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Are gifts from employer taxable in Malaysia?

Common questions on gifts from our clients?

1. Cash is given to an employee by the employer for passing the professional examination with excellent results? Taxable?

2. Wedding gifts whether, in the form of cash, jewelry or other items were given to an employee by the employer? Taxable?

3. Gift or reward from my employer during the New Year celebration? Taxable?

Overview

In a competitive business climate, a gift or reward has been proven to improve organizational values, enhance team efforts, increase customer satisfaction and motivate certain behaviors amongst members of staff.

However, do you know the tax impact of the gift or reward received?

Key takeaway

You will understand the:

• Meaning of perquisites

• Tax treatment of perquisites

What are Perquisites?

Perquisites are benefits in cash or in-kind which are convertible into money received by an employee from his/her employer or from third parties in respect of having or exercising employment.

Perquisite is a chargeable income to tax as part of the gross income from employment under paragraph 13(1)(a) of the ITA.

Tax treatment

1. In respect of having employment or exercising an employment

a) Gift

The value of the gift is chargeable to tax when it is received, can be sold, assigned, or convertible into cash, and is received in appreciation for the performance of past services.

However, there is an exemption of RM2,000 under paragraph 25C, Schedule 6 of the ITA if is for a long service award.

b) A sum of cash

Cash money is considered a perquisite if it is an appreciation for the excellent service rendered even though it is given voluntarily by the employer.

* The phrase having employment or exercising employment includes the performance or any duties by an employee.

2. Not related to having or exercising the employment

Pure gifts or testimonials received by an employee from his employer or third parties purely for personal appreciation or for specific personal reasons are not taxable.

Examples of pure gifts or testimonials include:

a) wedding gifts whether, in the form of cash, jewelry or other items were given to an employee by the employer.

b) cash is given to an employee by the employer for passing the professional examination with excellent results.

c) cash, other items and certificate of appreciation given to an employee for his/her extraordinary achievement.

Source:

Perquisites from Employment (PR 5/2019)

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_05_2019.pdf

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, bookkeeping and payroll services to clients

Website www.thks.com.my
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Internship in Johor Bahru

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Internship in Johor Bahru

Applications for the KTP Internship Program (KTP IP) on Audit, Marketing, IT are now open!

KTP is not the largest accounting firm in Johor Bahru.

However, we believe we are a people-driven firm with a focus on people besides being an ACCA accredited platinum employer.（以人为本是我们的核心价值观）.

We are on the lookout for innovative, energetic and motivated students to drive our purpose of building a #KTPLifesytle #KTPCareers.

Apply at: https://bit.ly/3hCsezu

If you’re curious to find out more about this program, watch our webinar video/essay on interns story here

🔥Ask Me Anything My Intern Story At KTP @ KTP Youtube

https://bit.ly/3I7r8Gw

🔥Bryan Kam My First 5 days with KTP @ KTP Lifestyle

https://bit.ly/34DdeOu

🔥Jorge My Audit Internship Story – First Active Assignment @ KTP Careers

https://bit.ly/3i3NXA7

Let's start your learning experience with KTP.

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

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Withholding Tax on Payments to Agents

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Withholding Tax on Payments to Agents

With effect from Jan. 1, 2022, a 2% withholding tax (WHT) will be imposed on monetary payments made by companies to their authorized agents, dealers or distributors, arising from sales, transactions or schemes carried out by the Agents.

A new Section 107D of the Income Tax Act 1967 (ITA) was introduced under the Finance Bill 2021 following the Budget 2022 announcement on 29 October 2021.

The WHT is applicable on in-scope payments made to resident agents, dealers or distributors who are individual residents and who have received more than RM100,000 of such payments in monetary form and/or non-monetary form from the same company in the immediately preceding year of assessment (YA)

The tax withheld is to be remitted to the lRBM within 30 days from date of payment or crediting the payment to the agent, dealer or distributor.

Companies which fail to comply with this requirement will be subject to an increase in tax equivalent to 10% of the outstanding WHT and the underlying gross expenses which are subject to the WHT would be denied a tax deduction

Deferment of remittance of withholding tax

To ensure that all companies which are liable to make payment are able to make appropriate preparations and notifications to their agents, dealers and distributors, that payer companies are allowed to defer the ''remittance'' of the WHT until 31 March 2022 where payer companies are allowed to remit the WHT related to payments for the months of January until March 2022 from 1 April 2022 without being subject to any increase in tax.

