XBRL Filing in Malaysia – A Quick Refresher before 2020 Tax Preparation
We are already halfway into 2020, and everyone is undoubtedly happy going back to work post-lockdown. But with the tax season coming up, it’s not just the core business activities that companies will be looking forward to.
Filing taxes has always been a hassle and even more so grim with so many compliances and regulations, which is why the shift towards digital reporting for Malaysia-based companies is underway. Earlier, the public and private companies were required to submit their financial to the SSM (Suruhanjaya Syarikat Malaysia). However, since the inception of MBRS, back in November 2018, qualifying companies need to comply with the new reporting regulations.
Here’s a Quick Refresher About Reporting Regulations for 2020 Tax Preparation
Malaysian Business Reporting System (MBRS)
In a dynamic business environment and digital economy where businesses continue to grow in complexity, the need to move away from manual filing becomes ever more prevalent. This is why an easy solution like MBRS came into being. MBRS is an XBRL-based system that makes reporting faster, easier, and more accurate. But in order to access this, one must be aware of the basics of XBRL language and the relevant taxonomy. MBRS allows the submission of:-
- Annual Return (AR);
- Financial Statements and Report (FS); and
- Exemption Applications (EA) related to the FS and AR
Is Your Company Eligible?
Banks, financial institutions, insurance companies regulated by the Bank Negara Malaysia are exempt from filing a full set of financial statements through MBRS. Instead, they need to file a manual annual return and submit the financial statements at the office of SSM. Apart from this, every Malaysia-based company, be it public or private, is eligible to file full set financial statements through MBRS.
The sole purpose behind introducing the XBRL format was to reduce the paperwork and increase the authenticity, clarity, and transparency of the financial data being submitted.
MBRS Filing Review and More
MBRS is an excellent move by SSM, especially for business owners. Now, business owners can create financial statements effortlessly and submit online through the MBRS platform. However, filing annual returns and financial statements with MBRS can be challenging if you don’t have an in-depth understanding of the XBRL filing and reporting system. For the same, companies have the option of hiring an XBRL expert to create financial statements, or they can avoid all the inconvenience and simply outsource the entire process.
DataTracks is a service provider that helps companies in the conversion of financial statements to error-free XBRL reports. With over 15 years of experience in XBRL reporting, DataTracks is the ideal solution for MBRS filing. For detailed information on XBRL services, you can get in touch with our experts at firstname.lastname@example.org.