GST changes for Disbursement and Reimbursement The RMCD has issued the amendment to Decision by Director General No. 5/2015 in relation to disbursement and reimbursement. The above-mentioned document can be downloaded from the RMCD’s website at here. Related Link Overview of Goods and Services Tax (GST) Related posts: Registrants who fail to make GST…
Tax Clearance Letter (SPC) Application for Companies, LLP and Labuan Entities This guideline specifies the method of Tax Clearance Letter (SPC) application for corporate taxpayers, LLP and Labuan entities (Labuan companies & Labuan LLP). Click here to download the guide. Related Link Corporate Tax Compliance & Planning Services Related posts: Registrants who fail to…
MASB issues amendments to Share-based Payment Standards The Malaysian Accounting Standards Board (MASB) has today issued amendments to MFRS 2 Share-based Payment with regards to classification and measurement of share-based payment transactions (the Amendments). The Amendments is word-for-word the Amendments to IFRS 2 issued by the International Accounting Standards Board (IASB). The Amendments provides specific…
Overview of Malaysia New Companies ACT 2016 The new Companies Bill 2015 (“Bill”), which will replace the current Companies Act 1965 (“Act”) as a whole and is expected to be gazzetted tentatively by end of August 2016 and its implementation shall commence as early as January 2017. OBJECTIVES OF REVISING THE COMPANIES ACT in…
Accounting Software Enhancement Towards GST Compliance (Revised as at 01 August 2016) On 1st August 2016, 3 tax codes (ES-GU, OS-OVN, OSOVT) were removed and one more new tax code (NP) is added, therefore now we have 37 GST tax codes in total. Tax Code: NP – This tax code is applicable for matters to…
Update of GST General Guide for Goods written-off Goods may expire or may be damaged and subsequently written-off and destroyed in the course of business. Input tax credit is allowable for these goods and supporting documents need to be furnished to RMCD upon request. If the written-off goods are sold as scrap, it is subject…
Notification on Claim Bad Debt Relief In accordance with Section 58 of the Goods and Services Tax Act 2014, with effect from 20/6/2016, if the bad debt relief is not claimed by the supplier in the immediate taxable period immediately after the expiry of the sixth month, the notification to the Director General to defer…
MASB issues Clarifications to the new Revenue Standard Date: 25 June 2016. The Malaysian Accounting Standards Board (MASB) has today issued Clarifications to MFRS 15 Revenue from Contracts with Customers (the Amendments). The Amendments is word-for-word Clarifications to IFRS 15 as issued by the International Accounting Standards Board (IASB). The Amendments is effective for annual…
Amendments to Employees’ Social Security Act, 1969 Please be informed that effective 1 Jun, 2016, The Employees’ Social Security Act, 1969 has been amended as below:- The ceiling of wage for contribution payment has been raised from RM3,000.00 per month to RM4,000.00 per month; All employees who are employed under a contract of service or…
Land Acquisition by LLP Guideline Suruhanjaya Syarikat Malaysia (SSM) has issued PN2/2016 on 6 June 2016 to clarify the requirements that need to be fulfilled relating to the acquiring of land by a limited liability partnership (LLP) and related matters. Please click here for the details of the Practice Note No. 2/2016. Related Link LLP…
