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Duty & responsibility of director

Duty & responsibility of director
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𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐝𝐮𝐭𝐲 & 𝐫𝐞𝐬𝐩𝐨𝐧𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐨𝐟 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐀𝐜𝐭 𝟐𝟎𝟏𝟔?

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

𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)

𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭, 𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Convert Enterprise (sole-proprietorship/partnership) to Sdn Bhd Explained. Part 1

Convert Enterprise (sole-proprietorship/partnership) to Sdn Bhd Explained. Part 1
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Convert Enterprise (sole-proprietorship/partnership) to Sdn Bhd Explained. Part 1

Today we explain the difference between Enterprise and Sdn Bhd comprehensively.

1. Board of director

  • Enterprise : Not required

  • Sdn Bhd : Must have at least one (1) director

2. Liability

  • Enterprise : The owner/partner(s) has unlimited liability and has to take risk in any loss of business fails

  • Sdn Bhd : The shareholder(s) has limited liability. Company becomes separate entity

3. Tax Rate

  • Enterprise : Tax rate for individual income tax between 0% to 30%

  • Sdn Bhd : Annual gross business income not more than RM50 million and paid up ordinary share capital on or less RM2.5million, the tax rate is 17% for first 600K,24% for remaining.

4. Law

  • Enterprise : Regulated under the Business Act 1956

  • Sdn Bhd : Regulated under the Company Act 2016

5. Chargeable person

  • Enterprise : The person is a chargeable person under tax.

  • Sdn Bhd : The company is a chargeable person under tax.

6. Business Management

  • Enterprise : The owner/partner(s) is to manage and run the business.

  • Sdn Bhd : The board of director is to manage and run the business

7. Number of shareholder/owner/partner

  • Enterprise : Sole proprietorship – at least one (1) owner. Partnership – at least two (2) to twenty (20) partners

  • Sdn Bhd : At least one (1) to fifty (50) shareholders

8. Company secretary

  • Enterprise : Not required

  • Sdn Bhd : At least one (1) qualified company secretary

9. Statutory Audit Requirement

  • Enterprise : Not required

  • Sdn Bhd : Yes. Compulsory

10. Annual Compliance

  • Enterprise : Not required

  • Sdn Bhd : Yes. Compulsory to submit annual return and audited financial statement

11. Register Office and Statutory Records

  • Enterprise : Required to keep accounting books and records at the place of business

  • Sdn Bhd : Required to have a registered office within Malaysia which all correspondences & notices may be addressed. Required to keep registers.

12. Income Tax Position

  • Enterprise : Tax on person either the owner or partner(s)

  • Sdn Bhd : Tax on the company.

13. Public Access to Company Financial Situation

  • Enterprise : No need to disclose.

  • Sdn Bhd : Public can access to the financial performance & position of the company

Visit us

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Par

FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Par
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FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Part II

Continue from Part I

5. What is the format/form of verification by the external auditors?

Verification of the external auditors needs to be made through a special certificate.

Special certificates can be made in any appropriate format/ form.

6. Is the payment of certification by external auditor is deductible with my R&R expenses?

- No, the fee of certification by external auditor is not included and it is not deductible.

7. Are my expenses for R&R not allowed for special deduction if the cost is more than RM300,000?

- No, you are still entitled for the special deduction is your R&R expenses is more than RM300,000. The maximum to claim is RM300,000 and terms and conditions under P.U.(A) 381/2020 should be applied.

 For example:

a)    Mr Vincent incurred of RM350,000 for his homestay renovation on 01.06.2020. He is entitled to claim for special deduction for the renovation cost of RM300,000 in YA2020 under P.U.(A) 381/2020. The excess of RM50,000 is not allowed to carried forward.

 Mr Vincent incurred for another renovation cost amounting RM150,000 for his homestay renovation in February 2021. Mr Vincent is not entitled to claim special deduction for RM150,000 renovation cost in YA2021 due to he has claimed for the maximum amount of RM300,000 in YA2020.

 b)    Encik Rahim incurred of RM120,000 for his restaurant renovation on 01.08.2020. He is entitled to claim for special deduction for the renovation cost of RM120,000 in YA2020 under P.U.(A) 381/2020.

