Accounting Service

Description

• Accounting services involve the preparation, review, and maintenance of financial records to ensure compliance with legal and financial reporting standards. These services include bookkeeping, tax preparation, payroll management, financial auditing, and advisory services for businesses and individuals.

GOV Department

• Lembaga Hasil Dalam Negeri Malaysia (LHDN)
  

License Type

• Perkhidmatan Perakaunan

Details

• Bookkeeping: Recording financial transactions systematically and accurately.
• Financial Reporting: Preparing financial statements such as balance sheets, profit and loss accounts, and cash flow statements.
• Tax Compliance: Assisting businesses in filing tax returns and ensuring compliance with Malaysian tax laws.
• Payroll Management: Managing employee payroll, EPF, SOCSO, and other statutory contributions.
• Audit Preparation: Assisting in audit processes by maintaining accurate records and providing necessary documentation.

Important Rules

• Compliance with Companies Act 2016: Companies must maintain proper financial records for at least 7 years.
• Tax Filing Deadlines: Corporate tax returns must be filed by the deadline specified by LHDN (usually 7 months from the end of the financial year).
• Submission of Annual Returns: Companies must file annual returns with SSM to ensure their financial information is up-to-date.
• Adherence to Malaysian Financial Reporting Standards (MFRS): Financial statements must comply with MFRS.
• Payroll Regulations: Ensure timely payment of employee salaries, EPF, SOCSO, and EIS contributions.

Compound & Punishment

• Failure to File Annual Returns:
  • Compound: Up to RM5,000 per year for non-compliance (SSM).
  • Punishment: Companies may face deregistration.
• Tax Evasion or Incorrect Filing:
  • Compound: Penalty of 45%-100% of the underpaid tax amount (LHDN).
  • Punishment: Prosecution leading to fines or imprisonment.
• Non-Compliance with Payroll Obligations:
  • Compound: RM10,000 per employee for failure to remit EPF, SOCSO, or EIS.
  • Punishment: Prosecution in court, resulting in additional penalties or imprisonment.
• Improper Financial Reporting:
  • Compound: Penalties as prescribed under the Companies Act.
  • Punishment: Directors may face legal actions or disqualification.

Advisor