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Accounting for lease under MPERS Section 20

Accounting for lease under MPERS Section 20
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Finance lease vs Operating lease under MPERS Section 20

What is Lease?

An agreement stated the transfer of an asset with the right of use by a lessor to a lessee.

There are two types of leases which are

- Finance lease

- Operating lease

Differences between a finance lease and an operating lease?

Classification of Finance lease:

- Ownership of the asset will be transferred to the lessee by the end of the lease term.

- Lease term is for the major part of the useful life of the asset even if the title is not transferred.

- Lessee has the option to purchase the asset at a lower price compared to the fair value.

- Present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset.

- Leased assets have specialised nature that only the lessee can use without major modifications.

Classification of Operating lease:

- Lease does not transfer substantially all risks and rewards incidental to ownership.

Recognition and measurement for a lessee - Finance lease

Statement of Financial Position – Assets and Liabilities

- Recognise as assets and liabilities at amounts equal to:-

o the fair value of the assets; or

o if lower, the present value of the minimum lease payments

- Initial direct costs of the lessee are added to the amount recognised as an asset

- Using the effective interest method to reduce the outstanding liability

Statement of Comprehensive Income - Expenses

- Depreciate the asset according to lease term or useful life

- Finance charges of each period during the lease term

Operating lease

- Recognise lease payments as an expense over the lease term on a straight-line basis

Disclosure for lessee

Finance lease

- Carrying amount of the asset

- Amount of future minimum lease payment.

i) Not later than one year

ii) Later than one year and not later than five years

iii) Later than five years

Operating lease

- Amount of future minimum lease payment under non-cancellable operating leases :

i) Not later than one year

ii) Later than one year and not later than five years

iii) Later than five years

- Lease payment is recognised as an expense.

Source:

MPERS 20 Leases

https://bit.ly/3wEJJXO

 

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Residential Tenancy Act Malaysia

Residential Tenancy Act Malaysia
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What is Residential Tenancy Act Malaysia?

The proposed Residential Tenancy Act (RTA) by the Ministry of Housing and Local Government (KPKT) will change the rental market in Malaysia.

There is no specific legal framework for landlords and tenants in Malaysia now.

 

The Objectives of RTA are to :

  1. protect homeowners’ and tenants’ rights.

  2. prepare a uniform template for the residential tenancy agreement.

  3. establish a tribunal to resolve disputes between homeowners and tenants.

  4. set a notice period for tenants to move out.

 

Security and Utility Deposits

An RTA proposes a two-month deposit and a one-month utility deposit.

An RTA proposes deposits to be “parked” with a government agency.

This is to ensure that the authorities would be able to address any conflict between landlords and tenants later on.

In the event that no other expenses have been incurred, the security deposit would then be returned to the tenant once the tenancy agreement expires.

Concerns

  1. Why park the deposits received with a government agency?

  2. How long will the agency refund the deposit upon termination/expiration of tenancy period?

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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, outsourcing bookkeeping, and payroll services to clients

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A vacancy tax on unsold properties Malaysia ?

A vacancy tax on unsold properties Malaysia ?
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What is the ''proposed'' vacancy tax Malaysia ?

A vacancy tax is a tax levied on properties that have been left vacant and unused for a period of time.

Its objective is to deter speculators and developers from “hoarding properties” with the aim of making a profit when the price rises.

A vacancy tax is to resolve high unsold units in the market

Proposed Mechamism

A vacancy tax could be levied as a percentage of the gross selling price of the unit?

The proposed tax is applicable to properties above RM500,000 selling price.

 

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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, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

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What is the minimum tax penalty under the revised tax audit framework?

What is the minimum tax penalty under the revised tax audit framework?
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What is the minimum tax penalty under the revised tax audit framework?

What Is Tax Audit Framework

The tax audit frameworks are to ensure that tax audits are carried out fairly, transparently, and impartially. appeals, etc.

The frameworks outline the rights and responsibilities of audit officers, taxpayers, and tax agents.

This includes sections on the objectives of a tax audit, the selection of cases, the tax audit implementation, offenses and penalties, complaints and appeals, etc

Revised Offences and Penalty

The main changes in the latest tax audit frameworks are in regard to the section on offenses and penalties.

