All companies, no matter how big or small, have the obligations to have proper accounts, in line with Income Tax Act 1967. This however does not apply to sole proprietorships and partnerships registered with Registration of Business (ROB), wherein there is no obligation whatsoever to lodge their accounts to Suruhanjaya Syarikat Malaysia (SSM). The concept underlying the ROBA and the Companies Act 1965 is very different and may create confusion as it would be normal practice for any business to have a proper balance sheet.
For companies with proper balance sheet, depending on your level of taxable income, you may actually obtain a tax refund from the Inland Revenue Board (IRB) if your tax bracket is at 24% or below. The IRB officer will verify your submission with the physical dividend vouchers. So remember to declare and keep the dividend vouchers.
You do not need to declare the dividend received when the Tax is Exempted. Since there is no physical form submission, you are required by the Law to kept all records pertaining to the tax deduction and the exempted amount, for a period of seven (7) years for tax audit purposes.