 Encik Rahim incurred for another renovation cost amounting RM300,000 for his restaurant renovation in July 2021. But Encik Rahim is entitled to claim special deduction for RM180,000 in YA2021 due to he has reached the maximum amount (RM300,000) that he can claim within the period of 01.03.2020 to 31.12.2021.

8. Is the renovation cost cannot be absorbed when the company has adjusted losses?

- Yes, if the renovation cost is not entitled to claim under P.U. (A)381/2020 and cannot be utilised from adjusted income as it is an adjusted loss to the company. The losses can be carried forward and subject to a restricted period under Subsection 44(5F) of ITA 1967.

9. Can I claim the special deduction for the renovation cost if I have also entitled to claim under subsection 33(1) of ITA 1967 or capital allowance under Schedule 2 or Schedule 3?

- No, you are not entitled to claim the special deduction for the renovation cost if you have claimed under subsection 33(1) of ITA 1967 or capital allowance under Schedule 2 or Schedule 3.

 10. What supporting document is required?

- The supporting documents should be kept for the required period under ITA 1967 and due to the requirement by LHDN. Supporting documents to be provided including:

 i)              Business registration certificate

ii)             Ownership of the premises (eg: Tenancy agreement)

iii)            Invoice for the renovation cost, and

iv)           Invoice for the renovation cost which certified by external auditor

Visit us

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

The offence on any director who contravene the duty & responsibility of directorship

The offence on any director who contravene the duty & responsibility of directorship
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𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐨𝐟𝐟𝐞𝐧𝐬𝐞 𝐨𝐧 𝐚𝐧𝐲 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐰𝐡𝐨 𝐜𝐨𝐧𝐭𝐫𝐚𝐯𝐞𝐧𝐞 𝐭𝐡𝐞 𝐝𝐮𝐭𝐲 & 𝐫𝐞𝐬𝐩𝐨𝐧𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐀𝐜𝐭 𝟐𝟎𝟏𝟔?

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

𝐓𝐇𝐊 (Account/Payroll, Secretarial & Advisory)

𝐊𝐓𝐏 (Audit, Tax & Advisory)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Tax deduction on cash loss?

Tax deduction on cash loss?
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Tax deduction on cash loss?

Embezzlement is the act of someone wrongfully appropriating funds that have been entrusted to their care but which are owned by someone else. Many small businesses are victims of thefts perpetrated by employees.

From a tax perspective, can the cash loss eligible for tax deduction?

Let’s illustrate with a simple real case:

Scenario

 GGG Sdn Bhd (actual name of the company is conceived to protect confidentiality) has entrusted their account executive on the usage of company’s fund to smoothen the daily operation. However, they have recently found out he has been transferred funds to his accounts over the past 6 months.

 The account executive had run away and no way to be found. The total losses are approximately around RM100,000. Without hesitation, GGG had reported to the police.

 Struggles

  • Can the cash loss eligible for tax deduction?

  • Is a police report sufficient?

Solution:

 Yes, the cash loss is tax-deductible. However, sufficient documentation must be kept. A mere police report is arguably insufficient, as it was only proof that the incident happened.

 To avoid further disputes from IRB officer, KTP has advised GGG to prepare more documents as below: -

  • Bank receipts of cash transfer to the account executive current account, letter of employment termination, and bank statement as proof of the person involved.

  • Police report and minutes of the board of directors’ meeting as proof of the action taken.

Sources:

Public Ruling NO. 4/2012 - Deduction for Loss of Cash and Treatment of Recoveries

http://phl.hasil.gov.my/pdf/pdfam/PR_No_4_2012.pdf

Visit us

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

FAQ (English version) on special deduction for the renovation cost under P.U. (A) 381/2020

FAQ (English version) on special deduction for the renovation cost under P.U. (A) 381/2020
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FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021)

Expenses incurred (between 1 March 2020 to 31 December 2020) to renovate/refurbish (R&R) the business premises for business purpose are given tax deduction up to a limit of RM300,000.

1. Who is eligible?

To be eligible to claim for tax deduction, shall be subject to the following conditions:

- Any taxpayer who incurred an expense of R&R on business premises.

- The business premises are used for the purpose of its business.

