What if I don't submit my account and tax?

The FINE is really scary. Nowadays SSM & IRB fines are really a lot of money.

Our business motto is It is not fine to pay fine.

Non-compliance and its penalty according to the below section of Companies Act, 2016 for Private Company (Sdn Bhd)

1) Lodgement of Annual Return (AR)

Section 68(1) of Companies Act, 2016

Requirement : Lodge the AR to SSM not later than 30 days from the anniversary of its incorporation date

Penalty : a fine not exceeding RM50,000.00

2) Prepare financial statements

Section 248(1) of Companies Act, 2016

Requirement : Prepare the financial statements within 6 months of its financial year end

Penalty : a fine not exceeding RM500,000.00 or imprisonment not exceeding 1 year or both

3) Circulation of financial statements and reports to members of the company

Section 258 (1) of Companies Act, 2016

Requirement : Circulate the financial statements within 6 months of its financial year end

Penalty : a fine not exceeding RM50,000.00

4) Duty to lodge financial statements and reports

Section 259 (1) of Companies Act, 2016

Requirement : Lodge the financial statement to SSM within 30 days from the circulation date (as per above Section 258)

Penalty : a fine not exceeding RM50,000.00

5) Failure to submit the tax return

Section 112 of Income Tax Act 1967

Penalty : -   200.00 to 20,000.00 or imprisonment for a term not exceeding 6 months / Both. In practice, IRB will impose a penalty of 15% to 45% of the tax payable for late filing of tax returns.

6) Late tax payment penalty

Section 103(3) of Income Tax Act 1967

Penalty : 10% shall be imposed on the amount unpaid without any further notice

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

#KTP lifestyle

#KTPcareers

What happens if you fail to pay tax?

LHDN can execute the judgment against you

1. Bankruptcy

The threshold for bankruptcy for individual is RM50k (RM100k until 31.8.21)

2. Winding up

The threshold for bankruptcy for company is RM50k

The directors of the Company will be jointly and severally liable to the taxes of the Company.

3. Garnishee Proceedings

A court order for LHDN (Garnishor) to recover a judgment debt due and accruing from your bank account.

4. Stoppage Order

LHDN blacklist you (including directors of company) from leaving the country due to unpaid taxes.

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

#KTP lifestyle

#KTPcareers

What do you need to know about the time & attendance in payroll?

Hours of Work

Section 60A(1) :

• Not more than 5 consecutive hours without a period of leisure of not less than 30 minutes duration

• Not more than 8 hours of Work in 1 day

• Not excess of a spread over a period of 10 hours in 1 day

• Not more than 48 hours in 1 week.

Rest Day

Section 59:

• At least 1 paid rest day per week

• Employer may determined from time to time

Work on rest day

Section 60:

• Employee shall be paid not less than 2 times his daily rate of pay.

• The same principle applies for overtime on the rest day.

Holidays

Section 60D:

Employee shall entitled to 11 gazetted public holidays, which must included:

1. National Day

2. Birthday of Yang-Di Pertuan Agong

3. Birthday of the Ruler or Yang di-Pertua Negeri or Federal Territory day

4. Labour Day

5. Malaysia Day

If employee is required to work on a public holiday:

• Employee shall be paid not less than 2 times his daily rate of pay

• Employee shall be paid at a rate not less than 3 times for overtime

Annual Leave

Section 60E:

Employee entitled to paid annual leave as follows:

• 8 days per year for employee who have worked less than 2 years

• 12 days per year for employee who have worked more than 2 years but less than 5 years

• 16 days per year for employee who have worked more than 5 years

For the incomplete 12 months of service:

• The employee is entitled to paid annual leave in direct proportion to the number of completed months of service.

Sick Leave

Section 60F:

Employee entitled to the paid sick leave as follows:

• 14 days per year if employed for less than 2 years

• 18 days per year if employed more than 2 years but less than 5 years

• 22 days per year if employed more than 5 years

If hospitalization is necessary:

• Employee is entitled to paid sick leave of 60 days.

• Inclusive of the paid sick leave entitlement stated in above

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

Hiring & Training Incentive 3.0 2021

Do you have new hires in 2021?

Data Science and Business Analytics program with CADS

Your new joiners are now eligible to claim the government-funded Data Science and Business Analytics program with CADS. ​​​This program is funded by the Penjana Kerjaya 3.0 Hiring & Training Incentive.

