TaxSavvyMY

Employer accounts on closure

We had staff. What about EPF and SOCSO when closing?

The situation

Inform KWSP and PERKESO of closure and settle outstanding contributions.

The law

  • Sec 43, Employees Provident Fund Act 1991: Employer and employee contributions paid by the 15th of the next month
  • Employees' Social Security Act 1969: SOCSO contributions for employees, wage ceiling RM6,000 from Oct 2024

What it means for you

Outstanding contributions remain recoverable from directors in many cases. Clear them before applying. Final EA forms and Form E for the last year also need to be filed. Keep payroll records for the required period after closure.

What to do

  1. Pay final contributions.
  2. Notify KWSP and PERKESO.
  3. File final Form E and EA.
  4. Keep records.

We can do this for youStrike off a dormant Sdn Bhd under section 550: MYR 1,500

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