- Deduction is given on the adjusted income under paragraph 4 (a) of the Act Income Tax 1967

2. What is meant with the premise business for this purpose?

All the business premises are either owned or rented by the taxpayer and the premises are used for the purpose of business is eligible.

Example:

(a) Mr. Vincent is the owner of a homestay in Bagan Lalang. During the Movement Control Order (PKP) 2020, Mr. Vincent has costs incurred of R&R on homestays. Expenses of R&R performed by Mr. Vincent for the period of 1 March until 31 December 2020 is eligible for a deduction under P.U. (A) 381/2020 in determining income adjustment of his homestay business for the year of assessment 2020 is subject to the conditions set.

(b) Mr. Rahim rented a shop house for running a restaurant business. During the period Movement Control Order (PKP), the restaurant business was temporarily closed and Mr. Rahim has costs incurred of R&R. Expenses of R&R done by Mr. Rahim is eligible for deduction in determining the income of its subject business to the conditions prescribed under P.U. (A)381/2020.

(c) Hijras Arkitek Sdn Bhd provides services of architectural consultant and has an office in Petaling Jaya. In March 2021, the office has costs incurred of R&R i.e. installing carpets in his office. Hijras Arkitek Sdn Bhd is eligible deductions in determining the income of his business subject to the conditions set out under P.U. (A) 381/2020.           

3. What are the eligible and not eligible cost of R&R?

Expenses eligible for tax deduction in the First Schedule P.U. (A) 381/2020:

- General electrical installation

- Lighting

- Gas system

- Water system

- Kitchen fittings

- Sanitary fittings

- Door, gate, window, grill and roller shutter

- Fixed partitions

- Flooring (including carpets)

- Wall covering (including paint work)- False ceiling and cornices

- Ornamental features or decorations excluding fine art

- Canopy or awning

- Fitting room or changing room- Recreational room for employee

- Air-conditioning system

- Children play area

- Reception area- Prayer Room

All the cost involved must be certified by external auditors.

Not eligible costs of R&R are in the Second Schedule P.U. (A) 381/2020:

- Designer fee

- Professional fee- Purchase of antique (purchase of an object or work of art which, represents a previous era in human society, is a collectable item due to its age, rarity, craftsmanship or other unique features and appreciates in value over time)

4. What is the external auditors?

External auditor means a qualified auditor who can confirm the cost incurred by the taxpayer on claims for renovation and renewal costs business premises under P.U. (A) 381/2020.   

To be continued…..

Visit us

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 responsibility 𝐨𝐟 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮

𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 responsibility 𝐨𝐟 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮
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𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 responsibility 𝐨𝐟 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐀𝐜𝐭 𝟐𝟎𝟏𝟔?

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

𝐓𝐇𝐊 (Account/Payroll, Secretarial & Advisory)

𝐊𝐓𝐏 (Audit, Tax & Advisory)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

租金收入-税税问与答 Part 2

租金收入-税税问与答 Part 2
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租金收入-税税问与答 Part 2

纳税人常问关于租金收入的tax问题 :

1.租金收入的税率%是多少?

2.为什么这么高 24%?

3.可以扣除assets?

4.亏损可以带到明年吗?

5.何时对租金收入征税?

Assets 资产

  • Business Income 4(a)

    资本津贴可以用于工厂和机器的费用。

    Capital allowances can be claimed on capital expenditure incurred on plant and machinery.

  • Investment Income 4(d)

    不可以获得资本津贴,但替换家具和空调等家具的费用可以从租赁的总收入中扣除。

    Capital allowance cannot be claimed, but cost of replacing furnishings such as furniture and air conditioner can be claimed as a deduction from gross income from that letting.

税收待遇 Tax Treatment

  • Business Income 4(a)

    在最初的RM600,000 是17%的税率, 剩下的是24%的税率

    First RM600,000 17% Remaining 24%,

  • Investment Income 4(d)

    根据PR10/2015第8.2段,投资控股公司可以获得允许的费用如工资、薪金和津贴、管理费等。

    Under paragraph 8.2 of PR10/2015, the permitted expenses are allowed by the investment holding company such as wages, salaries and allowances, management fees and etc

    参考所得税实践笔记3/2020, 控股公司税率为24%,由2020课税年度起生效

    Refer to Practice Note 3/2020, tax rate for investment holding company is 24% effective from year of assessment

