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How to determine the value of benefits-in-kind?
Benefits-in-kind (BIKs) are benefits provided to the employee by or on behalf of the employer that cannot be converted into money. When taxable, BIKs must be added to the payroll so they can be included in the PCB calculation. So how to determine the value to be added to the payroll? There are 2 methods specified […]
How to determine the value of living accommodation?
Definitions “Defined value”, in relation to living accommodation provided for an employee by his employer, means: Where the accommodation is not affected by any written law providing for the restriction or control of rents and the person so providing the accommodation holds the accommodation on lease the rent which is or would have been paid […]
What yearly payroll forms do companies need to prepare?
EPF and SOCSO There are no yearly EPF or SOCSO forms that need to be submitted. LHDN (Tax board) Form E – Statement of remuneration paid to employees and PCB deducted during the year. Must be submitted to LDHN by March 31st. Click on How do I submit form E? for more information. Form EA – Statement of total […]
Where can I find the numbers needed for setting up an employee?
PCB number The PCB number can be found on the second page of Form CP 39. Otherwise, your employee can directly check via https://mytax.hasil.gov.my/ under e-Daftar and fill in their details and click Search. Don’t have a PCB number yet? Please register Online (e-Daftar) which is accessible from MyTax by selecting Individual as the Type of […]
What are the leave entitlements under the Employment Act?
The Employment Act 1955 (EA), as amended by the Employment (Amendment) Act 2022, provides for certain minimum leave entitlements. The Act now covers all employees, apart from sections (like overtime provisions or termination benefits) only applicable to certain employees like manual workers or employees whose monthly wages do not exceed RM4,000. Rest Day According to section 59 of […]
What are the contribution rates for EPF?
Under EPF rules, both employee and employer contributions are payable. Employee contributions are deducted from the employee’s salary and paid to KWSP together with the employer contributions. Although the contribution rates are usually featured as a percentage of the salary subject to EPF, the percentage is approximate and the actual contributions must be taken from […]
What is the EPF?
Overview The Employees’ Provident Fund (known by its acronym EPF, or KWSP in Malay) is a Malaysian government agency that manages a compulsory savings plan and retirement planning for private and non-pensionable public sector employees. The EPF functions through monthly contributions from employees and their employers towards saving accounts. While in savings these funds may […]
Which payments are subject to EPF contribution and which are exempted?
Payments Subject to EPF Contribution In general, all monetary payments that are meant to be wages are subject to EPF contribution. These include: Salaries Payments for unutilized annual or medical leave Bonuses Allowances (except a few, see below) Commissions Incentives Arrears of wages Wages for maternity leave Wages for study leave Wages for half day leave […]
How do I pay EPF?
EPF submission and payment can be made either via e-Caruman or online banking. For payment via e-Caruman, you are required to have an account with KWSP i-Akaun. Meanwhile for online banking, you will need to upload the EPF payment bank file via your bank portal. For PayrollPanda users, files for both EPF submission methods can […]
How to register my employee as an EPF member?
There are 4 different ways to register a previously unregistered employee: Via i-Akaun (Employer) • This option is available for Malaysian and permanent resident employees who have identification cards with 7 and 12 digits only. Login to your i-Akaun and click on Register EPF Member. Auto Registration via Monthly Contribution Form (Form A) • Previously unregistered employees will be […]
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