RM4,000-RM6,000 worth of Data Science training is available for your new hires joining your company after 15 June, 2021.

Anyone joining the company before 15 June, 2021 is no longer eligible for the program.

Application deadline is now extended under the PEMULIH Stimulus Package, act fast and start your applications to claim this special incentive.

Suitable for

• Business Development, Sales, and Marketing professionals who want to showcase business ROI with engaging and interactive dashboards

• Business Unit Managers who want to streamline data across departments and develop master dashboards for business process reporting and performance improvement

• Anyone who wants to advance their career as a data-savvy professional

• IT professionals and Data Scientists who want to understand how to communicate data and communicate findings and insights to non-technical and non-data-savvy colleagues effectively

• Analysts or financial professionals that want to upgrade their presentation with actionable insight

Eligibility

• New hires after 15 June, 2021 with salary minimum RM1,500

• Fresh graduates aged 18 - 30 years old (never work in any company before, with salary minimum RM1,200)

Source

For more information, kindly refer to our website: https://go.thecads.com/e/567742/penjanakerjaya/ph82w/625929266?h=Qc0HIq2tuXgTYhf67msE-zjupfdS-xDAwD4ji1rjz84.

How to claim?

Below are the following procedures/chronologies to aid on your registration process:

1. Ensure all the hired employees (after 15th June 2021), are registered under PERKESO ASSIST and contributed to SOCSO. By right in any SOCSO contributed organization, this should be have been completed a week or two after the employee has joined in. https://assist.perkeso.gov.my/ms/employer/login

2. Proceed to register your company in Myfuturejobs portal and publish the related jobs that your employee has applied/joined for. https://employers.myfuturejobs.gov.my/

   This is to re-enact again the employee hiring process while collecting statistics information in the portal

   Hence, after publishing the job, the employee then needs to apply (re-enactment) the job in myfuturejob portal.

3. Lastly, proceed to register into Penjana Kerjaya portal. https://penjanakerjaya.perkeso.gov.my/

   This portal will serve to register for both Monetary incentives as well as Training incentives

   Select Option under Hiring Incentives 3.0

   After registering the company details into this platform, you will need to register the job posted in Myfuturejobs into this portal as well.

   All the employees hired under the posted Job need to be assigned and registered. This marks the final steps for Monetary incentives application

   Once the above (point D) have been approved, you will receive an email notification from PERKESO notifying on that.

   Then you may proceed to register and assign you employees to claim the training funds.

   Should you choose CADS as your training provider :

   Under Programme : Select “Professional Training”

   Search for training code HIT8456, this code is referring to our EDP (Enterprise Data Practitioner) program.

Additional Resources

Links below to manual provided by PERKESO :

Myfuturejob registration : https://www.myfuturejobs.gov.my/wp-content/uploads/2020/12/MYFutureJobs-Employer-Manual.pdf

Penjana Kerjaya registration : https://www.perkeso.gov.my/images/penjana/penjanakerjaya/170720%20-%20Manual%20Penjana%2

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

HRDF exemption 2021

Exemption to existing registered employer

The exemption of mandatory levy for the month of July and August 2021 under the Pembangunan Sumber Manusia Berhad Act 2001 is automatically granted for registered employers who could not operate during the Movement Control Order (MCO) with reference to Circular No 06/2021.

Employers are required to commence payment of the levy contribution for September 2021 or before 15 October 2021.

Registered employers of Human Resource Development Corporation (HRD Corp) are eligible for this exemption except for those under essential sectors as listed under National Recovery Plan’s (NRP) SOP, Phase 1 dated 9 July 2021.

Exemption to the new registered employer under new scope from March 2021

New registered employers of Human Resource Development Corporation (HRD Corp) under the extended scope from March 2021 are eligible for the exemption until December 2021.

Source :

CIRCULAR NO 6_2021

Exemption of Human Resources Development Levy for the Month of July and August 2021 for Registered Employers under Industries Affected by the Movement Control Order Imposed on 1 June 2021

https://hrdcorp.gov.my/.../6-Employers-Circular-No-6-2021...

Step by step to change the name of the company

Change of company name, is it tough?

Introduction

The company is able to change its existing company name to another under section 28 of the Companies Act 2016

Only the existing company secretary may lodge the application to change the company name

Procedure to change the name of the company

a. name search and application of name

• Conduct a name search on the proposed company name with SSM via mycoid with payment of fee at rm50 per name.

