Accounts for LHDN

FOR A PLT COMPANY, KNOW WHAT IS REQUIRED FOR INCOME TAX

A PLT company is not required to conduct the statutory audit of the accounts. This is unlike a Sdn Bhd company that is required to undergo audit of the accounts every year for submission to SSM and LHDN

However, a PLT company is still required to prepare a full set of accounts for submission to LHDN – which must include the profit and loss account, balance sheet and explanatory notes to the accounts.

Income Tax submission must be done via e-filing. The tax returns (Form PT) must be filed within 7 months from the end of the accounting period. For example, if the accounting year end is on the 31 March, Form PT must be filed latest by 31 October every year.

When a PLT company distribute profits to its partners, the profits paid or distributed to the partners are exempt from tax. There is no withholding tax on profits paid, credited or distributed to the partners.

Lower Tax Rate

Small PLT company is taxed at reduced rate of 17% for taxable profit of up to RM600,000

Conditions To Qualify
♠ Total Capital Contribution not more than RM2,500,000
♠ Gross Income not more than RM50 million