Important dates of SDN BHd
Important dates of SDN BHD
Sdn Bhd must take few important dates into consideration. If they fail to do so, there will be plenty of penalties awaiting for them.
Form C –
Within 7 / 8 Month after the Accounting Year End of the Companies
What is Form C? Form C is the tax return form for which the companies must submit to the LHDN before the due date. It is compulsory for all companies to submit and complete the tax return forms based on the legislation of Malaysia.
Example:
If the company’s accounting year end is on 31 November 2022, the company needs to submit the Form C before 31 June 2023. If they failed to do so, an increase in tax of 10% under subsection 103(3) shall be imposed for failure to pay the tax or balance of tax payable on or before the due date for submission.
Form CP204 –
Within 30 Days before the Beginning of the Basis Period
CP204 is an estimation of the tax payable for the next accounting year end of the companies. It is compulsory for the companies to submit CP204 to the LHDN. If they failed to do so, they will receive penalty and punishment from the LHDN. It is important for the companies to ensure the submission of the CP204 within the period to prevent any punishment that affects the companies.
Example:
The company must submit CP204 within 30 days before the new financial year end of the company. For example, if the private company basis period is 1 January 2022 to 31 December 2022, the company should submit its CP204 in November, the latest date is the last day of November which is 30 November 2022. For the newly registered companies, the submission period is different compared to normal circumstances. The submission should be done within 3 months after the commencement of the business. For example, a new launched company starts their business on 1 February 2022. The company is required to submit the CP204 after 30 April 2022.
Form CP204A –
on the 6th or 9th Month of the Basis Period for a Year of Assessment
Companies can use CP204A to change the initial estimated amount of tax payable in June and September. If the amount of the amendment exceeds the number of installments that must be paid, the company must pay the remaining balance in installments based on the number of installments that are left. If the amended amount is less than the amount of the installment that was paid, the subsequent months’ installments may be terminated.
CP204 Payment –
Every 15th of the Month
After the submission of the CP204, companies need to make payment to LHDN for the payment of CP204 every 15th of the month. If they fail to do so, taxpayers who are late in making the payment for CP204 will have a 10% penalty imposed on their balance of unpaid tax.
Payment of EPF, PCB, SOCSO/EIS, HRDN –
Every 15th of the Next Month
These payments are compulsory for the companies which have hired employees to work in their operating activities. All of these payments are required to be paid by the companies in the next month.
Example:
If an employee receives a January salary at the end of January, companies should make payment of these expenses on 15 February 2022.
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