(TAX UPDATE) Warning to All PLT Owners : New SSM and LHDN Rules for PLTs

(TAX UPDATE) Warning to All PLT Owners : New SSM and LHDN Rules for PLTs

If you’re running a PLT (Perkongsian Liabiliti Terhad), chances are you registered it to enjoy limited liability with less paperwork and less compliance cost compared to a Sdn Bhd.

But here’s the reality :

PLTs are now under the radar. SSM and LHDN have tightened their enforcement. And starting in 2025, serious new rules have kicked in, especially around beneficial ownership.

At KTP, we’ve seen many PLT owners caught off guard, thinking they’re “too small” or “just a name for registration.” But ignorance doesn’t protect you from penalties.

Let’s break down what you need to do to stay compliant with SSM and LHDN, especially with the latest updates.

Part 1: What SSM Wants From Your PLT (And What’s New in 2025)

SSM (Suruhanjaya Syarikat Malaysia) regulates PLTs under the Limited Liability Partnerships Act 2012 and the Companies Commission of Malaysia Act 2001.

Annual Declaration

Every PLT must submit an Annual Declaration confirming its financial position and continuity.

  • Due date: Within 90 days of financial year-end

  • Where: MyLLP system on SSM portal

  • Penalty for late filing: RM500 to RM2,000

Failure to submit this more than once may result in your PLT being struck off. We’ve helped clients reinstate their PLTs after realising too late, especially when applying for financing or tender.

Changes? Must Update

If there are changes in your:

  • Business address

  • Nature of business

  • Partners or compliance officer

You must notify SSM within 14 days. Don’t delay. Most PLT owners leave the login details with the person who helped them register.

SSM Has Started Compliance Inspections on PLTs

Starting 2024, SSM has launched physical inspections on LLPs (including PLTs) to ensure compliance with statutory requirements.

The inspections are conducted under:

Section 27C(1), Companies Commission of Malaysia Act 2001
Authorises the Registrar or any authorised officer to enter any premises (with or without a warrant) to inspect, examine, or copy any books, records, or documents necessary for investigating offences under the Act.

Section 69, Limited Liability Partnerships Act 2012
Requires every LLP to maintain accounting and other records at its registered office. These records must be sufficient to explain transactions and financial position, and must be available for inspection by the Registrar.

What will SSM look at:

  • Proper accounting records

  • Records of capital contributions

  • Evidence of actual business activity

  • Documentation related to beneficial ownership

If you’ve been delaying your bookkeeping or have zero documentation, you are now at risk.

2025 Legal Update: Beneficial Ownership (BO) for LLPs

Effective 31 January 2025, all new LLPs must submit:

  • Full details of beneficial owners (BOs), defined as those who ultimately own or control the PLT, even if not listed as partners

  • Each partner’s capital contribution

Ongoing BO Compliance for All LLPs:

Even existing LLPs must:

  • Maintain a BO Register at the registered office and keep it updated.

  • Lodge or update BO details with SSM by 31 October 2025 to avoid non-compliance.

  • Report any changes promptly, as BOs must inform the LLP, and the LLP must notify SSM.

Failure to comply may result in compoundable offences and fines.

Part 2: What LHDN Expects From Your PLT

To LHDN, your PLT is a separate legal entity and must comply with tax obligations similar to a Sdn Bhd.

Register a Tax File

  • When: As soon as your PLT starts business

  • Where: LHDN e-Daftar

  • Documents: SSM certificate, tenancy agreement, utility bills, ICs of partners

File Form PT Annually

This is the PLT equivalent of a company tax return (Form C).

  • Mandatory, even for dormant PLTs

  • Deadline: 30 June (for 31 Dec year-end) or 7 months after year-end

  • Penalty: RM200 to RM20,000 under Section 112(1), Income Tax Act 1967

Submit CP204 (Tax Estimate)

Required if your PLT expects tax payable above RM2,000.

  • Due: Within 3 months of basis period start

  • Revisions: Month 6, 9 & 11

  • Penalty: 10 percent for underpayment or late submission

Stamp Duty Obligation for PLT Agreements

Is Stamping Required?
Yes. All LLP or PLT agreements must be stamped at a fixed rate of RM10 per agreement.

Who Stamps the Agreement?
Submit to LHDN stamping office or through the STAMPS online system. Many incorporation firms handle this as part of the setup.

Deadline

  • 30 days from signing (if signed in Malaysia)

  • 30 days from arrival (if signed overseas)

Common Compliance Mistakes by PLTs

  • Skipping annual declaration

  • Mixing PLT and personal funds

  • Assuming partners can claim PLT losses personally

  • No bookkeeping or documentation

  • Forgetting capital contribution records

  • Not stamping the LLP agreement

What You Should Do Now

  • Appoint someone to monitor SSM and LHDN obligations

  • Maintain your BO Register and submit updates

  • Stamp your LLP agreement within the required time

  • File CP204 on time and check SME eligibility

  • Respond promptly to inspection notices

Final Words from KTP

PLT may seem like a low-maintenance business structure, but in 2025, it's no longer under the radar. SSM is inspecting. LHDN is enforcing. Beneficial ownership is being tracked.

At KTP, we help PLT clients:

  • File annual declarations with SSM

  • Prepare and submit BO Registers

  • Handle Form PT and CP204

  • Stamp LLP agreements correctly

  • Stay audit-ready for both SSM and LHDN

Running a PLT gives you flexibility, but don’t confuse that with freedom from compliance. If you're unsure, talk to us before enforcement officers come knocking.

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  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

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