• Once approved, the proposed name will be reserved for thirty (30) days.

• further extension is allowed to a maximum of 180 days with an additional payment of a fee

b. submission of application to change company name

• Submit the documents to ssm (over the counter) with a fee of rm100

  • document 1 - a copy of the application and reservation for the availability of names [section 27(1)(4)]

  • document 2 - a copy of the email from ssm for the approval notification of the reservation of name

  • document 3 - a copy of the application for change of name under section 28 of the companies act 2016

  • document 4 – a copy of directors’ and members’ resolutions

  • document 5 – a photocopy of certification of incorporation/ registration (form 9 or section 17)

c. verification of change of company name

• A notice of change of name will be issued by ssm upon compliance with the procedures and submission of duly completed documents.

• Certificate of incorporation on change of name can be purchase from SSM online portal (mycoid) with the prescribed fee.

d. notify on change of company name

The company can furnish the certificate (with certified true copy) to related government authorities bodies (such as land office, mbjb, mbjbt and etc…) and bank for an update on such change.

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

SST extension of time for submission of return and payment of tax due on 31 July 2021

Good news for you who are late on SST filing and payment on 31/7/21 as The Royal Malaysian Customs Department (RMCD) has extended SST registered persons from 31 July 2021 to 31 August 201

SST Deadline 31/7/21

Normally, registered manufacturers and registered persons are required to submit their returns (SST-02 forms) and pay SST for the taxable period from 1 May 2021 to 30 June 2021 latest by the statutory deadline of 31 July 2021.

RMCD recently issued a notice dated 11 August 2021 informing that an extension of time until 31 August 2021 will be allowed for those registered manufacturers and registered persons affected by the FMCO to submit their SST-02 forms and make payments of SST.

Grace Period Until 31/8/21

Registered manufacturers and registered persons who are late in the submission of their SST-02 returns and payment of SST due to the FMCO can now apply to the RMCD for remission of these penalties provided that they submit their returns and make payments of SST by the extended deadline of 31 August 2021.

Source RMCD annoucement

https://mysst.customs.gov.my/assets/document/Annoucement/Penghantaran%20dan%20pembayaran%20CJ%20dan%20CP%20bagi%20tempoh%20bercukai%20Mei%20Jun.

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

𝟒 𝐬𝐭𝐞𝐩𝐬 𝐭𝐨 𝐚𝐩𝐩𝐥𝐲 𝐇𝐢𝐫𝐢𝐧𝐠 𝐈𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞 𝟑.𝟎

The Hiring Incentive Programme, Penjana Kerjaya, is an economic recovery incentive under the Ministry of Human Resource, administered by SOCSO's National Employment Services to 𝐩𝐫𝐨𝐦𝐨𝐭𝐞 𝐣𝐨𝐛 𝐜𝐫𝐞𝐚𝐭𝐢𝐨𝐧 𝐚𝐦𝐨𝐧𝐠 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫𝐬 while increasing employment prospects.

In short, our government will 𝐬𝐮𝐛𝐬𝐢𝐝𝐞 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫𝐬 𝐰𝐡𝐨 𝐡𝐢𝐫𝐞 𝐧𝐞𝐰 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬 during this pandemic.

Employers can apply for Hiring Incentives 3.0 from 15 July 2021 until 31 December 2021.

How to apply for Penjana Kerjaya 3.0 Hiring Incentive

Step 1: Register Account on 3 platforms

(A) Penjana Kerjaya 3.0

http://penjanakerjaya.perkeso.gov.my

(B) myFUTUREJOBS portal as employer

https://employers.myfuturejobs.gov.my

(C) Perkeso ASSIST portal as employer

https://assist.perkeso.gov.my/ms/employer/login

Step 2: Prepare documents for submission

*SSM / ROC / ROS Business Registration Number verified by Bank

*Perkeso ASSIST Employer Number

*Employee details (Name and IC number)

*Offer Letter for each employee/ Contract of Service

*Employer’s bank account information (copy of the front page of the Bank *Statement with employer’s name, bank account number, and bank’s name)

*Employee Verification Form signed by the employee.

*Certificate / Self-declaration by the employer if the employee belongs to the vulnerable group

Step 3: Post Job Vacancy on myFutureJobs Portal

• Login and post job on MyFutureJob portal as employer: https://employers.myfuturejobs.gov.my

• Get your employee to register as job seeker and apply for the job you posted.

