are exercised in Malaysia.
- A company carrying on petroleum upstream operations is subject to a Petroleum Income Tax of 38%.
- Resident company with paid up capital of RM2.5 million and below at the beginning of the basis period
On first RM500,000 chargeable income – 18%
On subsequent chargeable income – 24% - Resident company with paid up capital above RM2.5 million at the beginning of the basis period – 20% to 24%
- Non-resident company or branch – 24%
| Percentage of increase in chargeable income as compared to the immediate preceding year of assessment | Percentage point reduction | Income tax rate after reduction (%) |
| Less than 5.00 | NIL | 24 |
| 5.00 to 9.99 | 1 | 23 |
| 10.00 to 14.99 | 2 | 22 |
| 15.00 to 19.99 | 3 | 21 |
| 21 20.00 and above | 4 | 20 |
Import Duties
Import duties are levied on goods that are subject to import duties at an ad valorem basis, although some items can be imposed at a specific basis. The ad valorem rates of import duties range from 0%-60%. Raw materials, components, machinery, pharmaceutical and essential food stuffs are entitled for exemptions or else, imposed at a lower rates in line with the trade liberalization. Customs Form No.1 (K1) must be declared with the Royal Malaysian Customs Department (RMCD) to import successfully into Malaysia.
Import Criteria
- The goods must have been used by the importer for a period of not less than three (3) months
- The goods must not be disposed of less than three (3) months after the date of import
Sales & Services Tax (New)
It has been announced by the Ministry of Finance (MOF) that the Sales & Services Tax (SST) to be implemented by 1st September 2018 in replacing the Goods & Services Tax (GST). Governed by the Sales Tax Act 1972 and Service Tax Act 1975, the Sales Tax was a federal consumption tax imposed on a wide variety of goods while the Service Tax was levied on consumers who consumed certain taxable services.
Sales Tax
- Sales tax was levied at the import or manufacturing level and it is mandatory for all manufacturing companies of taxable goods are licensed under the Sales Tax Act 1972.
- Companies with sales turnover of less than RM100,000 and companies with Licensed Manufacturing Warehouse (LMW) status can apply for Exemption of Manufacturing License from Malaysian Investment Development Authority (MIDA)
- Licensed manufacturers are levied on their output while others will be taxed on their inputs.
Service Tax
- Service tax was imposed on certain prescribed goods and services including foods, drinks and tobacco
- Professional services such as accountants, lawyers, engineers, architect, insurance companies are subject to service tax.
- Under the Service Tax Act 1975, any taxable person who runs a business of giving taxable service must apply for a license.