BDCM-B-Week15-Tax: Digital Economy in Malaysia

Are you a digital economy business-person? How do you consider as digital economy business-person?

On below table by LHDN, if you fall under any of these categories, you are consider part of the digital economy.

No	Sector
1	Retailing
2	Transport & Logistic
3	Financial Services
4	Manufacturing & Agriculture
5	Education
6	Healthcare
7	Broadcasting & Media
8	Sharing Economy
9	Subscription
10	Services
11	Advertisement
12	Crowd Sourcing
13	Selling of Digital Product
14	Crypto-currencies

You have the responsibilities to keep the following documents:-
1. You should have an income tax file number
2. Complete and submit the relevant income tax return forms (e.g Form B or Form P, Form C and Form PT and etc)
3. Make tax payment

Just like any other businesses, you are required to keep documents, records and accounts for 7 years for the following items such like:-
1. Statement from payment gateway
2. Domestic and personal expenses
3. Bank Statement
4. Income statement and balance sheet
5. Sales invoices and purchase records
6. Confirmation of sales and purchases
7. Agreement
8. Original receipts for each deduction/expense claimed

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