Under the previous frameworks, an initial penalty of 45% applied, with an increase to 55% for repeated offenses.

The penalty is revised and reduced as follows:

  • 15% for the first offense;

  • 30% for the second offense; and

  • 45% for the third and subsequent offenses.

Guideline on offenses

The determination of the tax penalty rate for the first offence or the second offence is referred to the taxpayer’s record on the penalty which has been imposed under subsection 113(2) of the ITA from 1 January 2020 to 30 April 2022.

If the taxpayer has not been penalised under subsection 113(2) of the ITA during the period from 1 January 2020 to 30 April 2022, any audit findings from 1 May 2022 involving the imposition of penalties under subsection 113(2) of the ITA shall be considered the first offence (15%).

If the taxpayer has been penalised under subsection 113(2) ITA during the period from 1 January 2020 to 30 April 2022, any audit findings from 1 May 2022 involving the imposition of penalties under subsection 113(2) of the ITA shall be considered the second offence (30%).

Technical Adjustment

No penalty will be imposed under subsection 113(2) of the ITA for any underpaid or omission of income in respect of the audit findings involving technical adjustments.

Technical adjustments refer to cases which involve different interpretations of the legislation, according to the facts and issues of the particular case.

It does not apply to cases where public rulings, guidelines, practice notes, income tax regulations, income tax exemption orders or income tax rules have been issued by the IRB.

Fraud

If a taxpayer intentionally makes an incorrect return, the penalty to be imposed under Section 113(2) of the ITA will be at the rate of 100%.

Voluntary Disclosure

The penalty rate under Section 113(2) of the ITA for voluntary disclosures is 15%.

However, in cases where a taxpayer has made a voluntary disclosure, and subsequently makes an additional voluntary disclosure within six months from the due date of the submission of the return form, the penalty rate for the additional voluntary disclosure will be 10%

Others

Audit Meja (Desa Audit) renamed to Semakan Umum

Audit Luar (Field Audit) renamed to Semakan Seluruh

 

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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, outsourcing bookkeeping, and payroll services to clients

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How to apply International Integrated logistics service (IILS) from MIDA

How to apply International Integrated logistics service (IILS) from MIDA
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How to apply International Integrated logistics service (IILS) from MIDA

What is an International Integrated logistics service (IILS)?

In Malaysia, the company must obtain an International Integrated Logistics Services (IILS) status from MIDA (Malaysian Investment Development Authorities) before acquiring the Freight Forwarding Agents/Customs Agent Licence from the Royal Malaysian Customs Department (RMCD).

The IILS status company is required to be involved in the following activities:

• Warehousing

• Transportation

• Freight Forwarding

• Distribution

• Other value-added services (Example: break bulking, palletising, labelling, etc)

And to fulfil the following criteria:

• Owned 20 units of commercial vehicles and 5,000m2 warehouse space;

• Employ majority of Malaysians;

• Use Malaysia as a hub for logistics supply chain services;

• Substantial usage of ICT infrastructure

Client’s Challenges

ABC Sdn Bhd is an existing logistic service provider. The company is planning to expand its business by providing freight forwarding services.

However, ABC Sdn Bhd has no ideas on how to get the Freight Forwarding Agent licence from the RMCD. The company is also not familiar with the procedure to obtain IILS status from MIDA.

How KTP help our client?

KTP conducted a meeting with the company’s directors. After understanding the business plan from the directors, we advised the company to apply for the IILS status with MIDA.

KTP advised and assisted the company throughout the application:

• To ensure the criteria are fulfilled by the company

• To advise the information or documents required for the application

• To assist the company in forecasting the revenue and costs

• To ensure the completeness of the information and documents required before submitting the form

• To liaise with the MIDA officer on the issues raised from the application.

Impacts

The company successfully obtained IILS status from MIDA. The company is eligible to proceed with the application for Freight Forwarding Agents/Customs Agent Licence from the RMCD.

 

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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, outsourcing bookkeeping, and payroll services to clients

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DuitNow Tax REfund

DuitNow Tax REfund
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DuitNow Tax Refund

DuitNow is now a refund option for taxpayers without having to provide their bank account details to IRBM.

i. What is the additional channel for a tax refund?

