Accounting & Payroll Services

Monthly reporting for:

• Account Statements
  • Balance Sheet
  • Profit and Loss Account
  • Cash Book Management
  • General Ledger Overview
• Preparatory activities for the annual accounts (preparation of the closing balance sheet and income statement)
• Billing and banking services:
  • Recording billing and payment transactions
  • Preparation and presentation of invoices
  • Individual payment and transfer transactions

Monthly payroll

• Coordinate the monthly payroll
• Collaboration with the bank regarding salary payments
• Calculation and timely payment of Malaysian pensions (Employees' Provident Fund) and income taxes
• Registration of the company (employee and employer) with the appropriate Malaysian authorities

We offer you the services listed above for a monthly package price, which we will gladly provide on request.

We take over the preparation of the annual tax return for your employees and ensure the timely submission of documents to the appropriate authority.

The annual tax return for the permanent establishment / subsidiary is drawn up by a recognised tax consulting firm. The fee for preparing the tax return depends on the size of the establishment / subsidiary and will be communicated to you on request.

In the clarification of tax issues, such as withholding tax, we are happy to assist you. For complex tax issues, we work with a recognised Malaysian tax consulting firm.

Before the start of payroll operations, employers must register with relevant authorities. Such as, Inland Revenue Board of Malaysia (IRBM) for income tax purposes, Employees’ Provident Fund (EPF), Social Security Organization (SOCSO).

Must register newly join employees within seven days of employment with EPF and SOCSO, so that employees will get benefits and protection from these statutory bodies.

Accurate calculation of salary is crucial for employee’s satisfaction and adhere to Employment Act (1955). Primary components of an employee’s salary include basic pay, allowances, perquisites, overtime, bonuses and incentives.

Method to calculate basic pay for incomplete month’s work

(Monthly Basic Pay / Number of days of the particular working month) x Number of days eligible in the working month

Employers are responsible to make contributions to EPF and SOCSO on behalf of their employees. For foreign employees it is not mandatory to contribute EPF, but mandatory to contribute SOCSO, once they are validated by the Immigration Department of Malaysia.

Refer to the link below for more information on EPF contribution https://www.kwsp.gov.my/employer/contribution/all-about-your-responsibility

Refer to the link below for more information on SOCSO contribution
https://www.perkeso.gov.my/en/our-services/employer-employee/contributions

The monthly tax deduction (MTD), commonly known as Potongan Cukai Bulanan (PCB), is a monthly payment that is made by an employer to the Lembaga Hasil Dalam Negeri (LHDN) / Inland Revenue Board of Malaysia (IRBM) on their employee’s behalf. MTD is based on monthly salary and individual tax position. Employers must issue Form EA to employees and Form E to the IRBM to facilitate tax reporting.

Refer to the link below for Monthly Tax Deduction
http://calcpcb.hasil.gov.my/index.php?&lang=eng

All statutory payments, monthly tax deduction (MTD), EPF and SOCSO must be paid to each relevant statutory body not later than 15th of the following month.

Employers are obligated to provide payslips to employees. Payslips should contain detailed information such as salary breakdown, allowances, deductions, EPF and SOCSO contributions, monthly tax deductions, and any other relevant details. Payslips can be issued in either physical or electronic format.