2022 Major Tax Changes on LLP

2022 Major Tax Changes on LLP

Does an LLP need to be audited in Malaysia?

In the past, a Limited Liability Partnership is not required to prepare an audited financial statement.

Effective from Year of Assessment 2022, under Section 77A(4) of the Income Tax Act 1967, A LLP is required to furnish tax returns based on the accounts are true and fair.

Tax estimation for LLP

10% penalty on tax payable will be imposed on LLP when there is no estimation furnished under Section 107C (10A) of the Income Tax Act 1967.

Such penalty shall be due and payable upon furnishing the tax return of that LLP.

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