Form P Malaysia 2025 Explained: Tax Filing Guide for Business Partnerships

Form P Malaysia 2025 is a crucial income tax filing form for partnership businesses in Malaysia. Whether you're running a law firm, digital agency, or small enterprise under a partnership structure, it's your responsibility to ensure your partnership’s income is correctly reported to LHDN (Lembaga Hasil Dalam Negeri Malaysia).

 

In this guide, we’ll break down everything you need to know about Form P filing in Malaysia for YA 2024, including eligibility, deadlines, filing steps, and common mistakes to avoid.

 

What is Form P in Malaysia?

Form P is an income tax return form used specifically for partnerships in Malaysia. It is different from Form B (for sole proprietors and freelancers) and Form BE (for salaried employees).

 

Even though a partnership does not pay tax directly, it must still submit Form P to declare its business income. The individual partners will then declare their share of profit or loss in their personal income tax return (Form B or BE).

Who Must Submit Form P?

The following business entities are required to file Form P:

• Partnerships registered under the Registration of Businesses Act 1956 (SSM)

• Law firms, accounting firms, clinics, or any business with 2 or more individuals as partners

• Joint ventures treated as partnerships for tax purposes

 

Form P Malaysia 2025 Deadline

Submission Type	Deadline
Manual submission	30 June 2025
e-Filing (recommended)	15 July 2025

Always file using MyTax (previously e-Hasil) at https://mytax.hasil.gov.my for convenience and faster processing.

 

What Documents Are Needed for Form P?

Before you begin your Form P e-Filing, prepare the following:

• Partnership profit & loss statement for the year of assessment (YA 2024)

• Balance sheet of the partnership

• Partner contribution and withdrawal summary

• Tax computation showing adjusted income and apportionment

Step-by-Step: How to File Form P in 2025

1. Log in to MyTax Portal

Visit https://mytax.hasil.gov.my and go to:

e-Filing → e-Borang → Form P

 

2. Fill in Partnership Details

Provide details such as:

• Partnership name and tax number

• Industry classification code (MSIC)

3. Declare Business Income

• Fill in gross income and allowable business expenses

• Provide net profit or loss

 

4. Distribute Profits to Partners

Indicate each partner’s:

• Capital contribution

• Share percentage

• Amount of income apportioned

5. Submit and Print Acknowledgment

Double-check your entries before submission. Save your acknowledgment receipt (e-Ack) for record-keeping.

 

Common Mistakes to Avoid When Filing Form P

Late Submission

Late filing may result in penalties or audit triggers from LHDN.

Wrong Income Distribution

Profit or loss distribution must match each partner’s actual share as per the partnership agreement.

Missing Partnership Info

Ensure accurate NRIC numbers, TINs (Tax Identification Numbers), and other details for all partners.

Overclaiming Expenses

Only business-related expenses are deductible. Personal costs cannot be claimed.

 

Tips for Accurate Form P Submission

• Maintain proper bookkeeping throughout the year

• Consider engaging a tax agent or accountant

• Keep supporting documents for at least 7 years (LHDN audit requirement)

• Use the correct MSIC code based on your business nature

Do Partnerships Pay Income Tax?

Technically, partnerships in Malaysia do not pay tax at the entity level. Instead:

• The partnership declares its total income via Form P

• Each partner includes their profit share in Form B (self-employed) or Form BE (salaried) depending on their own income structure

Final Thought

Whether you’re managing a boutique agency or running a family business, submitting Form P Malaysia 2025 accurately is crucial for compliance. Keep your financial records organized, submit on time, and ensure each partner's income is properly declared.

 

Need help with your tax filing? Consider working with a licensed tax agent or seek assistance through the LHDN helpdesk.

 

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Reference: 
https://www.hasil.gov.my/media/tvojk1ho/rf-filing-programme-for-2025.pdf
https://mytax.hasil.gov.my/
https://ringgitplus.com/en/blog/featured/malaysia-personal-income-tax-guide-2025-ya-2024.html