Registers and documents to be kept at Registered Office

On request from a partner, the following documents will be made available for inspection and copying during regular business hours: the registration notice, the register listing the name and address of each partner and compliance officer, the most recent annual declaration, any statements filed with SSM, the certificate of registration issued by SSM, copies of every LLP agreement, and copies of any instrument relating to any charge created.

Proper Accounting Records

Maintaining accurate books and other documentation that adequately explains the LLP’s financial situation and transactions, allowing for the periodic preparation of balance sheets and profit and loss statements that present an accurate and impartial picture of the LLP’s current situation.

The accounting and other records shall not be required to be audited and are to be retained for 7 years and shall be kept at the registered office or such other place as the partners think fit provided that the SSM is notified of that other place and the accounting and other records shall at all times be open to inspection by the partners.

All accounting records must be maintained in hard copy form as per the requirements for record keeping set out by the Inland Revenue Board of Malaysia (IRBM). However, scanned copies of the documents can be converted to an electronic format for easy retrieval. If an IRBM officer demands a copy of the accounting record, it should be provided.

Immediately

Annual Declaration (AD)

Submission of the information as decided by the SSM, supported by the papers that must be included in the statement.

Changes of Particulars of LLP

Should pay the required charge and notify SSM of any changes made to an LLP’s registered details.

Lodging or submitting paperwork on the LLP’s or the partners’ behalf.

Updating the Registrar with any changes in the registered details of the LLP as they occur.

Maintaining registers and legal documents at the designated office of the Limited Liability Partnership (LLP).

Displaying the Limited Liability Partnership’s name and registration number at its registered office and business premises.

The Registrar of LLP may need to perform additional tasks as required by the LLP Act 2012 and/or LLP Regulations 2012 as the need arises.

Maintaining comprehensive accounting records for the business of the Limited Liability Partnership (LLP).

Estimate the tax liability and initiate installment payments to the Malaysia Inland Revenue Board.

In the event that no compliance officer is named, each partner will be considered the LLP’s compliance officer.

The compliance officer will bear personal responsibility for all penalties, including administrative penalties imposed on the Limited Liability Partnership (LLP) due to non-compliance with the LLP Act, unless proven otherwise.

Within 7 days of employment of first employee

Within 30 days of the date on which the Employees’ Social Security Act (“ESSA”) becomes applicable to the company

Register Employer Tax File (E number) with Inland Revenue Board (IRB)

Anytime before payment of salaries to employees

Within 30 days of registration

Estimate of Tax Payable

Every LLP shall for each YA furnish an estimate of tax payable to the IRB.

Not later than 30 days before the beginning of the basis period for that YA. Separate rules apply for LLP which commences operations in a YA. The estimate of tax payable in such a case would have to be furnished to the IRB within 3 months from the date of commencement of operations and thereafter no later than 30 days before the beginning of the basis period. Nevertheless, no estimate of tax payable is required to be furnished to the IRB where a LLP first commences operations in a YA and the basis period for that YA is less than 6 months.

Effective from YA 2019, a LLP shall furnish its estimate or revised estimate of its tax payable by way of electronic transmission (e-filing).

Submission of revised estimate of tax payable

You can submit the CP 204A to revise the estimate of tax payable in the sixth or/and ninth month of the basis period

Effective from YA 2019, a LLP shall furnish its estimate or revised estimate of its tax payable by way of electronic transmission (e-filing). 

Submission of income tax return

You must submit Form PT within 7 months from the date following the close of its accounting period.

Registering for GST

Compulsory if annual sales turnover exceeding RM500,000 which can be determined based on either

• The total value of taxable supplies of the current month and the previous 11 months, or
• The total value of taxable supplies of the current month and the next 11 months

Voluntary Registration is allowable but must remain in the system for at least 2 years.

Who must register?
An individual, sole proprietor, partnership, company, trust, estate, society, union, club, association or any other organization including a government department or a local authority which is involved in the business of making taxable supplies in Malaysia.

Main Responsibilities of A GST Registered Person

A  registered  person  must  comply  with  the requirements  under  GST legislation as follows:
a)  account for GST on taxable supplies made and received, i.e. output tax and input tax respectively;
b)  submit GST return (GST-03) and pay tax not later than the last day of the following month after the taxable period;
c)  issue tax invoice on any supply unless as allowed by Customs;
d)  inform Customs of the cessation of business within thirty days from the date of business cessation;
e)  inform Customs on any changes of address, taxable activity, accounting basis and taxable period; and
f)  keep adequate records of all business transactions relating to GST in the National or English language for seven years.

Main Responsibilities of A Non-GST Registered Person

Reverse Charge for importation of services
A supplier who does not belong in Malaysia and supplies services to a customer in Malaysia does not have to charge GST. However, the customer who receives the services for the purpose of any business carried on by him is required to account for GST by a reverse charge mechanism.

When services are imported from outside Malaysia and supplied to a recipient in Malaysia, being taxable supplies if made in Malaysia, the recipient of the supply shall account and pay GST if such imported services are for the business purposes and consumed in Malaysia. He shall account for output tax on the portion of the services consumed in Malaysia. If the recipient is a taxable person, he is entitled to claim input tax on the services if the imported services are used for making taxable supplies.

If the recipient is not a taxable person, he is still required to account the GST as output tax and declare the tax in a prescribed form (Form GST-04). The tax has to be paid not later than the last day of the subsequent month from the month in which the payment of supply is made.

The time of supply of imported services is due when payment is made by the recipient of that service to the extent covered by the payment made.

A recipient does not need to issue any tax invoice when he receives an imported service. But for audit purpose, the recipient should keep the invoice he receives from the overseas supplier.