Want to ask , i lost my tax receipt, any solution to get the receipt again because i want to apply for something. THanks

Would like to ask all the sifus here for some company tax issues...

I have set up an enterprise (sole-proprietorship) around half a year ago.
Up til now, my monthly turnover is around 200k, with profit around 5-10%.
Annually will be exceeding 2 mil and counting.
The thing is that, I have almost zero overhead - no office, no workers, no equipment, nothing.
It is just a 1-man-show trading company that I do on part-time basis (I'm a full-time office employee).
Am not sure how's the tax structure for businesses, trading company in particular.
I had tried to search online but the info available is either limited or not relevant.

Is there any ways that I can minimize the company tax legally?
Should I employ some 'workers'? Rent an 'office'?
Coz from the way I look at it now, it's going to be the maximum 26% 
Paying 26k for every 100k is really painful 
I'm already in the 19% tax bracket from my employment salary.

I have been keeping all the receipts of meals & petrol since setting up the company, but am not too sure on the claimable %%%

I heard that for enterprises, the tax is to be filed in together with our employment salary, therefore, there isn't much "space" to play around.... is it true?

Is it better to set up an LLP or Sdn Bhd for my current case?

TQ in advance & any constructive feedback is appreciated.

Any rule of thumb on when one should shift to Sdn Bhd from Enterprise?

Dear Sifus...

I have resigned from my permanent position this year and become a consultant with the company.

Every month I receive about 10k as salary. I only paid zakat pendapatan through online every month. No contribution at all to EPF this year.

I did setup a company under my name as long term strategy,

Any advise how should best declared my income for the year 2013 ? And may save some $$$ in the tax contribution.

Thank you very much in advance...

Would like to ask all the sifus here for some company tax issues...

I have set up an enterprise (sole-proprietorship) around half a year ago.
Up til now, my monthly turnover is around 200k, with profit around 5-10%.
Annually will be exceeding 2 mil and counting.
The thing is that, I have almost zero overhead - no office, no workers, no equipment, nothing.
It is just a 1-man-show trading company that I do on part-time basis (I'm a full-time office employee).
Am not sure how's the tax structure for businesses, trading company in particular.
I had tried to search online but the info available is either limited or not relevant.

Is there any ways that I can minimize the company tax legally?
Should I employ some 'workers'? Rent an 'office'?
Coz from the way I look at it now, it's going to be the maximum 26% 
Paying 26k for every 100k is really painful 
I'm already in the 19% tax bracket from my employment salary.

I have been keeping all the receipts of meals & petrol since setting up the company, but am not too sure on the claimable %%%

I heard that for enterprises, the tax is to be filed in together with our employment salary, therefore, there isn't much "space" to play around.... is it true?

Is it better to set up an LLP or Sdn Bhd for my current case?

TQ in advance & any constructive feedback is appreciated.

Hi guys, dunno should i ask here or not but need some advice. Recently my dad receive a warning letter regarding income tax due around rm 1.6k from hasil.gov haven't paid for year 2000~2006. We were shocked because during those year, his salary not even reach rm2k. So he went and ask today, and they said it was for year 1987~1990 when he still own a medicine store before it went bankrupt. I think he didn't declare salary at that time because I doubt he know he need to declare it since the store actually belong to my grandfather, but register under my dad's name. So should he pay for it since already pass more than 20 years? Or is there any other method to settle this since the store went bankrupt?

Would like to ask all the sifus here for some company tax issues...

I have set up an enterprise (sole-proprietorship) around half a year ago.
Up til now, my monthly turnover is around 200k, with profit around 5-10%.
Annually will be exceeding 2 mil and counting.
The thing is that, I have almost zero overhead - no office, no workers, no equipment, nothing.
It is just a 1-man-show trading company that I do on part-time basis (I'm a full-time office employee).
Am not sure how's the tax structure for businesses, trading company in particular.
I had tried to search online but the info available is either limited or not relevant.

Is there any ways that I can minimize the company tax legally?
Should I employ some 'workers'? Rent an 'office'?
Coz from the way I look at it now, it's going to be the maximum 26% 
Paying 26k for every 100k is really painful 
I'm already in the 19% tax bracket from my employment salary.

I have been keeping all the receipts of meals & petrol since setting up the company, but am not too sure on the claimable %%%

I heard that for enterprises, the tax is to be filed in together with our employment salary, therefore, there isn't much "space" to play around.... is it true?

Is it better to set up an LLP or Sdn Bhd for my current case?

TQ in advance & any constructive feedback is appreciated.

Recently I went to Tax Office to appeal to LHDN to either waive or reduce the penalty impose due to the late submission of the  tax form in year 2013.

To my surprise, instead of entertained what I requested, the Tax Dept actually digged out my tax records ways back to 1995 etc and charging me additional penalties related to the 1995 to 1997 submissions.....

What should I do...thinking to ignore their additional penalties as I think it is very unreasonable for them..in the letter they said will take legal action if I failed to settle the penalty.

Any external parties such as Tax lawyer or accountant who can help me?

Please comment, sifu here....

Recently I went to Tax Office to appeal to LHDN to either waive or reduce the penalty impose due to the late submission of the  tax form in year 2013.

To my surprise, instead of entertained what I requested, the Tax Dept actually digged out my tax records ways back to 1995 etc and charging me additional penalties related to the 1995 to 1997 submissions.....

What should I do...thinking to ignore their additional penalties as I think it is very unreasonable for them..in the letter they said will take legal action if I failed to settle the penalty.

Any external parties such as Tax lawyer or accountant who can help me?

Please comment, sifu here....

I am working in an audit/tax firm right now for my internship program and boy, there were lots of people who
faced the same situation like you do.

They came to the office bring a letter from LHDN, demanding them to pay the fines. Some even had multiple fines.

Even the dead wasnt spared.

Income tax department no money these days?

I thought we only need to retain 7 years records / receipts for income tax purpose. 1995 is more than 7 years back!    Is yours corporate tax or individual tax?

Yeah, experts, pls advise. I wanna know too.

I am working in an audit/tax firm right now for my internship program and man, there were lots of people who
faced the same situation like you do.

They came to the office bringing a letter from LHDN, demanding them to pay the fines. Some even had multiple fines.

Even the dead wasnt spared.

Income tax department no money these days?