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| Taxation |
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- Where can I get the latest updates on matters concerning taxation?
- When is the implementation of the Self-Assessment System for individual?
- Where can I obtain the tax return forms, i.e., Form C, Form B, Form CS, Form P, Form CT, etc.?
- How do I apply for a tax agent licence?
- What are the requirements if I wish to incorporate a tax company with limited liability?
- If a separate company (Sdn Bhd) is set to handle tax services, does it make any difference as compared to the above case?
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| Where can I get the latest updates on matters concerning taxation? |
- Members of the Institute as well as the public would be able to obtain the latest updates on matters concerning taxation via the Institute's website under the ‘Technical’ heading, i.e, circulars, articles and information relating tax matters. In addition, the latest updates can also be available from the relevant government authorities and bodies such as the Treasury, Inland Revenue Board, Royal Customs Department, MITI and so forth
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| When is the implementation of the Self-Assessment System for individual? |
- The Self Assessment System for individual will be implemented in 2005 for the Year of Assessment 2004.
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| Where can I obtain the tax return forms, i.e., Form C, Form B, Form CS, Form P, Form CT, etc.? |
- Members of the Institute as well as the public would be able to obtain tax return forms from any branch of the IRB or download the said forms from the IRB's website.
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| How do I apply for a tax agent licence? |
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Section 153 of the Income Tax Act, 1967 states that "tax agent" means-
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a professional accountant authorised by or under any written law to be an auditor of companies; |
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any other professional accountant approved by the Minister; or |
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any other person approved by the Minister on the recommendation of the Director General |
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As such, a person may become a tax agent if he is an approved tax agent under section 153 of the Income Tax Act, 1967 or an approved company auditor under the Companies Act, 1965. There are certain qualifications recognised by the Ministry of Finance in order to apply for a tax agent with relevant years of tax experience. Members may contact the Ministry of Finance for further information.
(Note: The tax agent licence form (Borang D) may be obtained from the Institute or the Ministry of Finance)
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| What are the requirements if I wish to incorporate a tax company with limited liability? |
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The Institute will support a member’s application to incorporate a company providing tax services if he/she has met the conditions set by the Institute whereby the shareholders and directors of the proposed company are either members of the Malaysian Institute of Accountants or approved tax agents under Section 153 of the Income Tax Act, 1967. In addition, one of the directors must be either an approved auditor under the Companies Act, 1965 or an approved tax agent under the Income Tax Act, 1967. Please note that members of MIA who are directors and/or shareholders of the proposed company must hold valid practising certificates issued by the Institute.
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Please write in officially to the Institute and provide relevant details of the directors/shareholders of the company. A copy of the latest licence must also be enclosed if any director/shareholder of the proposed company is an approved auditor under the Companies Act, 1965 or an approved tax agent under the Income Tax Act, 1967. You are also required to provide a copy of the query letter from the Companies Commission of Malaysia (CCM) and Form 13A filed in with the CCM for our reference.
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| If a separate company (Sdn Bhd) is set to handle tax services, does it make any difference as compared to the above case? |
- The form of entity cannot be the reason to circumvent the spirit of independence. As such, the position as mentioned above should still prevail.
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