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Hi All, I have just embarked on a sole proprietor business in Malaysia. I have a few questions which I hope some of the experts out there can help to answer: 1) What are the tax forms that I would need to fill up next year? 2) What are the type of deductions that I can use as my business expenditure? Can I use: i) Housing loan - I'm using my current house as the business premise ii) Car loan - I'm using my current car as my business mode of transport (to deliver the goods) iii) Parking tickets, petrol and tolls - I incur all these costs when i deliver the goods iv) Entertainment - Once in a while, I will have to take my clients out for dinner. v) Any other things that's considered as business expenditure? (Electricity, water bill)? 3) Can I also pay myself EPF (Employee portion, employer portion or both)? Also, I currently have 2 workers that i've employed. How do I pay their EPF or make them pay their taxes? Thanks in advance for your expert help.
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 ohio (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 ohio 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.
Sole Proprietorship Malaysia
As a sole proprietor, you report one tax return for your self such by using fact the business enterprise. The 1040 is below your call. it is not appropriate no count in case you purchased products to your business enterprise employing your call or interior the business enterprise call - in the event that they are allowable business enterprise expenditures you deduct them the same way no count which call you purchased them in.