Key salient points from the IRBM FAQ:-

• The WHT is not applicable on payment by way of credit note, contra-transaction and discount given to an agent, dealer or distributor.

• The payer company is required to apply the WHT even though the agent, dealer or distributor is subject to CP500 tax instalment payment.

• The category of individual includes sole proprietor and individual partner in a partnership. However, it excludes payment made to a partnership or a Limited Liability Partnership.

• The threshold amount of RM100,000 in the preceding year is to be determined each year. In determining the applicability of section 107D, the residency status of the agents, dealer or distributor in the immediate preceding year is irrelevant

• The preceding year RM100,000 threshold value is to be tested each year (not on a one-off basis) in order to determine whether withholding tax will apply for payment made in the current year.

• The agent, dealer or distributor must have an income tax reference number.

• The 2% WHT amount is to be reported in Form CP58.

• The 2% WHT will be considered as part of the payment for the balance of tax to be paid, upon submission of the income tax return form for the relevant YA by the agent, dealer or distributor.

• The WHT shall be remitted to the IRBM within 30 days after paying or crediting such payments to the agent, dealer or distributor. Remittance is to be made together with Form CP107D.

• If there is a failure to make the WHT payment to the IRBM within the stipulated time, a penalty of 10% would be imposed on the unpaid withholding tax. In addition, the tax deduction for the gross amount of the payment made to agent, dealer or distributor will be disallowed.

• Where a company is making payments to several agents, the company may complete the details of payment for each agents in the appendix [Lampiran CP107D(1)], which is to be attached together with the WHT remittance form [CP107D]. Each appendix could cater up to 20 recipients.

• The amended Form CP58 will include section to report the WHT deducted.

• The WHT remittance form and appendix as well as the updated Form CP58 have yet been released by the IRBM.

• The WHT can be made at the IRBM Service/Payment Counters.

Source

IRBM has issued a Frequently Asked Questions (FAQ) dated 28 February 2022 (only available in Bahasa Malaysia) on the application of the above Section 107D.

https://phl.hasil.gov.my/pdf/pdfam/Soalan_Lazim_Seksyen_107D_ACP_1967.pdf

Reference :

Read our past posting on withholding tax on payment to agents in our blog

1. 2% withholding tax on commission dated on 30.12.2021

https://bit.ly/3hRrk20

2. 预算案 2022 dated 19.11.2021

https://bit.ly/3tKU7dM

3. Budget 2022 - SME edition dated on 18.11.2021

https://bit.ly/3IWhAiR

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource bookkeeping, and payroll services to clients

Website www.thks.com.my
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马来西亚对海外收入征税政策

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马来西亚对海外收入征税政策...

真的是

一场游戏一场梦

不要谈什么分离我不会因为这样而哭泣

那只是昨夜的一场梦而已

不要说愿不愿意我不会因为这样而在意

那只是昨夜的一场游戏

雪消春水一场空....白费我们之前所做的

1. Foreign source income taxable in Malaysia 2022 dated on 11/01/2022

https://bit.ly/3KL1NUx

2. (u-turn update) foreign source income budget 2022 dated on 31/12/2021

https://bit.ly/3tXbici

3. FAQ on Special Income Remittance Programme (PKPP) dated on 27/12/2021

https://bit.ly/3CFoNBq

4. Special Income Remittance Programme (PKPP) to Malaysian Residents dated on 8/12/2021

https://bit.ly/35ObF0Z

5. 预算案 2022 dated on 19/11/2021

https://bit.ly/3tYpdPz

6. Budget 2022 - SME edition dated on 18/11/2021

https://bit.ly/3tRcq1i

7. Foreign source income taxable in Malaysia dated on 10/11/2021

https://bit.ly/3w5BG6y

8. Foreign Income Remitted Into Malaysia Taxable 2022 on 2/11/2021

https://bit.ly/3tTfJVI

9. 海外收入汇回大马时将被征税 dated on 2/11/2021

https://bit.ly/3Imb8k9

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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Are you ready for SOSCO enforcement on WSP 4.0 compliance?