    根据PR 12/2018第11段, 建筑的拥有人可以获得工业建筑津贴,即使租赁是非商业来源,但建筑用于工业建筑

    Under paragraph 11 of PR 12/2018, the owner of the building allowed to claim industrial building allowance even though the letting is a non-business source but the building use for industrial building

营业外收入4(a)变为营业收入4(d) Section 4(a) change to Section 4(d)

无权要求对不动产的设备和机器的资本免税额,因为它们在基本期结束时没有用于商业目的

Not entitled to claim capital allowance on the plant and machinery for the real property since they are not used for business purpose at the end of the basic period.

营业外收入4(d)变为营业收入4(a) Section 4(d) change to Section 4(a)

有权要求对不动产的设备和机器的获得资本津贴,因为它们在基本期结束时用于商业目的。合格费用是指在业务中使用的第一天的市场价值。

Entitled to claim capital allowance on the plant and machinery for the real property since they are used for business purpose at the end of the basic period.

The qualifying expenses is the market value on the first day used in the business.

Visit us

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

Form E 截至日期为31/03/2021

Form E 截至日期为31/03/2021
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Form E 截至日期为31/03/2021

罚款

  • RM200至RM20,000 

  • 入狱少于6个月

  • 或两者

温馨提示 -

KTP 只负责处理 Form C, CP204 并不包括Form E, 至于Form E的呈报, 你可以委任 我们的合作伙伴 THK.

谁需要呈报E 表格?

  • 有限公司 - 不管是否有员工都必须呈交E 表格

  • 合伙公司或个人经营公司 - 如果有员工,必须注册E号码并呈交E表格。

如何呈报E表格?

  • 有限公司 - 必须在税务局的官网呈交

  • 非有限公司 -

1. 填写E表格然后邮寄到税务局。或者

2. 在税务局的官网呈交(政府非常鼓励线上呈交)

Visit us

  • 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

KTP Lifestyle (Our internal community for our colleagues)

KTP Career (Our job platform for interns, graduates & experienced candidates )

THK (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

Common traits of shadow director

Common traits of shadow director
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𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐚𝐭 𝐢𝐬 𝐜𝐨𝐦𝐦𝐨𝐧 𝐭𝐫𝐚𝐢𝐭𝐬 𝐨𝐟 𝐬𝐡𝐚𝐝𝐨𝐰 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐀𝐜𝐭 𝟐𝟎𝟏𝟔?

Share with us the other common traits of the shadow director in the comment section.

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

𝐓𝐇𝐊 (Account/Payroll, Secretarial & Advisory)

𝐊𝐓𝐏 (Audit, Tax & Advisory)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Special Reinvestment Allowance 2020 - How/What to claim?

Special Reinvestment Allowance 2020 - How/What to claim?
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Overview of Special Reinvestment Allowance

An eligible manufacturing and agriculture company is entitled to claim Reinvestment Allowance (RA) and is to be deducted against the statutory income in the basic period for a year assessment.

However, how much is the entitle amount of RA to an eligible company? Any restriction to be applied on RA?

Key takeaways:

You will understand: -

1.     The calculation of RA and deduction against statutory income.

2.     Basic understanding of non-Application rule.

3.     The documents to be prepared to claim RA.

 Summary of learning:

 1.Tax treatment of special reinvestment allowance

1.     An eligible company is entitled to claim RA of 60% on the capital expenditure incurred the year of assessment (YA).

 2.     But, it will be restricted against 70% of statutory income. Any unabsorbed RA can be carried forward to next YA.

 3.     With effective from YA 2019, the unabsorbed RA can only be carried forward for a maximum of 7 consecutive years of assessment upon expiry of the qualifying period.

 4.     Any balance of unabsorbed RA after the end of that seven (7) consecutive years of assessment will be disregarded.

 

Example:

In YA 2020, ABC Sdn Bhd incurred a total capital expenditure of RM450,000.00 to increase its production capacity. The statutory income (SI) for the year is RM300,000.

How much is the RA claim by the company in YA2020?