Step 4: Submit Application on Penjana Kerjaya 3.0 Website

• Visit Penjana Kerjaya 3.0 Website and submit the forms and documents accordingly.

• Website: http://penjanakerjaya.perkeso.gov.my

A final note on Hiring Incentive 3.0

A step-by-step guide for the application process is available from SME Corporation Malaysia

MYFutureJobs - Employer Portal User Guide

https://smemalaysia.org/media/3b.MYFutureJobs-Employer-Manual.pdf

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

• Youtube http://bit.ly/3ppmjyE

• Facebook http://bit.ly/3ateoMz

• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

What is Perkeso Hiring Incentive in 2021 ?

The Hiring Incentive Programme, Penjana Kerjaya, is an economic recovery incentive under the Ministry of Human Resource, administered by SOCSO's National Employment Services to 𝐩𝐫𝐨𝐦𝐨𝐭𝐞 𝐣𝐨𝐛 𝐜𝐫𝐞𝐚𝐭𝐢𝐨𝐧 𝐚𝐦𝐨𝐧𝐠 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫𝐬 while increasing employment prospects.

In short, our government will 𝐬𝐮𝐛𝐬𝐢𝐝𝐞 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫𝐬 𝐰𝐡𝐨 𝐡𝐢𝐫𝐞 𝐧𝐞𝐰 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐞𝐬 during this pandemic.

Employers can apply for Hiring Incentives 3.0 from 15 July 2021 until 31 December 2021.

Key summaries of Hiring Incentive 3.0

• Application timeline: 15/7/21 until 31/12/ 21

• Hiring timeline: 15/6/21 until 31/12/21

• Key benefits

  • *40-60% salary incentives paid to employers that hire new staffs with 3 or 6 months contract

  • *Claim up to RM7,000 worth of Data Science and Business Analytics Training per employee

• *other benefits

6 scheme of Hiring Incentive 3.0

The six initiatives are targeted for support for employers in the following areas:

#1 The unemployed and people who lost their jobs

• Eligibility

  • Recipients of employment insurance system (SIP) benefits;

  • Individuals including graduates who have been unemployed for more than 180 days; and

  • Individuals who have never contributed to PERKESO

• Incentive rate - 60% of monthly salary to the employer

• Maximum payment per month - RM6,000

• Minimum salary - RM1,500 and above

• Length of service contract - 12 months

#2 The vulnerable groups

• Eligibility

  • Disabled;

  • Participants under the Return to Work (RTW) programme;

  • Ex-convicts; and

  • Individuals below Malaysia’s poverty line

• Incentive rate - 60% of monthly salary to the employer

• Maximum payment per month - RM6,000

• Training assistance - Until RM7,000

• Minimum salary - RM1,500 and above

• Length of service contract - Six months

#3 For Malaysianisation

• Eligibility

  • Replacement of positions offered to local workers to replace foreign workers

• Incentive rate

  • 40% of the salary is credited to the employer’s account; and 20% of the salary is paid directly to the employee

• Maximum payment per month

  • RM4,000 to the employer; RM2,000 to employees

• Minimum salary- RM1,200 and above

• Length of service contract - 12 months

#4 For apprenticeships

• Eligibility

  • School leavers and graduates, aged 18 to 30 years

• Incentive rate

  • RM1,000; or RM800

• Maximum payment per month - RM4,800 within six months

• Minimum salary - Minimum RM1,200 and above

• Length of service contract -Minimum three to six months

#5 Those under the age of 40

• Eligibility

  • Aged 16 to 39

• Incentive rate

  • 40% monthly salary to the employer (subject to a maximum salary of RM10,000)

• Maximum payment per month - RM4,000

• Minimum salary - Minimum RM1,500 and above

• Length of service contract - Minimum 12 months

#6 Those above the age of 40

• Eligibility

  • Aged 40 and above

• Incentive rate

  • 60% monthly salary to the employer (subject to a maximum salary of RM10,000)

• Maximum payment per month - RM6,000

• Minimum salary - Minimum RM1,500 and above

• Length of service contract - Minimum 12 months

A final note on Hiring Incentive 3.0

For Employers

* New hires after 15/6/2021 with salary minimum RM1,200

*For contract staffs, the contract period in the offer letter has to be at least 3 months or 6 months

*consult Penjana Kerjaya 2.0 Customer Service team for detailed information and eligibility

Eligibility :

• Employer* register with SOSCO

• Employee** contribute to SOSCO

  • * Register with SSM before 1/1/21

  • ** Exclude foreigner

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• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

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𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

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We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

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Do you know IRBM will pay taxpayers 2% ''compensation'' on your overpayment of tax?