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Are you ready for SOSCO enforcement on WSP 4.0 compliance?

Background of enforcement

With reference to item 3.13 of Employer Circular No 07/2021:-

The employer must include wage subsidy information in the employee’s payslip

Employer to issue a memo/notice to notify the employee on the wage subsidy

What to do?

The employer must fill in the relevant information and upload the document to the following website within 14 days after receiving the email.

https://eaduansip.perkeso.gov.my/tinjauan.php

How to do?

Step 1: Fill in employer information in item number 1 to 5

Step 2: Select the type of document that employer notify employees in item number 6

Step 3: Upload the selected document in item number 7

Step 4: Click at “Hantar”

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

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KTP Career

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How do I file an exemption for an audit?

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How do I file an exemption for an audit?

(1) Lodgement with SSM

(a) circulate to members within 6 months from financial year end [S258 (1)(a) of Companies Act (CA) 2016]; and

(b) submit to SSM within 30 days from circulation [S259(1)(a) of CA 2016]

(2) Prepare the unaudited account in compliance with approved accounting standard [S244 (1) of CA 2016]

(3) Lodged together with Directors’ report, Statement by Directors and Statutory Declaration [S251 and S252 of CA2016]

(4) accompanied by a certificate (refer to Appendix I) to be signed by a director.

Audit Exemption

SSM may exempt a company from appointing an auditor with criteria and conditions [Section 267(2) of CA2016].

Qualifying Criteria for Audit Exemption

Categories of private companies:

(A) Dormant companies

(B) Zero-Revenue Companies

Category A - Dormant companies

(a) has been dormant since incorporation, or

(b) dormant throughout the current and in the immediate preceding financial year.

Category B - Zero-Revenue Companies

(a) does not have any revenue during the current financial year; and

(b) does not have any revenue in the immediate past 2 financial years;

and

Category C - Threshold-Qualified Companies

(a) revenue not exceeding RM100,000 in the current and immediate past 2 financial years; and

(b) total assets in the current and immediate past 2 financial years does not exceed RM300,000; and

Special Circumstance

The audit shall be required if receives a notice in writing from the following person not later than 1 month before the financial year-end

(a) member (holds at least 5%)

(b) SSM

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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Auditor Report on Stocktake Attendance

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Auditor Report on Stocktake Attendance

Question

If KTP is appointed after the FYE 31.12.2021, should we qualify the auditor report if the stock is material? if not, what should KTP do?

Opinion :

If the inventory is material to the financial statements, the auditor shall obtain sufficient appropriate audit evidence by either:-

• Attend the physical inventory counting and do the reconciliation of inventory with roll backward procedure; or

• Evaluate the management internal inventory report and perform relevant audit procedures on the report obtained to determine whether it accurately reflect actual inventory count results.

If the results are fairly stated, no qualified opinion shall be issued in the auditor’s report for inventory.

However, if the auditor is unable to perform any physical inventory counting or alternative audit procedures to obtain sufficient and appropriate audit evidence regarding the existence and condition of inventory, the auditor shall modify the opinion in the auditor’s report if the inventory is material but not pervasive.

Source:

ISA 501: https://www.mia.org.my/v2/downloads/handbook/standards/ISA/2018/06/01/ISA_501.pdf

ISA 705: https://www.mia.org.my/v2/downloads/handbook/standards/ISA/2018/08/08/ISA_705_Revised.pdf

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Book-keeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book-keeping, and payroll services to clients

Website www.thks.com.my
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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Book-keeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book-keeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

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Maximizing Tax Benefits on Capital Expenditure

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Maximizing Tax Benefits on Capital Expenditure

Company may maximize their tax benefits on the capital expenditure. Below are actions, you may take in order to help you with tax saving.

No worries, we explain to you how to maximize your tax benefits by using some real-life cases.

Capital Allowance

Generally, capital allowance is eligible for plant and machinery, or tools and equipment for business.

What are tools and equipment？

Some examples of the case law to enhance our understanding.

KPHDN v Tropiland Sdn Bhd (2012) (Court of Appeal)

• The argument here is whether the 7-storey car park is a tool and equipment to the business?

• The taxpayer is a property developer and constructed a multi-story car park before letting it out. They claim a capital allowance for the car park.