Solution:

The tax treatment and calculation is demonstrated as follow:

-       RA to be claimed by the company is RM270,000 (60% x RM450,000)

-       However, it will be restricted to RM210,000.00 (70% x RM300,000 (SI))

∴ Therefore, the chargeable income to tax of the company in YA 2020 is RM90,000.00 (RM300,000 – RM210,000). The unabsorbed RA of RM60,000 (RM270,000 – RM210,000) will be carried forward to next YA.

 2. Non-Application with Special reinvestment allowance

A company claiming RA is not able to enjoy the following tax incentives in the same year of assessment:

  1. Pioneer status under the Promotion of Investments Act 1986 (PIA).

  2. Investment tax allowances (ITA) under the PIA.

  3. Incentive under Investment Incentive Act 1968 (IIA).

  4. Industrial adjustment allowance under the PIA in respect of a manufacturing activity or a manufactured product (approval granted prior to the coming into operation of section 27 of the Promotion of Investments (Amendment) 2007 Act [Act A1318].

  5. Group Relief for companies under section 44A of the Income Tax Act 1967 (ITA).

  6. Deductions under any rules made under section 154 of the ITA.

  7. Exemption from tax on income under exemption orders made under paragraph 127(3)(b) or exemption under subsection 127(3A) of the ITA.

 3. Claim Procedures for Reinvestment Allowance

1.     The eligible company is not required to apply or get written approval from Inland Revenue Board Malaysia (IRBM).

 2.     However, the company must prepare the RA claim form which can be downloaded from IRBM’s Official Portal.

 3.     The original copy of the RA claim form shall be kept by the company together with all relevant documents.

 Sources:

  • Reinvestment Allowances Part 1 – Manufacturing activity:

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_10_2020.pdf

  • RA claim form:

http://phl.hasil.gov.my/pdf/pdfborang/BORANGTUNTUTANEPS_1.pdf

Visit us

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

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

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who is director under the Company Act 2016

who is director under the Company Act 2016
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𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐨 𝐢𝐬 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫 𝐮𝐧𝐝𝐞𝐫 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 𝐀𝐜𝐭 𝟐𝟎𝟏𝟔?

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

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𝐊𝐓𝐏

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租金收入-税税问与答 Part 1

租金收入-税税问与答 Part 1
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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纳税人常问关于租金收入的tax问题 :

1.租金收入的税率%是多少?

2.为什么这么高 24%?

3.可以扣除assets?

4.亏损可以带到明年吗?

5.何时对租金收入征税?

根据 IRB 公共裁决 Public Ruling第10/2015和第12/2018

如果屋主亲自或委任代理主动提供全面的维修服务 maintenance & support services 在物业上, 那么这个物业租金的收入将归纳于商业收入 (Section 4a business income)。

根据IRB 公共裁决 Public Ruling 第12/2018

如果屋主没有主动或委任代理提供全面的维修服务 maintenance & support services 在物业上, 那么这个物业租赁的收入将归纳于投资收入 (section 4d investment income)

问您 as 房东是否提供主动主动提供全面的维修服务 maintenance & support services 在物业上

If yes… business income

If no … investment income

资本津贴 capital allowance

  • Business Income 4(a)

    本年度还没用完的的资本津贴可转至下一年课税年度

  • Investment Income 4(d)

    本年度还没用完的的资本津贴不可转至下一年课税年度

业务亏损 Business Loss

  • Business Income 4(a)

    允许使用未抵消的业务亏损在下一个课税年度的

  • Investment Income 4(d)

    不允许使用未抵消的业务亏损到下一个课税年度的

营业日期 Commencement Date

  • Business Income 4(a)

    这取决于房产第一次出租的日期 Depends on the date the real property is rented out for the first time

  • Investment Income 4(d)

    这取决于房屋出租的日期 Depends on the date the real property is made available for letting

 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

Latest update on HRDF 2021

Latest update on HRDF 2021
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Latest update on HRDF 2021

Background of HRDF 2021

Gazette order PU (A) 84 * dated 26/02/21 which comes into operation on 1/3/21.

1. Employer with more than 10 or more employees

2. Employer for industry specified in column(2) of Part I of the First Schedule with 5 to 9 employees.

What is benefits of HRDF?

HRDF Levy is a fund that is deposited by employers on a monthly basis.