With effect from 1 March 2022, Inland Revenue Board Malaysia (IRBM) allows individual taxpayers to choose to receive their tax refund via Duitnow,

It is applicable to those who have submitted their Income Tax Return Form for the YA2021.

ii. What is DuitNow?

- DuitNow is a latest inter-bank money transfer method.

- It uses only MyKad Number or Passport Number as an ID

iii. Why DuitNow?

- Easy and safe

- Real-time transfer

- No transaction limits

iv. How to Use DuitNow for Tax Refund?

• To register DuitNow with the respective banks by using MyKad Number or Passport Number as Identity Number.

• However, DuitNow registration using a mobile phone number will not be accepted by IRBM for tax refund purposes

• The taxpayer is required to choose this method during the e-filing submission or manual submission of their income tax return form.

• Taxpayers are not required to provide their bank account details.

• If the tax refund made via DuitNow fails, the refund will automatically be made via Electronic Fund Transfer by using the taxpayer’s bank account number and name that is registered with the IRBM.

Source:

DUITNOW AS A MEDIUM FOR TAX REFUND

HASiL_MR_28_March_2022_LAUNCHING_OF_DUITNOW_AS_A_MEDIUM_FOR_TAX_REFUND.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, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

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audit confirmation request

audit confirmation request
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ISA 505 External confirmation

What is external confirmation?

External confirmation is the process of obtaining and determining audit evidence via a third-party representation of information directly.

When auditor has to send it?

Auditor sends the confirmation when they need to verify :

1. Bank balances and other information from bankers.

2. Account receivables and payables balances.

3. Stocks held by third parties at bonded warehouses for processing or on consignment.

4. Property title deeds are held by lawyers or financiers for safe custody or security.

5. Investments purchased from stockbrokers but not delivered at the year ended.

6. Loan from lenders.

When not to use audit confirmation?

1. When examining the debtors’ ability to pay the outstanding balances.

2. When confirming the valuation of goods held on consignment.

3. When defining any unrecorded liabilities from suppliers.

4. When the Information is not adequately addressed by confirmation.

Source:

ISA 505 – External confirmation:

https://www.ifac.org/system/files/downloads/a024-2010-iaasb-handbook-isa-505.pdf

https://www.mia.org.my/v2/downloads/handbook/standards/ISA/2018/06/01/ISA_550.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, outsourcing bookkeeping, and payroll services to clients

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An internal community for our colleagues on work and leisure.

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Double deduction for scholarships provided by companies

Double deduction for scholarships provided by companies
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Why Companies Should Pay for Employees to Further Their Study

Overview:

On 7 March 2022, the Malaysian government gazette the “Income Tax (Deduction for the Sponsorship of Scholarship to Malaysian Student Pursuing Studies at Technical and Vocational Certificate, Diploma, Bachelor’s Degree, Master’s Degree or Doctor of Philosophy Levels) Rules 2022 (P.U.(A) 49/2022).

The rules, which encourage talent development in Malaysia will allow the company to claim the double deduction for any qualifying expenditure incurred.

Key takeaways:

1) Who is eligible for the deduction?

2) Who is the “student”?

3) What is a qualifying expenditure?

4) Qualified Course provider

 

Summary of learnings:

1. Who is eligible for the deduction?

The company: -

- Which incorporated under Company Act 2016 and resident in Malaysia; and

- Which sponsors a scholarship to a “qualified student” pursuing a full-time course of study: and

- Which executes a scholarship agreement with a student on or after 1 January 2022 but not later than 31 December 2025.

 

2) Who is the “student”?

A student means an individual: -

- Who is a Malaysian citizen and resident in Malaysia;

- Who has no means of his own

- Whose parents or guardians’ monthly income does not exceed RM10,000.

