FAQ - NICSIM SDN. BHD.

What is the personal income tax rate in Malaysia for 2026?

Malaysia uses a progressive tax system. For the 2026 Assessment Year, the tax rates range from 0% for income below RM35,000 to 30% for income above RM1,000,000. The exact rate depends on your total income and applicable deductions.

What is the tax filling deadline in Malaysia?

For individuals (Form B), the filing deadline is 30 June each year, with an extension available until 15 July. For businesses (Form BE), the deadline is 30 April, extendable to 15 May. Late filing may result in penalties.

What are common tax deductions in Malaysia?

Common deductions include: personal relief (RM9,000), spouse relief (RM9,000), child relief (RM3,000 per child), education fees, medical expenses, life insurance premiums, and contributions to approved funds. Keep proper documentation for all claims.

What is GST and it is still applicable in Malaysia?

GST (Goods and Services Tax) was replaced by SST (Sales and Service Tax) in September 2018. SST consists of Sales Tax (on goods) and Service Tax (on services). The rates vary by product/service type.

Do I need to file taxes if I earn below the threshold?

Even if your income is below the threshold (RM35,000 for 2026), you may still need to file if you have other income sources, are self-employed, or have tax deductions to claim. It’s best to consult with a tax professional.

What bookkeeping services do you provide?

We provide comprehensive bookkeeping services including: transaction recording, bank reconciliation, accounts payable/receivable management, payroll processing, and financial statement preparation. Our services are tailored to your business needs.

How often should I reconcile my accounts?

We recommend monthly account reconciliation to ensure accuracy and catch errors early. For businesses with high transaction volumes, weekly or even daily reconciliation may be beneficial. Regular reconciliation helps maintain accurate financial records.

What documents do I need to provide for accounting services?

You’ll need to provide: bank statements, invoices, receipts, payroll records, expense documentation, and any other financial records. We can guide you on proper documentation practices to ensure smooth accounting processes.

How can business advisory help my company grow?

Our business advisory services include: financial planning, cash flow management, profitability analysis, cost optimization, and strategic financial planning. We help identify growth opportunities and implement strategies to improve your bottom line.

What is the difference between a sole proprietor and a company?

A sole proprietor is an individual running a business with unlimited personal liability. A company is a separate legal entity with limited liability for shareholders. Companies have more compliance requirements but offer better asset protection and tax planning opportunities.

What is an audit mandatory in Malaysia?

Companies must conduct an audit if they meet certain criteria: annual revenue exceeding RM35 million, total assets exceeding RM20 million, or if required by their constitution. Some companies choose voluntary audits for credibility and stakeholder confidence.

What is the difference between an audit and a review?

An audit provides high assurance that financial statements are free from material misstatement through detailed testing. A review provides limited assurance through analytical procedures and inquiries. Audits are more comprehensive and costly but provide greater assurance.

How do I get started with NICSIM?

Simply contact us through our website, call us at 03-2302 3446, or visit our office. We’ll discuss your needs, provide a consultation, and propose tailored solutions for your accounting and tax requirements.

What are your service fees?

Our fees depend on the scope and complexity of services required. We provide customized quotations based on your specific needs. Contact us for a free consultation and detailed pricing information.

Do you offer services to individuals and businesses?

Yes, we serve both individuals and businesses of all sizes. Whether you need personal tax planning, small business accounting, or corporate audit services, we have expertise to assist you.

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