The Essence Of A Compliance Officer
Every Limited Liability Partnership (LLP) shall appoint at least a compliance officer. The compliance officer should be a citizen or permanent resident of Malaysia; and ordinarily resides in Malaysia,
In fact, the compliance officer is an agent between the board of partner and Registrar pertaining the compliance of the relevant law.
The compliance officer shall answer for the doing of all acts, matters and things as are required to be done by the LLP.
Under the Limited Liability Partnership Act 2012, the compliance officer shall perform the following duties:
1) Maintain the register for partner & compliance officer,
2) Maintain a recent submission of annual declaration,
3) LLP agreement or supplementary agreement,
4) Maintain a register office for communication and correspondence between the Registrar and LLP,
5) Certificate issued by the Registrar,
6) Accounting document shall be kept in a register office,
7) Instrument of charges,
8) Publish the LLP name and registration no, outside the register office,
Meanwhile, the compliance officer also subject to the governance under the Income Tax Act 1967, Such as,
1) Keep complete accounting records for 7 years,
2) Submit the tax return Form PT whether an original return or amended return,
3) Prepare estimation of tax and a revise estimation, if necessary,
4) Notify the changes of accounting period,
5) Payment of tax due,
Conclusion
The compliance officer shall discharge his duty under both Acts. If the compliance officer retired or resigned, the LLP should appoint a new compliance officer, otherwise all partners shall be deemed as the compliance officer of the LLP.
