Do you know that the privileges of SME status company will no longer be enjoyed by Company which is being owned by Company incorporated outside Malaysia or owned by a non Malaysian Citizen with effect from YA2024? Foreign owned company is being defined as 20% of shareholding is being owned by Company incorporated outside Malaysia / non Malaysian Citizen.
Lets us recall what is the tax privileges that being enjoyed by a SME in Malaysia
SME | Non-SME | |
Tax rate | First RM150,000 – 15% Next RM150,001 – RM600,000 – 17% Next RM600,001 – 24% | Tax at 24% |
Small Value assets (SVA) | No restriction on SVA, enjoy 100% CA rate for SVA <RM2,000 | SVA restricted to RM20,000 per YA |
CP204 | Enjoy exemption for first 2 YAs upon commencement date | No exemption available. Need to submit CP204 within 3 month from Commencement date |
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