we explain 4 Key LLP Tax Deadlines for malaysian businuess owners In 2024

4 LLP Tax Deadlines In 2024

Meet those 2024 LHDN deadlines

To Malaysian Limited Liability Partnership owners, we trust your business plans for 2024 includes an awareness of your various statutory tax obligations – otherwise, you wouldn’t be reading this!

For your convenience, we’ve compiled a list of:

  • the four essential LLP tax forms
  • their deadlines, and
  • non-compliance penalties

Let’s begin.

Overview of LLP tax deadlines

The following is a snapshot of the mandatory forms and their respective deadlines.

Form EA28 February 2024
Form E31 March 2024
Form PT7 months from close of accounting period
Form CP2041. New LLP: 3 months from date of incorporation
2. Existing LLP: 30 days from beginning of basis period

If you are already familiar with the forms and just wanted to know the deadlines, this should give you enough information to start talks with a trusted tax agent

If you are a new business owner or Compliance Officer, we recommend reading on for a more in-depth understanding of the purpose behind each form. 

1. Form PT

Deadline: 7 months from close of accounting period

Penalty for non-compliance: Maximum fine of RM20,000, six months imprisonment, or both

Purpose: The main income tax return form for LLPs, used to declare income, claim deductions, and calculate tax payable to LHDN.

2. Form E

Deadline: 31 March 2024

Penalty for non-compliance: Maximum fine of RM20,000, six months imprisonment, or both

Purpose: A statement to LHDN declaring an employer’s total number of employees, payments made to them, and overall tax deductions for the year. Every employee, whether full-time, part-time, or on a fixed-term basis, must be included.

3. Form EA

Deadline: 28 February 2024

Penalty for non-compliance: Maximum fine of RM20,000, six months imprisonment, or both

Purpose: Form EA is a summary of how much wages an employee earned in a year from their employer. It does not need to be submitted to LHDN, but instead to employees so they can accurately report their income to LHDN.

Employers must create a Form EA for every employee that has worked for more than seven days, regardless of full or part-time status.

4. Form CP 204

Deadline: Three months from date of incorporation (new LLP) OR 30 days from beginning of basis period (existing LLP)

Penalty for non-compliance:  Maximum fine of RM2,000, six months imprisonment or both

Purpose: Form CP 204 is a tax estimate that details the company’s expected tax for the current assessment year, including estimated income, tax adjustments, and relief information.

Let MISHU handle your tax deadlines

MISHU representative ready to assist with corporate tax deadlines for sdn bhds

Last-minute tax management is a recipe for missed savings opportunities and higher risks of non-compliance penalties (which we suppose leads to even less savings).

By engaging our tax services early, our team has ample time to identify you can maximise your short-term savings and plan long-term tax reduction strategies tailored to your business goals.

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