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Taxes for Sole Proprietor business in Malaysia?

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  • Taxes for Sole Proprietor business in Malaysia?


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Answer #1 | 26/12 2008 02:37
I don't really know the details, but the basic idea is that anything related to your business can be deducted(excluding property, plant and equipment). Property, plant and equipment (PPE) are not considered as allowable expenses. Instead, the relief will be given via something called capital allowance (CA). For instance, if you purchase a motor vehicle for business use, you can claim CA (There are different rates for different PPEs). However, note that buildings are not included under CA. They fall under the Industrial Building Allowance (IBA) instead. I guess your house would not fall under the IBA, thus not deductible (since it is not an industrial building). If you have purchased your car prior to starting your business, I'm not sure whether CA is allowed or not. Stuff like parking tickets etc. are deductible (since they relate to your business). For entertainment, there are different rates. For instance, if you entertain your staff (e.g. family day), it is 100% deductible. For certain parties, the entertainment cost is only 50% deductible. On the other hand, certain entertainment expenses are not deductible. So it really depends. For customers...it should be 50%. For EPF, you need to make a monthly contribution but I'm not very sure about the procedure. Probably you can take a look at the EPF website. For employees' personal taxes and yours as well, depending on their salary, marital status, and number of kids, there is a table (Schedular Tax Deduction - Also known as PCB) which tells you the amount of tax to deduct from their salaries each month(to remit to IRB). You can download that from the IRB website.
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