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12 Apr 2021

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Monthly Compliance Checklist for Sdn. Bhd.

There is a host of benefits from owning a private limited company (Sdn. Bhd.). First, Sdn. Bhd. business owners are protected financially. Next, its funding methods are relatively easy compared to the other types of businesses.

There are two sides to a coin. Benefits aside, Sdn. Bhd. companies do have their disadvantages. To be a legally operating business in Malaysia, all Sdn. Bhd. companies must submit monthly and annual reports as a means to comply with the laws and regulations set by the government.

What are some compliance activities that Sdn Bhd companies must comply with every month?

 

Corporate Tax Payment

Most business entities that generate income in or out of Malaysia have to pay corporate tax. You need to pay the tax based on the estimated tax payable. The responsibility for corporate tax falls on a few key personnel in the company, namely directors, secretary, manager,  principal officer, or anybody who holds any of the aforementioned roles. 

Deadline: 15th of each month

Further Details: http://phl.hasil.gov.my/pdf/pdfam/012a.pdf

 

EPF, SOCSO, and EIS Payment 

Every employer in Malaysia ought to give monthly contributions towards Employee Provident Fund (EPF), Social Security Organisation (SOCSO), and Employment Insurance System (EIS) for employees. You may either do it online or engage a payroll service provider (Human Resources Personnel).

Deadline: 15th of each month 

Further Details: https://www.perkeso.gov.my/en/rate-of-contribution.html

 

Employees’ Payroll Tax (PCB) Payment

All employers need to retain part of their employees’ salary to a monthly tax deduction (PCB). They can choose to pay taxes on behalf of their employees to the Inland Revenue Board (LHDN) by themselves or through an accountant or tax agent. 

Deadline: 15th of each month

To know PCB calculation:

http://www.hasil.gov.my/bt_goindex.php?bt_kump=50&bt_skum=1&bt_posi=1&bt_unit=8&bt_sequ=7 

 

Running your own business is everyone’s dream, but it is not that easy. Appoint a company secretary from CORPSO as your right-hand man, so that you can focus more on your business development!

 

Click here to read more about the annual compliance that a Sdn. Bhd. should comply.