Important dates of Sole Proprietorship and Partnership
SOLE PROPRIETORSHIP AND PARTNERSHIP
Form B – Must be submitted before 30 June 2022
Form B was established for the individual who has business income that needs to do an income tax return. It is compulsory for the individual to fulfill the income tax return with the detailed information for his/her business income and personal income. If he/she fails to do so, a penalty will be imposed on them. This is because they fail to submit the tax return form before the due date of the submission. What if an individual makes a late payment to LHDN? Those who fail to make payment on the due date will receive a penalty of increase in 10% tax. If they still fail to do so, there will be further increase of 5% penalty being imposed on the individual after expiration of 60 days from the date of penalty.
Form P – Must be submitted before 30 June 2022
Form P was established for the partnership business income for an individual. It is essential for the partnership to fill up the income tax return before the due date of the submission. If the forms are not completed and sent to the LHDN within the time, they shall be guilty of an offense. Partnership will be liable to a fine which is not less than RM200 and not more than RM2,000 or imprisonment not exceeding six month or both.
CP500 – Every February of the year
CP500 is similar to CP204. The only difference between CP500 and CP204 is that CP204 is for companies while CP500 is for individuals who have business income. CP500 is a tax installment of the taxpayer which has business income. This enables them to pay the tax payment via bi-monthly installment starting from March of the year. Individuals do not need to do any submission of CP500. LHDN will automatically send the form to individuals who are required to pay for it. Individual will receive it by every February of the year.
Payment of the CP500- Within 30 days from the date payable (Tarikh Kena Bayar)
Taxpayers are required to pay the CP500 by following the schedule set by the LHDN in the CP500. If he/she fails to do so, failure to remit the tax installment (if any) by the filing deadline will result in a 10% penalty being imposed on the outstanding balance. Taxpayers need to self-assess the penalties and pay to the Malaysian Inland Revenue Board (MIRB).
Why AL Account Management？
Our founder is Chartered Accountant with the Malaysian Institute of Accountants (MIA), member of Association of Chartered Certified Accountants (ACCA) and Company Secretary in Malaysia. Our dedicated professional team provides a comprehensive and professional service to your company based on your needs. We will provide the high quality of service from our professional team. For more information, please contact us by dropping us an email at [email protected].
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