- Who pursuing a full-time course of study

3) What is qualifying expenditure

Qualifying expenditures are: -

- payment required by relating to the course of study

- educational aid and reasonable cost of living expenses throughout the student’s period of study

4) Qualified Course provider

The course provider must be recognized by the

- Malaysian Qualification Agency or Skills Development Department; or

- Universities and Universities College Act 1971, University Technology MARA Act 1976 or the Private Higher Education Institutions Act 1996

 

Sources & Relevant Links:

-Income tax deduction for the sponsorship of scholarship rules 2022 (P.U.(A) 49)

https://lom.agc.gov.my/ilims/upload/portal/akta/outputp/1718318/PUA49.pdf

-Malaysian Qualifications Agency

https://www.mqa.gov.my/pv4/index.cfm

- Universities and University Colleges Act 1971

https://www.utm.my/legal/files/2020/08/AUKU-PINDAAN-2019-BM.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, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

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BKM 2022 is open for appeal

BKM 2022 is open for appeal
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BKM 2022 is open for appeal

The appeals for BKM (Bantuan Keluarga Malaysia) can be made starting 2 May 2022 to 2 June 2022.

Applicants who were rejected for the BKM have one month to submit an appeal.

Applicants have to submit an appeal with relevant documents for LHDN review, there are 35 reasons for rejection, and the documents required for each reason are different, you may refer to this link https://bit.ly/3vxnFxD for the full listing.

Method of submitting the appeal

Applications for an appeal could be submitted via:

1. online (from 2 May 2022)

2. manual (from 9 May 2022)

Once the appeal is successful, payments to applicants will be released during Phase 3 and Phase 4 (September and December)

Further information

You may refer to this link for the BKM FAQ https://bit.ly/3LBDrNM

Source

https://bkm.hasil.gov.my

 

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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, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

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

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How can I buy company information from SSM?

How can I buy company information from SSM?
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How can I buy company information from SSM?

A current report that contains basic information of a company, (such as company name, company number, incorporation date, company type, company status, registered address, business address and nature of business), share capital, directors/officers, shareholders, charges (if any) and financial information.

The information can be accessed via SSM e-Info portal at https://www.ssm-einfo.my or MYDATA-SSM portal at https://www.mydata​-ssm.com.my

MYDATA service

4 easy steps to purchase a business/ company profile and document & form images via accessing MYDATA services (https://www.mydata-ssm.com.my/login)

Step 1 - Search and select the entity

By category:

  •  Entity name

  •  Entity registration number

Step 2 – Select the profile or document & form images

Click “Add to cart”.

Additional option : Certified by SSM

Step 3 – Check out and pay

Payment method:

  •  Credit card/ debit card

  •  Online Banking

  •  e-Wallet

Step 4 – Download the document

You are able to retrieve your order and transaction after purchase.

Note : The purchase will be kept for 7 days. Advisable to download and save.

Source:

https://www.mydata-ssm.com.my/homePage

 

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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, Bookkeeping, Payroll, Advisory)

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

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

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

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大家为什么辞职?

大家为什么辞职?
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大家为什么辞职?
 
会计师是个特殊的群体,我接触过的HR人都这样讲,都来问我这样一个会计师出身的管理者一个问题:会计师那么难沟通?他们到底在想什么?
 
根据我们20年++的经验,这30个理由是辞职的常见原因!
 
  1. 老板不是人
  2. 赚新币X3
  3. 薪水
  4. 加薪太少
  5. BONUS太少
  6. 工作没有挑战性
  7. 原本想的不一样
  8. 读书进修
  9. 热情完了
  10. 家人病了
  11. 压力太大
  12. 生涯规划
  13. 公平感觉
  14. 伤心
  15. 无所事事
  16. 领导差劲
  17. 不能认清自己
  18. 没原因就是想跳
  19. 对未来的忧虑
  20. 没天没日
  21. 不喜欢自己的工作
  22. 决定追求其他目标
  23. 没有晋升空间
  24. 上司离职
  25. 为创业而离职
  26. 精疲力尽
  27. 工作过多占据了生活时间
  28. 我认识的所有人离职
  29. 直觉告诉你是时候离职了
  30. 老板太凶了
 
准备好找份新工作了吗?
 
欢迎立即联系 www.ktp.com.my
 
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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
 
Website www.ktp.com.my
Instagram https://bit.ly/3jZuZuI
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn
 
THK (Secretarial, Bookkeeping, Payroll, Advisory)
 
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients
 
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs
 
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An internal community for our colleagues on work and leisure.
 
