Submission of Form P with CP30 (Partnership income tax return)

Submitting the Form P with CP30 is an essential requirement for partnerships operating in Malaysia. Form P with CP30 is a tax return form that is used to report the income and other relevant details of a partnership. This form is due for submission by 30th June each year.

Partnerships in Malaysia are required to submit Form P with CP30 to the Inland Revenue Board of Malaysia (IRBM) if the partnership operates a business, profession or vocation. The form must contain the financial information and other relevant details of the partnership, including the names and details of the partners, the partnership’s income, expenses, and deductions.

Failure to submit Form P with CP30 by the due date may result in penalties and fines imposed by the IRBM. The penalties will vary depending on the length of delay in submission and the partnership’s income tax liability. The longer the delay and the higher the tax liability, the more significant the penalty.

As an accounting firm, we can help our clients in the preparation and submission of Form P with CP30. Our team of experts is well-versed in the tax laws and regulations of Malaysia and can ensure that our clients meet all the requirements for submission accurately and timely. We will assist in preparing the partnership’s financial statements, calculating the tax liability, and completing the necessary forms for submission. By engaging our services, our clients can have peace of mind, knowing that their partnership’s tax compliance is in good hands.

In conclusion, submitting Form P with CP30 is a crucial requirement for partnerships operating in Malaysia. Failure to comply with this requirement can result in severe penalties and fines. Engaging the services of an accounting firm like ours can ensure that our clients meet all the necessary requirements and deadlines for submission, thus avoiding any potential penalties or fines.

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