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 Income Tax Issues v2

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yswon12
post Dec 10 2013, 01:13 PM

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Joined: Aug 2009
QUOTE(haicaramba @ Dec 5 2013, 09:50 AM)
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%  mega_shok.gif
Paying 26k for every 100k is really painful  wacko.gif
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.
*
Since your turnover is quite huge. It is advisable for you to get a qualified tax account.

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