Tax computation and submission (Form C or PT) is a critical process that all companies in Malaysia must complete to ensure compliance with the country’s tax laws and regulations. The process involves the preparation and submission of Form C or PT to the Inland Revenue Board of Malaysia (IRBM), which is responsible for administering income tax in the country.
Form C is a tax return form for companies, and it is used to report a company’s income and expenses for a particular year of assessment. The form must be submitted to the IRBM within 7 months from the end of the financial year. In addition to reporting income and expenses, companies must also provide details of their tax computations and payments. The tax computation is the process of calculating the amount of tax payable based on the company’s income and expenses for the year. It is important to ensure that the tax computation is accurate, as errors may result in penalties and legal consequences.
Form PT, on the other hand, is a tax return form for sole proprietors and partnerships. It is used to report the business’s income and expenses for the year of assessment. The form must be submitted to the IRBM by 30th June of each year. Like Form C, the tax computation for Form PT is crucial to ensure accurate reporting of the business’s taxable income and expenses.
At our accounting firm, we understand that tax computation and submission can be a complex and time-consuming process for many businesses. That’s why we offer a range of services to help our clients navigate this process and ensure compliance with all relevant tax laws and regulations.
Our team of experienced accountants is well-versed in the tax computation and submission process and can assist our clients with the preparation and submission of Form C or PT. We will work closely with our clients to gather all the necessary information and ensure that all forms are completed accurately and submitted on time. This will help our clients avoid penalties and legal consequences and allow them to focus on their core business activities.
We take pride in providing our clients with high-quality, customized services tailored to their unique needs. Whether our clients need help with tax computation and submission or require full-service support, we are here to assist them every step of the way. With our help, our clients can navigate the tax computation and submission process with ease and confidence, knowing that they are in good hands.