• The taxpayer’s income was derived from the rental of the car park. Without the multi-story car park, the taxpayer could not have generated an income from the land.

Hence, they can claim the capital allowance for the car park.

Industrial Building Allowance(IBA)

If you own or rent a factory for your business, you may claim the qualifying expenditures under Industrial Building Allowance (IBA).

Reinvestment Allowance(RA)

The definition given by MIDA, RA is available for existing companies engaged in manufacturing and selected agricultural activities that reinvest for expansion, automation, modernization, or diversification into any related products within the same industry on condition.

Lavender Confectionery & Bakery Sdn Bhd V KPHDN

Lavender is a manufacturer, distributor and dealer in cakes, confectionery, bread and biscuits.

In YA 2011, the company claimed Industrial Building Allowance (IBA) for the additional demolition of substructures and renovation and Reinvestment Allowance (RA) for plant and machinery for JB factory and KL Outlet.

However, it had been rejected due to one of the demolition cost before constructing the buildings which did not form part of the Lavender’s factory. Company is also disallowed to claim under RA due to the items are not used in the factory.

For IBA claim of the Company, the decision of the Court is the Company can claim for the IBA since they fulfilled the IBA claim requirement of building used for purpose of business and used as a factory.

The Company can claim for RA as they fulfilled the RA claim requirement as

• The Company must be a resident of Malaysia

• An operation for more than 36 months

• Incurred capital expenditures are for the expansion of their business.

As their outlet in KL continues the manufacturing process of bread and confectionaries in the principal factory at Plentong.

The capital expenditures incurred for plant and machinery that leads to the expansion of Company’ business is entitled to RA.

What does KTP say?

From the story above, we can understand that the determining factor between Capital allowance and Industrial building allowance is whether it is a “tool” to generate income or it is a ''building'' that is used as industrial business purposes.

Qualified expenditure can be the assets themselves and also the incidental cost incurred on the assets. To maximize your claim, we can always go back to the ruling or act to look at the definition.

Sources

KPHDN v Tropiland Sdn Bhd (2012) (Court of Appeal)

https://bit.ly/3MIlDBq

Lavender Confectionery & Bakery Sdn Bhd V KPHDN

https://bit.ly/35RDSnn

Qualifying Expenditure and Computation of Industrial Building Allowances

https://bit.ly/379lK8P

Qualifying Expenditure And Computation Of Capital Allowances

https://bit.ly/366wQek

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Book-keeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book-keeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Book-keeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book-keeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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earning stripping rules malaysia lhdn

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Update on Earning Stripping Rule (ESR)

The Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022 (“Amendment Rules”) has been gazetted to amend the Income Tax (Restriction on Deductibility of Interest) Rules 2019.

The following two Principal Rules is amended in amendment rules:

1. Definition of qualifying deduction

2. Carrying forward of excess interest

The amendment rules came into operation on 1 February 2022.

Key takeaways:

You will understand: -

1. What is ESR?

2. Scope of application

3. New amendment on Principal Rules

4. Non-application

Summary of learnings:

1. What is ESR?

Effective from 01 July 2019, ESR was introduced under Section 140C of the Income Tax Act 1967 (ITA) to restrict the tax deduction on interest expenses in relation to financial assistance in a controlled transaction.

Under the ESR, the maximum amount of interest that can be deducted is 20% of the tax – EBITDA (earnings before interest, tax, depreciation, and amortization).

*Tax – EBITDA = Adjusted Business Income + Qualifying deduction+ Total Interest Expenses claimed in business Income.

2. Scope of application

ESR apply to interest expenses that arise from financial assistance granted by:

- its associated person outside Malaysia;

- its associated person outside Malaysia which operates through a permanent establishment in Malaysia;

- a third party outside Malaysia where the financial assistance is guaranteed by its holding company or any other enterprises under the same MNE Group

Financial assistance includes loans, interest-bearing trade credit, advance, debt, or the provision of security or guarantee.