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Shareholders' rights Malaysia

Shareholders' rights Malaysia
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Rights of shareholders Companies Act 2016

A basic business necessity is having an effective way to obtain adequate funding whenever needed for operations and growth. A frequent method used to raise capital injection is by way of allotment of new shares in the company, and another method is to obtain a loan from a financial institution.

Allotment of new shares

According to Section 75 and 76 of the Companies Act (CA), 2016 governed the power to allot new shares in the company. There is another section of the act that provides default pre-emptive rights to new shares issued by a company, in which the new shares rank equally to existing shares as to voting or distribution rights.

This means that any allotment of new shares must first be offered to the existing shareholders. The company is only allowed to offer to any third party to subscribe to the new share if the existing shareholder rejected such offer.

The reason for such pre-emption rights is to protect the existing shareholder to ensure the shareholder is aware of any potential movement in shares to avoid any dilution of their voting or distribution rights.

Any Exception?

Is there any solution that allows the company to offer the allotment of new shares directly to a third party? The answer is yes.

Section 85 (1) of CA, 2016 stated that “Subject to the constitution, where a company issues shares which rank equally to existing shares as to voting or distribution rights, those shares shall first be offered to the holders of existing shares in a manner which would, if the offer were accepted, maintain the relative voting and distribution rights of those shareholders”.

Therefore, the company’s constitution would need to be amended to waive the default policy and allow for this approach.

Final Words

In conclusion, the company must decide whether to remain the default rights stated in the act without amending the constitution. This decision is crucial as any policy adopted in the constitution shall be most beneficial to the company.

 

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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, outsourcing bookkeeping, and payroll services to clients

KTP Lifestyle

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KTP Career

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Who is the Employee?

Who is the Employee?
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Who is the Employee?

An employee is someone who gets paid to work for a person or company. Workers don't need to work full time to be considered employees—they simply need to be paid to work by an employer (the person or business that pays them).

Definition of Employee in Different Statutory

1. Employment Act 1955

“Employee” refers to anyone earning less than RM 2,000.00 per month, as well as all manual workers, regardless of their pay.

2. Income Tax Act

“Employee’’ is a servant who is employed by the master subsist, he/she is the one who holds the appointment of service.

3. EPF Act 1991

An “employee” is a person who is employed under a contract of service to work for the employer, either in writing or orally, and who does not fall under the first schedule of the EPF Act.

4. SOCSO Act 1969

“Employee” is a person who is employed under a contract of service with an employer either in a written or oral agreement.

5. Employment Insurance System

“Employee” is a person who is employed under a contract of service in the public sector with an employer either in a written or oral agreement.

6. HRDF

“Employee” is a person who is a Malaysian citizen and is employed under service of contract, but it is excluded for those who is employed as domestic servant.

In a conclusion, “employee” is an individual who was paid to perform a specific job which was bounded by contract of services.

However, it has different terms and conditions in different statutory. For more details, please find the link attached to the source.

Source :

https://jtksm.mohr.gov.myakta-borang/akta-peraturan

https://www.kwsp.gov.my

https://www.perkeso.gov.my

https://www.perkeso.gov.my/en/eis-registration

https://hrdcorp.gov.my

https://phl.hasil.gov.my/pdf/pdfam/PR_11_2016.pdf

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New Minimum Wages Order effective 1 May 2022

New Minimum Wages Order effective 1 May 2022
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New Minimum Wages Order effective 1 May 2022...Employers with less than 5 employees are exempted.

Minimum Wages Order 2022 was gazetted on 27 Apr 2022. Minimum wages increase to RM1,500 from 1 May 2022. There is a temporary exemption for employers with less than 5 employees until 31 December 2022 (not applicable to the professional service industry).

Key salient points from the Order as below :

1)On 27 April 2022, the Minister, in the exercise of the powers conferred by section 23 of the National Wages Consultative Council Act 2011 [Act 732], Gazette the Minimum Wages Order 2022 [P.U. (A) 140].

