Malaysia's federal government and state governments implement tax sharing. The Federal Ministry of Finance manages the national tax affairs in a unified way, and is responsible for formulating tax policies, which are implemented by the Inland Customs Bureau (collecting direct taxes) and the Royal Customs Bureau (collecting indirect taxes).
Direct taxes include income tax and oil tax; Indirect taxes include domestic taxes, customs duties and import and export taxes, sales taxes, service taxes and stamp duties. The state government collects land tax, mining tax, forest tax, license tax, entertainment tax, hotel tax and house number tax. Foreign companies and foreigners pay taxes equally with Malaysian enterprises and citizens. ?
(2) Main taxes and tax rates
Corporate tax. At present, the tax rate of domestic and foreign companies is 26%. However, for companies with paid-in capital less than RM 2.5 million, the tax rate for the first RM 500,000 income is 20%, and the tax rate for the next income is 26%. In the three years since 2006, the corporate tax has been reduced from 28% to 1 percentage point per year.
Personal income tax. The progressive tax rate of 0-28% can be reduced or exempted. The threshold is RM 2500. Non-residents who stay in Malaysia for a short time and work in Malaysia for less than 60 days can get tax-free income.
Withholding income tax withholding income tax payable by non-resident enterprises or individuals, as well as special income (use of movable property, technical services, provision of plant and machine installation services, etc.). ) is10%; Patent income10%; Interest15%; 15% comes from mass performances; According to the contract, the contract fee is 15% for the contractor and 3% for the employee.
Sales tax. All products and imported goods made in Malaysia are taxed, with an average tax rate of 10%.
Consumption tax. The tax rate is usually 5%, which is levied when collecting service fees or selling goods. The threshold is between 1.5 million ringgit and 500,000 ringgit.
Import duty. Most imported goods are subject to import tax, which is divided into ad valorem tax and specific tax, and the ad valorem tax rate is between 2% and 300%.
Export tax. Malaysia imposes export taxes on the export of crude oil, logs, sawn timber and palm oil.
Stamp duty. Stamp duty of 1% shall be levied if the assets of an enterprise reach 65438+ MYR for the first time, and stamp duty of 2% shall be levied if it exceeds this amount. For negotiable instruments, the tax rate is 0.3%.
⑶ Calculation of taxable income and taxable amount
When calculating operating income, Malaysian tax law does not clearly stipulate which items can be collected. Criteria for practical judgment: ① No income tax law or other laws specifically stipulate that it shall not be collected. ② Expenditure is related to business activities. (3) Expenditure occurs in the current operating year. (4) Expenditure is to create income. ⑤ This expenditure is not a capital expenditure.
Tax relief mainly includes:
1, depreciation. Depreciation assets recognized by tax include industrial buildings, machinery and equipment. For industrial buildings, machinery and equipment, the types of depreciation are: initial depreciation at the time of purchase, year-by-year depreciation (straight-line method) and differential depreciation.
Mechanical equipment shall be depreciated at 20% of the purchase cost; When the imported heavy machinery incurred expenses in the course of use, the initial depreciation shall be drawn according to 10% of the purchase cost. During the asset's operation, the purchase cost is depreciated year by year at the rate of 10%-20%.
Accelerated depreciation is applicable to computers, communication technology equipment, environmental protection equipment and resource recovery equipment. Assets whose purchase cost is less than 1000 ringgit will be depreciated by 100%.
2. Loss handling. Operating losses in the current period can offset other operating income and investment or asset income in the current period. Operating losses (including depreciation under deduction) can be carried forward indefinitely, but only operating income can be reduced, and there is no provision for carrying forward to previous years.
3. Payment to foreign subsidiaries
Allow Malaysian legal persons to apply for deduction of royalties, management service fees and interest fees paid to foreign subsidiaries at fair trade prices.
4. Tax relief. Income tax is usually not deductible, but indirect taxes such as sales tax and service tax are allowed to be deducted.
Restricted field
In general, projects funded by the Malaysian government are entrusted to local contractors, and foreign engineering companies are not allowed to act as general contractors alone. Foreign companies can only cooperate with local companies or subcontract projects from them.
Malaysian government-funded projects and private sector projects generally adopt the bidding system, but some projects can also be negotiated by the contractor and the owner under the conditions of financing support or meeting other special requirements of the owner.
Extended data:
1, business tax = service industry income * the tax rate is 5% (applicable to enterprises with service industry) (monthly report); Value-added tax = commodity sales revenue (excluding tax) *3% (applicable to small-scale taxpayers) (monthly report); Value-added tax = commodity sales revenue (excluding tax) * 17%- purchase amount (excluding tax) * 17% (applicable to general taxpayers) (monthly report);
2. Urban construction tax payable = VAT payable+business tax *7% (monthly report);
3. Education surcharge payable = VAT payable+business tax *3% (monthly report);
4. Embankment protection fee: operating income *0. 1% (charging standards vary from place to place and from place to place) (monthly report); Surcharge payable to local education = VAT payable+business tax *2% ((the collection standards vary from place to place, and some places do not collect it) (monthly report);
5. Income tax = total profit * tax rate of 25% (quarterly); (The income tax rate of qualified small-scale low-profit enterprises is 20%, and small-scale low-profit enterprises refer to industries that are not restricted or prohibited by the state.
Enterprises that meet the following conditions: industrial enterprises, the annual taxable income does not exceed 300,000 yuan, the number of employees does not exceed 100, and the total assets do not exceed 30 million yuan; Other enterprises, the annual taxable income does not exceed 300,000 yuan, the number of employees does not exceed 80, and the total assets do not exceed 6,543,800 yuan).
6 personal income tax (monthly report); Withholding and remitting, regardless of whether the salary exceeds 2000 yuan, all employees must declare in full.
Personal income tax payable (the taxable amount calculated by individuals according to their wages and salaries, the balance after deducting tax-free "five insurances and one gold" and other items that should be borne by individuals, and then deducting the allowable deduction of 2000 yuan, is the taxable income.
Malaysia's tax system is very developed, and the main tax system comes from Britain and Australia. Malaysia's federal and state governments implement tax-sharing system, while the Federal Ministry of Finance is responsible for unified management and tax policy formulation.
Federal taxes are divided into direct taxes and indirect taxes, which are directly collected by the tax bureaus under the federal state government and the royal tax bureau. Direct taxes include company/individual income tax, oil income tax, real estate profit tax, etc. Indirect taxes include stamp duty, domestic tax, customs duty, import tax, etc.
Foreign companies and individuals pay the same taxes as Malaysian enterprises and citizens. 20 15 in April, Malaysia replaced sales tax and service tax with consumption tax, and the tax structure was adjusted.
References:
Baidu Encyclopedia-Malaysian Tax Policy