3. New amendment on Principal Rules

The amendments are as outlined below:

i. Definition of qualifying deduction

Qualifying deduction is equal to the total incentive claims (special deduction, further deduction, double deduction, etc.) deducted in arriving at adjusted income. The definition is replaced as follows:

- where there is business expenditure incurred in the profit and loss account is allowed as deduction under the Act and the amount of the deduction allowed exceeds the amount of the business expenditure incurred, an amount equal to the difference between the amount of the deduction allowed and the amount of the business expenditure incurred in the profit and loss account; or

- where there is no business expenditure incurred in the profit and loss account, the amount of deduction is allowable under the Act.

ii. Carry forward rules

- The carry forward rules allow the restricted interest expenses in a year of assessment (YA) to be carried forward and to be deducted against the company’s adjusted income for the subsequent YAs.

- This rule now applies to any person and is not limited to a company.

4. Non-application

According to the De minimis threshold, ESR is not applicable where the total interest expenses for all financial assistance is equal to or less than RM500,000 in a YA.

Source:

Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022:

https://phl.hasil.gov.my/pdf/pdfam/ESR_Rules_Pindaan_2022.pdf

Restriction on the deductibility of interest guidelines:

http://lampiran1.hasil.gov.my/pdf/pdfam/RDIG_05072019.pdf

This message was brought to you by KTP

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Book-keeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource book-keeping, and payroll services to clients

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Form E 常见错误

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Form E 常见错误

回顾我们过去在 2021 年 16 月 3 日为 KTP|THK 客户举办的免费网络研讨会，由 Ms Caroline Lim 主持 as speaker.

https://youtu.be/84szaL-0Tok

阅读我们过去在 Form E 上的社交媒体帖子

Part 2 Form EA - Benefit in kind and perquisites

This message was brought to you by KTP

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E呈报(E Filing)Form E

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E呈报(E Filing)Form E

Read our full story in our blog
https://www.ktp.com.my/blog/efiling-forme-2021/08mar2022

阅读我们过去在 Facebook 上的 E/EA 表格上的分享 :

1) Tax Filing Deadline 2022 Malaysia dated on 10/01/2022

https://bit.ly/3r5k2go

2) E呈报(E Filing)Form E 终极秘籍 dated on 15/03/2021

https://bit.ly/35pjcm9

3) 温馨提示 - Form E 截至日期为31/03/2021 dated on 12/03/2021

https://bit.ly/35wKebq

4) Form EA 有什么? Dated on 22/02/2021

https://bit.ly/3g1LQMg

5) 花红几时需要报进Form EA? Dated on 16/02/2021

https://bit.ly/349JSGZ

6) 公司给员工红包可不可以扣税? Dated on 10/02/2021

https://bit.ly/3KPMI4G

7) Deadline for Form E submission is approaching! dated on 09/02/2021

https://bit.ly/3KMqsZL

8) 是时候呈报𝐅𝐨𝐫𝐦 𝐄了，让我们为您复习一遍！dated on 28/01/2021 各位雇主与员工请注意！！！

https://bit.ly/3u4aSCz

9) 你知不知道 ... IRB不再打印+发E表格(Form E) 给雇主! Dated on 25/01/2021

https://bit.ly/349K4pH

Reinvestment Allowance LHDN

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Common mistakes in claiming reinvestment allowance

Reinvestment Allowance is a red flag to IRBM so Reinvestment Allowance is always scrutinized by our IRBM during tax audit/investigation.

What is reinvestment allowance?

Reinvestment allowance (RA), as the name suggests, is an incentive to encourage companies to reinvest and expand their businesses. It is only granted after the company has been in business for a certain period of time, and only to companies resident in Malaysia.

How good is reinvestment allowance?

The allowance is given for 15 years from the first year of claim. The allowance is computed at 60% of QCE incurred and can be utilised against 70% of statutory income

Latest development in reinvestment allowance

Budget 2021 has announced that a special Reinvestment Allowance (RA) will be given for eligible manufacturing and agricultural projects in Years of assessment (YA) 2020 to YA 2022.

This means that eligible companies that have fully utilized their 15-years RA can enjoy additional RA claims for 3 years (YA2020 to YA2022).

