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Tax Payment Agreement

Tax Payment Agreement Template for Malaysia

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Key Requirements PROMPT example:

Tax Payment Agreement

"I need a Tax Payment Agreement for my manufacturing company to pay outstanding corporate tax of RM 2.5 million in monthly installments starting March 2025, with a third-party guarantor from our parent company."

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A Tax Payment Agreement is utilized in Malaysia when a taxpayer needs to formalize arrangements for settling their tax obligations with the Inland Revenue Board of Malaysia (IRBM). This document becomes necessary in various scenarios, such as when requesting installment payment plans, resolving tax disputes, or establishing payment terms following tax assessments or audits. The agreement must comply with Malaysian tax legislation, including the Income Tax Act 1967, Service Tax Act 2018, and relevant tax administration regulations. It typically includes detailed payment schedules, security arrangements if required, and specific compliance obligations. The document serves as a legally binding commitment between the taxpayer and IRBM, providing clarity and certainty regarding tax payment obligations while ensuring proper tax administration under Malaysian law.
Suggested Sections

1. Parties: Identification of the taxpayer and the relevant tax authority, including registration numbers and official addresses

2. Background: Context of the tax obligation, including reference to assessments or audits that led to the agreement

3. Definitions: Definitions of key terms used throughout the agreement, including tax periods, types of taxes, and payment-related terminology

4. Tax Amount and Calculation: Clear statement of the total tax amount owed, including any penalties or interest

5. Payment Terms: Specific terms including payment dates, method of payment, and account details

6. Default and Remedies: Consequences of default and available remedies for the tax authority

7. Representations and Warranties: Taxpayer's confirmations regarding accuracy of information and ability to pay

8. Confidentiality: Provisions regarding confidentiality of tax information and agreement terms

9. Governing Law and Jurisdiction: Confirmation of Malaysian law application and jurisdiction

10. Notices: Process for serving notices and communications between parties

11. Amendment and Variation: Procedures for modifying the agreement terms

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Installment Payment Plan: Detailed terms for paying the tax amount in installments, used when the taxpayer cannot make a lump sum payment

2. Security Arrangements: Details of any security or guarantee provided for the tax payment, used when required by the tax authority

3. Third-Party Guarantor: Terms relating to guarantor obligations, used when a third party is guaranteeing the payment

4. Tax Relief Provisions: Special provisions for tax relief or exemptions, used when applicable under Malaysian tax law

5. Dispute Resolution: Specific procedures for resolving disputes, used when standard court jurisdiction is not preferred

6. Force Majeure: Provisions for unforeseen circumstances affecting payment ability, used in long-term payment arrangements

7. Early Payment Incentives: Terms for early payment discounts or benefits, used when offered by the tax authority

Suggested Schedules

1. Schedule 1 - Tax Calculation Details: Detailed breakdown of tax calculations, including base amounts, penalties, and interest

2. Schedule 2 - Payment Schedule: Detailed timeline of payment dates and amounts, particularly important for installment arrangements

3. Schedule 3 - Supporting Documents: List of relevant tax assessments, notices, or other supporting documentation

4. Schedule 4 - Security Details: Details of any security or collateral provided, including valuations

5. Appendix A - Communication Protocols: Detailed procedures for communications between parties

6. Appendix B - Compliance Requirements: Specific ongoing compliance requirements and reporting obligations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























Clauses




























Relevant Industries

Manufacturing

Financial Services

Real Estate

Retail

Technology

Healthcare

Construction

Energy

Telecommunications

Professional Services

Hospitality

Agriculture

Mining

Education

Transportation and Logistics

Relevant Teams

Finance

Legal

Tax

Compliance

Treasury

Corporate Secretarial

Risk Management

Executive Management

Accounting

Relevant Roles

Chief Financial Officer

Finance Director

Tax Manager

Financial Controller

Compliance Officer

Corporate Treasurer

Accounts Manager

Tax Consultant

Legal Counsel

Company Secretary

Finance Manager

Tax Director

Risk Manager

Managing Director

Chief Executive Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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