Everything About Tax Estimation (CP204)

What Are The Penalties If Company Fails to Submit Form CP204?

What Are The Penalties If Company Fails to Submit Form CP204?It is important to know what will happen to a company if a company fails to submit Form CP204 within the stipulated period, Form CP204 submitted but fails to pay the tax instalment or under-estimated tax payable for a particular year of assessment.

Each offence may result in penalty ranging from RM200 to RM2,000 being charged by LHDN.

The following are the penalty provisions for such failures in complying with the income tax requirements for CP204:  Read More

How to calculate Tax Estimate for CP204?

LHDNThe most commonly asked question by our clients in filling up the Form CP204 is: How to calculate tax estimate for CP204?

In order to calculate the possible tax payable for the coming year, the company must made several assumptions and projections based on the current year’s management results. It is important to predict what will happen based on what is having now.  Read More

Every Company must submit CP204 (Tax Estimation)?

LHDNThe Inland Revenue Board (IRB, or common known as LHDN, Lembaga Hasil Dalam Negeri) has issued an notice to all professional associations on 9 June 2011 for the clarification of submission requirements for CP204.

Small & Medium Companies are advised to submit CP204

IRB has in its letter informed all companies to submit its tax estimation (CP204) for avoiding any possible unnecessary penalty due to administrative issues, even though these companies are not required to submit CP204.  Read More

Summary Information about Tax Estimation (CP204)

LHDNUnder the self assessment system, every company is required to determine and submit in a prescribed form (Form CP204) an estimate of its tax payable for a year of assessment, 30 days before the beginning of the basis period.

New company must submit CP204 within 3 months once started business

However, when a company first commences operations (ie during the first period), the estimate of tax payable must be submitted to the IRB within 3 months from the date of commencement of its business and thereafter no later 30 days before the beginning of the basis period.  Read More

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