Common mistakes in claiming reinvestment allowance

The purchase invoice is the only supporting document available. The absence of a project paper, feasibility study, business plans, budgets, directors resolutions, and other relevant documents supporting the project;
Mismatch between the company incurring the investments and the company using the plant and machinery;
Claim RA on assets incurred for the benefits of related companies/directors.
Claim RA on non-qualifying activities.
Claim RA on the transfer of assets from related parties who have previously claimed RA on the same assets.
The absence of payment records to support the qualified assets.
Supporting documents are not kept for at least 7 years.
Clain RA concurrently with other tax incentives (like PS, ITA & etc).
No written/ pictorial production flow on the qualifying project

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Investment in Associates MPERS

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Investment in Associates MPERS

Commonly asked question on investment in associates :

* How do you account for investment in associates?

* Is investment in associates a current asset?

* How do you record investment in accounting?

What is an investment in associates?

An investor has a significant influence on the investee’s decision of its

- Financial policy; and

- Operating policy

What is a significant influence?

- Power to participate in the financial and operating decisions of the investee

- Investor holds directly or indirectly ≥ 20% voting power of the investee

- For shareholdings < 20%, the significant influence must be clearly demonstrated to classify the investment as associate

What is the document showing the significant influence of an investor?

- Representation on the board of directors

- Participation in the investee’s policy-making processes, including participation in decisions about dividends or other distributions

- Material transactions between the investor and the investee

- Interchange of managerial personnel

- Provision of essential technical information

Recognition and measurement of investment of associates

(i) Cost model

- Cost less accumulated impairment losses.

- Recognise dividends and other distributions received from the investment as income.

(ii) Equity method

- Recognised at the transaction price (include transaction costs)

- Share of post-acquisition profits or losses

- Dividends received from an associate merely reduce the carrying amount of the investment.

(iii) Fair Value model

- Measured at the transaction price (exclude transaction cost)

How to Present

- classify investments in associates as non-current assets

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Form E 2021 LHDN

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Special Tax Deduction Flexible Working Arrangement

The Flexible Work Arrangement (FWA) Income Tax Deduction is an initiative by our Malaysian government to support eligible employers who implement or enhance FWA for their company.

Scope of Expenses on Tax Incentive on FWA

A double deduction is given for the following expenses:

(a) Consultation fees

(b) Cost of capacity development

(a) Training courses or programme fees

(b) Internal trainer fees

(d) Rental of training space

(e) Examination fees, and

(f) Training-related travelling expenses incurred by the trainers and employees as follows:

i. Transportation:

a. Travels from Malaysia to outside Malaysia, and vice versa

- Amount equal to economic class air fare

b. Travels within Malaysia

- Air transport: Amount equal to economic class air fare

- Land or water transfer: Actual cost

ii. Accommodation: Capped at RM300 per day

iii. Meals: Capped at RM150 per day

(d) Software subscriptions

Tax Incentives on FWA

The deduction is given for a period of three consecutive YAs, commencing from the YA in which the certification of the implementation of FWA is given by TalentCorp.

The Income Tax (Deduction for the Cost of Implementation of Flexible Work Arrangements) Rules 2021 [P.U.(A) 377] were gazetted on 4 October 2021.

The Rules are deemed to be effective from YA 2020.

Qualified Company

A Malaysian-resident, which is a:

(a) Company incorporated under the Companies Act 2016

(b) Limited liability partnership registered under the Limited Liability Partnerships Act 2012, or

How to apply?

1. Read the Guidelines and FAQ for the eligibility and criteria.

2. Fill in the Application Form and the Declaration Form

3. Submit the application via email flexworklife@talentcorp.com.my

4. Successful application will receive the Surat Pengesahan Pengaturan Kerja Flekisble, for your e-filing with LHDN.

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Can LHDN access your bank account?

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Under what circumstance your bank information is accessible by LHDN?

The new provision does not give it absolute power to simply access taxpayers' bank account information.

It is only limited to cases involving garnishee orders allowed by the Court.

LHDN is required to go through a prescribed process of judgment and is only limited to cases that have already gone through a civil proceeding before.

What is garnishee order?

The garnishee proceedings are the process of enforcing a monetary judgment by seizing or withholding debts due to a specific party.

LHDN has the right to do so because of the existence of unpaid tax arrears by the taxpayer.