2)This Order shall not apply to a domestic servant as defined under subsection 2(1) of the Employment Act 1955 [Act 265], subsection 2(1) of the Sabah Labour Ordinance [Cap. 67] and subsection 2(1) of the Sarawak Labour Ordinance [Cap. 76].

3)The Minimum Wage of RM 1,500 will come into effect on 1 May 2022 for the following two types of employers.:-

a) an employer who employs five or more employees; and

b) regardless of the number of employees employed, an employer who carries out a professional activity is classified under the Malaysia Standard Classification of Occupations (MASCO) as published officially by the Ministry of Human Resources.

4.1) If the employee is paid on a daily basis, the Minimum Wage will be as follows:-

a) 6 working days in a week - RM 57.69 per day

b) 5 days in a week - RM 69.23 per day

c) 4 working days in a week - RM 86.54 a day

4.2) if the employee is paid on an hourly basis, the wage is not less than RM 7.21 per hour

5.1) For employers employing less than 5 employees, the Minimum Wage of RM 1,500 will come into effect on 1 January 2023

5.2) For Employer with less than 5 employees that do not carry out a professional activity classified under the Malaysia Standard Classification of Occupations (MASCO), the Minimum Wage will be as per the Previous Order until 31 December 2022, i.e.

a) Place of employment is in the City Council or Municipal Council area - RM 1,200

b) Place of employment is located at Other than City Council or Municipal Council area - RM 1,100

6. In addition to the Minimum Wages Order 2022 [P.U.(A) 140/2022], we have also compiled a list of past Minimum Wage Orders and the Malaysian Standard Classification of Occupations.

The Malaysian Standard Classification of Occupations.

1) The Malaysia Standard Classification of Occupations (MASCO) is a national benchmark for the classification of occupations in the employment structure of the country.

MASCO has been developed in accordance with the International Standard Classification of Occupations (ISCO) with changes and modifications to meet the needs of the country.

MASCO lists down the descriptions and tasks as well as the code for each position listed.

It contains ten categories of major groups, namely:

  • Major Group 1: Managers

  • Major Group 2: Professionals

  • Major Group 3: Technicians and Associate Professionals

  • Major Group 4: Clerical Support Workers

  • Major Group 5: Service and Sales Workers

  • Major Group 6: Skilled Agricultural, Forestry, Livestock, and Fishery Workers

  • Major Group 7: Craft and Related Trades Workers

  • Major Group 8: Plant and Machine Operators and Assemblers

  • Major Group 9: Elementary Occupations

  • Major Group 0: Armed Forces

Source :

CCS & Co blog dated 28 Apr 2022

The Minimum Wage is officially RM1,500 from May 1 | 5月1日起最低工资RM1,500

https://bit.ly/3EXuw6Y

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Special Tax Deduction Rental Reduction

Special Tax Deduction Rental Reduction
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Special Tax Deduction Rental Reduction IRBM FAQ (Revised 22 March 2022)

Key salient points on the revised FAQ :

1. Deduction for rental reduction period has extended to:

SME: from April 2020 extend to Jun 2022 (P.U.(A) 479/2021) (Previously is until December 2021)

Non-SME: January 2021 extend to Jun 2022 (P.U.(A) 480/2021) (Previously is until December 2021)

 

2. Eligible person for deduction has extended to include Micro, previously only for Small and Medium Enterprise (SME)

 

3. SME Certificate issued by SME Corporation Malaysia from Apr 2020 to Dec 2020 can be used as verification of the SME status for rental reduction until 30.06.2022.

 

4. The supporting document needs to be kept as follows:

 

  • Stamped tenancy agreement (new/renewal)

  • Statement of rental income

  • Certificate issued by the SME Corp. Malaysia for SME

    (only for the rental period: April 2020 – December 2020 need the certificate for verification)

  • Need to furnish the Worksheet

HK-C16B – Sdn Bhd, LLP and business trust

HK-4E – Other than Sdn Bhd, cooperatives, LLP, and business trust

Read our past Facebook postings on the special tax deduction on rental reduction :

