Starting a partnership in Malaysia can be a rewarding venture —but tax time can get complicated. Form P Tax Filing stands out as a key document you must handle. This form speaks for your partnership to the tax authorities. When you complete it, your business stays compliant with the law and your partners headache-free. Mistakes on this form could lead to penalties, audits, or delays that could affect everyone involved.
This guide will show you how to fill out Form P for the Year of Assessment 2024 (due in 2025). We’ll share useful tips that every business owner needs to know. We’re not just giving you a list of things to do— we’re breaking down the “why” and “how” behind each step.
What is Form P?
Form P has an influence on declaring a partnership’s income, expenses, and profit or loss. Even though a partnership doesn’t pay taxes, each partner will pay taxes based on their share of the net profit (or get a deduction if there’s a loss). The information you put in Form P must match the income you report in each partner’s personal income tax return (Form B).
| To get a complete understanding of how businesses file taxes in Malaysia, take a look at our Malaysia Income Tax Filing Guide for Businesses |
Key Dates to Remember in 2025 For Form P Tax Filing
- Paper filing: June 30, 2025
- Online filing: July 15, 2025
Make sure you meet these deadlines—LHDN might charge late fees, which will also impact your partners.
What You Need Before You Begin
Before you start working on Form P gather these items:
- Your partnership’s checked financial reports for 2024
- Information about each partner (name, ID number share of profits)
- Lists of money earned and spent
Form P Tax Filing: A Step-by-Step Walkthrough
- Sign into LHDN’s e-Filing System
- Visit ezHASiL and enter the partnership’s login details.
- Pick Form P for the 2024 Assessment Year.
- Complete General Information
- Type in the partnership’s name, tax file number, business registration number, and how to contact them.
- List Income
- State all money the partnership made in 2024—from sales, services, and any other sources of cash.
- Record Business Costs
- Write down all expenses you can deduct like rent, pay for workers, bills, software subscriptions, and upkeep.
- include costs that relate to running the business.
- Calculate Net Profit or Loss
- Find the difference between total income and total expenses to get the net figure. Check your math twice.
- Split the Profit or Loss
- Divide the net profit or loss among partners based on the agreed ratio.
- Make sure each partner’s share matches what they report on their Form B.
- Fill in Partner Information
- Enter the name, ID number, and profit/loss share for each partner.
- Check Everything and Turn It In
- Look over all parts to catch any mistakes.
- Send it through e-Filing before the due date and save a digital copy of your receipt.
Who Is Responsible for Form P Tax Filing And How To Submit Form P Online?
The precedent partner has the responsibility to complete and submit Form P. This partner the first one listed in the agreement, serves as the point of contact with LHDN. They make sure everything gets filed and on time.
Why Accuracy Matters
LHDN checks data from different sources. A difference between Form P Tax Filing declarations and individual Forms B could lead to an audit or slow down tax processing. This highlights the need to keep consistent clear records for both the partnership and individual partners.
How Software Can Help
Completing Form P becomes simpler when you manage your accounts well. Info-Tech’s HR & Accounting Software provides automatic bookkeeping instant reports, and assists you to monitor income, expenses, and partner distributions.
Conclusion:
Submitting Form P isn’t just a yearly task—it’s crucial to manage a transparent partnership well. When you do it right, you lay the groundwork for each partner to file their personal returns without hassle. Make sure you keep your records updated, use the proper tools, and always beat the Form P submission deadline 2025. This is all part of running a company that’s in it for the long haul.