Operational Guideline Updates: Compensation on Late Refund of Overpayment of Tax

– updated on 21 May 2021 by IRB

What is this operational guideline about?

- This guideline is to give clarification on payment of compensation for late refund of overpayment of tax made by IRB.

- Under Section 111D of the Income Tax Act 1967 (ITA).

What are the criteria for compensation?

1. Submit income tax return form (ITRF) before deadline

o Income tax return form must be submitted on-time, complete and correct.

o On time = within the deadline stated below or within the extended deadline approved by IRB.

• Individual with employment income…Before 30 April

• Individual with business income….Before 30 June

• Company/Limited Liability Partnership/Society….Within 7 months from the date following the close of the accounting period of the business

2. Type of tax payment eligible for tax refund

o Only the following type of payment will get tax refund:

a. PCB: Monthly tax deduction

b. CP500: Installment Payment Notice

c. CP204/CP205: Estimated Tax Payable by Companies/Limited Liability Partnership/Society

3. Timelines of calculation of compensation

o The compensation is calculated on a daily basis, starting from the first day after the period stated as below:

• via E-filling: After 90 days from submission deadline

• via post/courier: After 120 days from submission deadline

How to calculate?

● Compensation of 2% shall be paid in accordance with the following formula:

● =𝑻𝒂𝒙 𝒓𝒆𝒇𝒖𝒏𝒅 ×𝑻𝒐𝒕𝒂𝒍 𝒏𝒐.𝒐𝒇 𝒅𝒂𝒚𝒔 𝒍𝒂𝒕𝒆 𝟑𝟔𝟓/𝟑𝟔𝟔 𝒅𝒂𝒚𝒔 × 2%

Taxpayers who are not eligible to be paid compensation

1. Tax return submitted after the due date in accordance with the ITA.

2. Tax set off under Section 110 of the ITA is in excess of tax payable.

3. Assessment raised by IRB under Sections 90(3), 91, 91A, 92 and 96A of the ITA.

4. Taxpayer applied for extension of time for submission of tax return.

5. There's an appeal against the assessment.

6. There is additional tax payable from IRB audit during the 90 or 120 days from submission deadline.

7. The excess tax paid are not from instalment payments under Sections 107, 107B and 107C of the ITA.

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

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• Instagram https://bit.ly/3u2PxHg

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𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

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#KTP lifestyle

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Can director personally liable to company tax?

FAQ from our clients during this pandemic relates to this topic ''Director's Personal Liability'' under the Income Tax Act 1967 :

1. I don't have money to close company and submit tax return. Can I leave it there until I have enough money?

2. Will IRB go after me as a director of my company if I don't submit tax on my company?

3. I am a nominee director in this company only. Will IRB take action against me?

4. The outstanding tax arises prior to my appointment as director in 2020. Can I argue with IRB?

5. & more.

Stay tune for our upcoming recent tax cases on director's personal liability.

S75A of the Income Tax Act 1967

Any person who is a director of that company during the period in which the debt is liable to be paid by that company shall be jointly and severally liable for such tax or debt.

(a) where any tax is due and payable by a company, any person who is a director of that company during the period in which that tax is liable to be paid by that company or

(b) where any debt is due and payable from an employer under any rules made pursuant to section 107.

Director means any person who

(a) is occupying the position of director including any person who is concerned in the management of the company’s business and

(b) is either on his own or with one or more associates, the owner of, or able directly or or through the medium of other companies or by any other indirect means to control, not less than twenty per cent of the ordinary share capital of the company.

Visit us

• Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

• Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

• Website www.ktp.com.my

• Instagram https://bit.ly/3jZuZuI

• Linkedin https://bit.ly/3sapf4l

• Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

• Tiktok http://bit.ly/3u9LR6Q

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• Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our external community for interns, graduates & experienced candidates )

• Instagram https://bit.ly/3u2PxHg

• Facebook http://bit.ly/3rPxz9o

𝐓𝐇𝐊 (Secretarial, Account/Payroll, Advisory)

• Website www.thks.com.my

• Facebook http://bit.ly/3duvQ5z

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#Thk

#KTP

#KTP lifestyle

#KTPcareers