Source:

https://phl.hasil.gov.my/pdf/pdfam/KM_HASiL_18122021_HAD_AKSES_AKAUN_BANK.pdf

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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What is ESG Malaysia

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什么是ESG报告认证？

所谓ESG报告的认证，也就是聘请独立第三方对企业CSR报告/ESG报告/可持续发展报告进行审核，给出一个客观的结论，以表明这份CSR报告是不是做到客观、是不是披露了实质性（重大性）议题、是否完整等。

市场上通常是四大会计师事务所（瑞士通标SGS、英国标准协会BSI、普华、安永、毕马威、德勤）和传统的质量认证机构（挪威船级社、法国必维、德国莱茵、英国劳氏等）为企业提供这方面的服务，遵循的标准一般是AccountAbility发布的AA1000AS标准，也有的会同时应用国际鉴证业务准则ISAE3000（修订版），或者自成一体糅合上述准则成为自已的一套标准，但原理基本上一样的。

报告认证，对应的英文是Report insurance，也有人将之翻译为审验或验证，因为对传统的质量认证机构来说，认证是verification/audit之类的服务，这个Report insurance不太一样。

而在会计师事务所，为了话术上的一致，会翻译成鉴证。术语不同，意义是一致的。

Deduction for Expenditure on Provision of Employees’ Accommodation

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Deduction for Expenditure on Provision of Employees’ Accommodation

Overview:

Are you planning to let your employees back to the workplace but are too afraid of the number of COVID cases reported every day? You may consider Safe@Work introduced by the Ministry of International Trade and Industry (MITI). This allows business continuity even when there are positive cases in the work place.

On 24 December 2021, the Government announce a further tax deduction on rental expenses provided for employees to promote Safe@Work program.

Key takeaways:

1) Who can apply?

2) How to apply?

Summary of learnings:

The company is allowed to deduct an amount equivalent to the expenses incurred on rental of a premise for the purpose of employees’ accommodation within the period from 1 January 2021 until 31 December 2022, subject to a maximum amount of RM50,000 for each company. The company must obtain Certificate from Ministry of International Trade and Industry to enjoy this deduction.

1. Who can apply

A company which: -

- Incorporated under Company Act 2016;

- carrying on the business of manufacturing or manufacturing related services; and

- Incurred rental for the purpose of employees’ accommodation.

2. How to apply?

Step 1 : To comply with Safe@Work SOPs

Step 2 : To comply with the Minimum standards of accommodation set by MoHR

Step 3 : Obtain the certificate in CIMS system

Sources & Relevant Links:

• P.U. (A) 470 – Deduction for expenditure on provision of employees’ accommodation

https://lom.agc.gov.my/ilims/upload/portal/akta/outputp/1718705/PUA%20470.pdf

• Information Related to Safe@Work:

https://www.miti.gov.my/redir/safeatwork/safeatwork.html

• Minimum standards of accommodation

https://jtksm.mohr.gov.my/images/akta446/1_panduan_pemohon_v2.pdf

• Registration or login to CIMS

https://notification.miti.gov.my/login

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

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ISQM 1 Audit Risk Assessment

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ISQM 1 Audit Risk Assessment

The foundation of ISQM 1, and a key change from extant ISQC 1, is that the firm needs to follow a risk-based approach to quality management, which focuses the firm on :

The firm’s risk assessment process is new to ISQM 1.

• The risks that may arise, given the nature and circumstances of the firm and the engagements it performs; and

• Implementing responses to appropriately address those risks.

A risk-based approach helps the firm tailor the SOQM to the firm’s circumstances, as well as the circumstances of the engagements performed by the firm. It also helps the firm effectively manage quality through concentrating on what matters most given the nature and circumstances of the firm and the engagements it performs.

ISQM 1 requires the firm to have a risk assessment process, the purpose of which is to establish quality objectives, identify and assess quality risks and design and implement responses to address the quality risks.

3 main steps

In designing the quality management system, there are three main steps :

(i) Establish quality objectives to achieve the objective of the system of quality management;

(ii) Identify and assess quality risks to provide a basis for the design and implementation of responses;

(iii) Design and implement responses to achieve those quality objectives.

Quality objectives

The quality objectives are outcome-based to manage quality through the identification of risks. These objectives are established to address possible quality risks that may result in non-quality engagements. For example, insufficient work performed for planning may result in inappropriate identification of audit risks and other significant audit issues.

