Tax Compliance and Advisory Services in Malaysia
FastLane Group is a fully integrated accounting firm offering comprehensive services in tax planning, advisory, and compliance services. Our extensive network and cross-border expertise empower your business to excel in tax management.
With tailored solutions and insightful advice, we optimize tax strategies, driving efficient cash flows and earnings worldwide. Trust our global perspective and in-depth knowledge to guide you through the complexities of international tax, allowing you to focus on driving your business forward.
Why Choose Us 
Profit Tax Computation
Profit Tax ComputationPartnering with a professional can help ensure that your tax computations are compliant and hassle-free.
Sales and service (SST) tax return Filing
Professional SST compliance services, from registration to filing returns and making payments.
Tax Filing
We will prepare accurate reporting financial information on tax returns, as well as complying with other tax-related requirements.
Elevating Financial Confidence with Our Professionals
Profits Tax / Corporate Tax
Assisting businesses with tax filing while ensuring full compliance with the law. By providing professional tax filing and planning, we enable businesses to benefit from tax deductions through eligible claims.
Income Tax / Salaries Tax
Compliance with the tax laws and regulations of the jurisdiction and avoid penalties for late filing or inaccurate reporting.
Property Tax
By properly managing property tax obligations, property owners can ensure that they are in compliance with the law and that they are not overpaying their property taxes.
Tax Planning
- Providing strategic advice and planning to optimize tax efficiencies, minimize tax liabilities, and maximize tax savings for individuals and businesses.
Trusted by 1000+ business owners since 2013
Grana
“FastLane have supported our capital raising round by advising and building our financial models, setting up Xero and Unleashed inventory systems, so we can focus on growing our business.”
Nanoleaf
“FastLane is the perfect fit for startups that are looking for flexibility, trustworthy consulting, and someone that is willing to work with you to grow the business together.”
Soundbrenner
“FastLane has allowed us to spend less time on these parts of the business, and hence contributed to our successes in becoming a global music technology brand.”
Frequently Answered Questions
Corporate income tax (CIT) is a tax imposed on the income of companies operating in Malaysia. The CIT rate is 24% for resident companies and non-resident companies. Companies are required to file a CIT return within 7 months of the end of their financial year. The CIT return must be accompanied by a payment of the amount of tax due.
The deadline for submitting CIT in Malaysia is 7 months after the end of the company’s financial year. For example, if the company’s financial year ends on 31 December 2023, the CIT return must be submitted by 31 July 2024.
No, companies in Malaysia cannot extend the filing deadline for the profit tax return. The deadline is 7 months after the end of the company’s financial year.
The consequences of not filing your profit tax return on time in Malaysia are as follows:
Penalty: If you fail to file your profit tax return on time, you may be liable to a penalty of up to RM10,000. The amount of the penalty will depend on the circumstances, such as whether you are a company or an individual, and whether you have a history of late filing.
Interest: In addition to the penalty, you may also be liable to pay interest on the outstanding tax liability. The interest rate is currently 5% per annum.
Imprisonment: In some cases, the Inland Revenue Board of Malaysia (IRB) may even impose a prison sentence for late filing of a profit tax return. However, this is rare and is only likely to happen in cases of deliberate evasion.
These penalties are outlined in Section 77A, Section 113, and Section 114 of the Income Tax Act 1967 (ITA 1967).
The specific penalties that you may be subject to will depend on the circumstances. For example, the penalty for late filing will be reduced by 25% if the return is filed within 30 days of the due date.
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