1. Great News to Landlords! The special deduction on rental reduction with at least 30% to Small and Medium Enterprise (SMEs) and Non-Small and Medium Enterprise (Non-SMEs) has been gazette on 02 September 2021 (Publication date on 08 September 2021). dated on 23.09.2021

https://www.facebook.com/www.ktp.com.my/posts/6183426361699606

2. 中小企业租金特别扣除 dated on on 15.01.2021

https://www.facebook.com/www.ktp.com.my/posts/4948113128564275

3. 没有宪报的命令 (gazette order ) @ 29/11/20, 这些税收优惠只能视为 ''真的假不了,假的真不了''. dated on 30.11.2020

https://www.facebook.com/www.ktp.com.my/posts/4752532264789030

4. We, as approved tax agent, cannot claim these two tax incentives namely dated on 30.11.2020

https://www.facebook.com/www.ktp.com.my/posts/4752610054781251

5. 我的店主和我拿SME Status Certificate!! dated on 3.7.2020

https://www.facebook.com/www.ktp.com.my/posts/4046044398771157

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Is director’s medical expense tax-deductible in Malaysia?

Is director’s medical expense tax-deductible in Malaysia?
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Is director’s medical expense tax-deductible in Malaysia?

In general, medical fee for the employee is tax-deductible under S 33 of the Income Tax Act 1967.

However …

 

Public Ruling No. 11/2019 - Benefits In Kinds.

Under section 13(1) b Income Tax 1967, medical and dental benefits are exempted from income tax for employees

Under paragraph 8.3.1 , if the employee receiving BIK from the employer has control over his employer (company) there is no exemption on the medical fee on the director in control company.

What is control?

For a company, the power of an employee to control is through :

  1. The holding of shares or

  2. The possession of voting power in or

  3. By virtue of powers conferred by the articles of association or another document.

Question on tax deductibility

So what is your tax position on director’s medical fee (allowable vs not-allowable expenditure) in Sdn Bhd (controlled company)?

  1. If the medical fee on the director is BIK and PCB is deducted accordingly on the director’s remuneration. Or

  2. If medical fee is DEEMED as tax exempted BIK !

What is your tax position on this taxing issue?

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Applicability Of Section 140 Of The ITA 1967 on Transfer Pricing Adjustment

Applicability Of Section 140 Of The ITA 1967 on Transfer Pricing Adjustment
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Applicability Of Section 140 Of The ITA 1967 on Transfer Pricing Adjustment

SECTION 140 – POWER TO DISREGARD CERTAIN TRANSACTIONS

Section 140 of the Act provides wide and general powers to the Director

General of the Inland Revenue (DGIR) to combat tax avoidance by disregarding certain transactions and computing or re-computing tax liability of a taxpayer.

 

Where the DGIR has reason to believe that any transaction produces the effect

of:

• altering the incidence of tax

• relieving from a tax liability

• evading or avoiding tax, or

• hindering or preventing the operation of the Act

 

he may disregard or vary such a transaction to counteract its intended effect.

In particular, DGIR may invoke Section 140 in respect of transactions between:

• related parties – ie persons, one of whom has control over the other or both are under common control, or

• individuals who are relatives (parent, child, sibling, uncle, aunt, nephew,

niece, cousin, grandparent, grandchild)

on the grounds that such transactions are not on par with transactions

between independent parties dealing at arm’s length.

 

Transfer pricing adjustment

Whilst the Revenue is empowered to counteract any tax avoidance scheme via Section 140(1) of the ITA, this provision does not extend to transfer pricing adjustments.

We examine a recent decision by the Special Commissioner of Income Tax in OMSB v KPHDN where the Revenue’s transfer pricing adjustments were set aside.

RDS analysis on OMSB v KPHDN

Read the full story on the RDS blog on “Transfer Pricing Adjustments: Applicability Of Section 140 Of The ITA”

https://www.rdslawpartners.com/post/transfer-pricing-adjustments-applicability-of-section-140-of-the-ita

 

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How to amend tax return after filing under S 131 of the Income Tax Act 1967

How to amend tax return after filing under S 131 of the Income Tax Act 1967
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How to amend tax return after filing under S 131 of the Income Tax Act 1967

Overview

Inland Revenue Board (IRB) allows taxpayers to file an Amended Return Form (ARF) if taxpayers need to fix an error or mistake and result in under-payment of taxes.