ISQM 1 specifies quality objectives that firms need to establish, and these objectives are mandatory to be adopted by firms, where applicable. For example, the quality objective of assigning roles and responsibilities for the system of quality management within the firm may not be relevant for a sole practitioner.

In addition to those prescribed by ISQM 1, firms will also need to consider if additional quality objectives are required to be established based on the firms’ risk assessment processes, where applicable.

Quality Risk

One of the new requirements of ISQM 1 is the identification of quality risks with respect to the nature and circumstances of the firms and their engagements. For example, the complexity and operating characteristics of the firm, management style of leadership, client portfolio and complexity of the engagements performed by the firm will impact the risk assessment process and result in different quality management systems for individual firms.

There are no prescribed quality risks in the standards. Firms are required to obtain an understanding of the conditions, events, circumstances, actions or inactions that may adversely affect the achievement of the quality objectives with respect to the nature and circumstances of the firms and their engagements prescribed in paragraph 25(a) of ISQM 1, with the caveat that the list is non-exhaustive.

Firms are expected to identify their own quality risks, assess if a risk has a reasonable possibility of occurring, and how the risk may adversely affect the achievement of one or more quality objectives when it occurs, either individually or in combination with other risks.

Responses

Once the quality objectives and their quality risks have been established (other than some responses specified in the standard that firms are required to design and implement), firms are expected to develop their own responses to address the identified quality risks.

It is also important to take note of the interconnectivity of different components, such as, ethics-related requirements are being dealt with in the information and communication component, as well as the relevant ethical requirements component.

The responses to common quality risks identified by different firms may differ as each firm is faced with varying conditions, events, circumstances, actions or inactions.

Hence, firms will need to customise the design, implementation and operation of their quality management systems to ensure that they are responsive to changes in the nature and circumstances of the firms and their engagements.

The next few sections will illustrate the key principles of the remaining components with an example of quality risk and the proposed corresponding response.

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

Website www.thks.com.my
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tax rebate 20,000 malaysia

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Tax rebate for new incorporated company LHDN

Income Tax (Conditions for the Grant of Rebate under Subsection 6D(4) Order 2021 @ 31/12/21

This order has effect from the year of assessment 2021.

Conditions for the grant of rebate

Own by the company with paid-up share capital not more than RM2.5 million.
Different premises from its related company.
Shall not use the plant, equipment & facility of the related company.
Employee (except CEO & director) is different from related company.
Business is different from related company.
Business is different from sole proprietorship.
Not M&A with paid up share capital more than RM2.5m or revenue RM50m.

Other pertaining key information

Related company refer as more than 50% of paid up share capital.

A rebate may be granted for YA 2021 and 2022 on company commence business operation after 1/7/2020 with basis period ended 31/12/2020.

Source :

PU Order 504_2021 Income Tax (Conditions for the grant of rebate under subsection 6D(4) order 2021 on 31.12.2021.

https://lom.agc.gov.my/.../outputp/1719408/PUA504_2021.pdf

Update on our past blog on tax rebate

a. 有限公司或有限合伙企业的回扣 (RM20,000 x 3 years) – Post on 19.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-taxrebateenglish-bg3t3

b. 𝐓𝐚𝐱 𝐑𝐞𝐛𝐚𝐭𝐞 (𝐑𝐌𝟐𝟎,𝟎𝟎𝟎 𝐱 𝟑 𝐲𝐞𝐚𝐫𝐬) 𝐨𝐧 𝐟𝐨𝐫 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐨𝐫 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩. – Post on 19.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-taxrebateenglish

c. The advantages of buying property via Sdn Bhd? Posting on 16 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd/16april2021

d. The disadvantages of buying property via Sdn Bhd (Copy) Part 2 Posting on 19 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part2/19april2021

e. Investment holding company enjoy tax rebate RM20,000 x 3 years ? Part 3 Posting on 20 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part3/20april2021-hgpza

f. Can unlisted investment holding company (IHC) enjoy tax rebate RM20,000 x 3 years? Part 4 Posting on 21 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part4/21april2021

g. 预算案 2022 Posting on 19 November 2021

https://www.ktp.com.my/blog/tax-budget-2022-sme-edition-chinese/19nov21?rq=20%2C000

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Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.

Instagram https://bit.ly/3u2PxHg
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#Ktp #Thks

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