TaxSavvyMY

Late annual return compound from SSM

SSM sent a compound for late annual return. Can it be reduced?

The situation

SSM can compound offences such as late annual returns instead of prosecuting. The maximum fine for the offence is RM50,000.

The law

  • Sec 68, Companies Act 2016: Annual return lodged within 30 days of each incorporation anniversary

What it means for you

Lodge the overdue return first. Some companies write to SSM explaining the reason and asking for a lower compound, which SSM may consider. Ignoring the notice can lead to prosecution of directors.

What to do

  1. Lodge the overdue annual return.
  2. Read the compound notice for the deadline.
  3. Write a reasoned appeal if justified.
  4. Pay the final amount and fix your reminders.

We can do this for youAnnual return, financial statements lodgement and audit exemption check: MYR 1,500

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