However, how about if the taxpayer has overpaid the taxes because forgot to claim a tax credit or deduction in Income Tax Return Form (ITRF)? Don't worry, the taxpayer can make an application for relief under Section 131 and 131A of the Income Tax Act 1967 (ITA).

Let's see the conditions and procedure to be satisfied with the application.

Key takeaway:

You will understand:

1. What is considered an error or mistake in ITRF?

2. What are the time frames for the application?

3. What are the conditions for application?

4. How to apply for relief?

Summary of learning:

What is considered an error or mistake in ITRF?

The taxpayer had paid excessive tax because of the following reason:

- Error or omission to deduct an allowable expense

- Arithmetical error

- Misleading of laws

- Income for the previous YA is reported in current YA

- Other non-error or mistake, for example, approval of tax exemption under Promotion of Investment Act 1986.

What is the conditions for application?

The conditions under Section 131 and Section 131(A) of ITA are:

1. To take note that the application will not be considered if the ITRF is in accordance with known stand, rules and practices the DGIR prevailing at the time when the assessment is made.

o Example of the known stand, rules and practices are private ruling or advances ruling, guidelines by IRB, case law and any other written evidence.

2. Taxpayer must pay all the taxes for the relevant year of assessment.

3. Taxpayer must make an application within the time frames after the year assessment.

What are the time frames for the application?

The application for the relief can be made within the following time frames:

i. Within 5 years after the end of the year:

o The errors or mistakes found after the end of the year of assessment in which the assessment is deemed.

o Approval of any exemption, relief, remission, allowance or deduction is granted after year assessment in which the ITRF is furnished; or

o Deduction is granted under ITA or written law gazetted after the ITRF is furnished;

ii. Within 1-year after the end of the year:

o Deduction on expenses is allowed after the payment of withholding tax and related increased taxes.

How to apply for relief?

Taxpayers can make an application for relief by a letter or Form CP15C by stating the reason in detail relating to the application.

Sources:

Public Ruling 7/2020 Appeal Against An Assessment And Application For Relief

https://phl.hasil.gov.my/pdf/pdfam/PR_07_2020.pdf

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(Latest update) Withholding Tax on Payments to Agents

(Latest update) Withholding Tax on Payments to Agents
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(Latest update) 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

Key salient points from IRB Response to Chartered Tax Institute of Malaysia Comments on 15/4/2022

1. LLPs are excluded from the definition of a payer company.

2. The definition of “Cash” includes transactions via payment vouchers, prepaid credit and e-wallets.

3. The WHT is applicable on the amount before the any contra transactions are made. Hence, the earlier comment in the FAQ that credit notes are excluded from the WHT.

4. Section 107D is applicable on ADD who receive the commissions based on the achievement of sales or services rendered for the payer company.

5. The WHT is not applicable to the payer company’s staff who are ADD if the commission is subjected and the commission is reported in the Form EA.

6. Out-of-pocket expenses incurred by the ADD have to be specifically identified in advance. If the expenses arise from sales, transactions or schemes carried out, then the WHT is applicable on the out-of-pocket expenses.

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. Withholding Tax on Payments to Agents dated on 17.03.2022

https://bit.ly/3L3JzOB

 

2. 2% withholding tax on commission dated on 30.12.2021

https://bit.ly/3hRrk20

 

3. 预算案 2022 dated 19.11.2021

https://bit.ly/3tKU7dM

 

4. Budget 2022 - SME edition dated on 18.11.2021

https://bit.ly/3IWhAiR

 

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没有资格获得退税2%的补偿

没有资格获得退税2%的补偿
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没有资格获得退税2%的补偿

  • 根据 ITA 在到期日之后提交的纳税申报表

  • 根据 ITA 第 110 条抵销的税款超过应缴税款

  • IRB 根据 ITA 第 90(3)、91、91A、92 和 96A 条提出的评估。

  • 纳税人申请延长报税时间。

  • 有人对评估提出上诉

  • 在提交截止日期后的 90 或 120 天内,IRB 审计需要缴纳额外的税款

  • 支付的超额税款不是根据 ITA 第 107,107B 和 107C 条分期付款

 

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