They can apply for schemes provided by HRDF to attend any programmes recognised by HRDF

The Government Special Fund is an allocation provided by the Government to benefit employers who apply for related schemes offered by HRDF.

What is HRDF rate ?

Section 14(1) of PSMB Act, 2001 stipulates that there shall be paid by every employer to whom the PSMB Act, 2001 applies, a HRD levy in respect of each of his employees at the rate of one per centum (1%) of the monthly wages of the employee.

Section 15(2) of PSMB Act, 2001 stipulates that there shall be paid by employer a HRD levy in respect of each of his employees at the rate of 0.5 per centum of the monthly wages of the employee (applicable to employer who opts to be registered).

An employer who is liable to pay the HRD levy shall pay those levies for the first and subsequent months’ wages commencing from the date the employer becomes liable as stated under the Regulation 7 of the Pembangunan Sumber Manusia Berhad (Registration of Employers and Payment of Levy) Regulations 2001.

The payment of the HRD levy is the responsibility of employers.

Employers are not permitted to deduct the wages of employees under any circumstances for the payment of the levy.

How to register HRDF?

1. Go HRDF website https://www.hrdf.com.my/

2. Click HRDF Employer Registration

3.Follow the procedures

 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

特别自愿报税计划 U trun

特别自愿报税计划 U trun
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特别自特别自愿报税计划愿报税计划

马来西亚税收局 - 罚款

马来西亚税收局 - 罚款
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马来西亚税收局 - 操作准则3/2020

1.  目的

为了说明当纳税人无法依照《1967年所得税法令》第112(3) 条,《1967 年石油所得税法令》第51(3)条和《1976年不动产利得税法令》第29(3)条里所规定的时限内呈报税务报表,将被处以的罚款处分。

准则里的处分包括了:

  • 逾期提交的罚款

  • 如果未在期限内呈报税务报表,将被施以额外的税务

 

2.       税务申报的截止日期

以下是纳税人需要提交税务报表的截止日期:

  • 就业或其他收入但不包含商业收入 - BE, B, P, BT, M, MT, TF, TP, TJ

    4月30日 (无经营生意者)

  • 商业收入 (独资企业、合伙企业)- BE, B, P, BT, M, MT, TF, TP, TJ

    6月30日 (经营生意者)

  • 公司(有限、有限责任合伙人(PLT)、信托机构、合作社)- C, PT, TA, TC, TR, TN, C1

    公司财政年度结束后的7个月内

  • 1976年不动产利得税法 - CKHT 1A, CKHT 1B, CKHT 2A

    转让后的60天内

  3.       逾期提交的罚款率

罚款率是根据逾期的时长来决定的

以下的罚款率是根据《1967年所得税法令》第112(3) 条:-

逾期时长

  • 少于12个月 - 15 % 罚款率

  • 12 - 24个月- 30 % 罚款率

  • 超过12个月- 45 % 罚款率

以下的罚款率是根据《1976年不动产利得税法令》第29(3)条:-

逾期时长

  • 少于12个月 - 15 % 罚款率

  • 12 - 24个月 - 20 % 罚款率

  • 超过12个月 - 25 % 罚款率 

4.       税务局施予的额外税务

  • 税务局有权对未提交税务申报的纳税人予以估计评估并给予处分

  • 当之后实际申报表的税收大于税收局所给予的评估,税务局将会对额外的税务进行额外的税收罚款。

 5.       估计评估的罚款率

法规

  • 1967年《所得税法令》 - 45 % 罚款率

  • 1976年《不动产利得税法令》- 25 % 罚款率

 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • 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

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

疫情当下,国库空虚 IRB 所得税 & SSM 商业注册局 捉什么?

疫情当下,国库空虚 IRB 所得税 & SSM 商业注册局 捉什么?
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主题: IRB & SSM 捉什么?
日期:16th March 2021
时间: 10am - 12pm
疫情当下,国库空虚
IRB 所得税 & SSM 商业注册局
捉什么?
免费让你了解2021 IRB & SSM 走势
Webinar 点击报名:https://bit.ly/3uM6JRL

演讲者
Ms. Qiu Hui - Audit Manager
Ms. Chong - Tax Assistant Manager
Ms. Caroline - Account Assistant Manager
Ms. Lim - Corporate Secretary

 
报名确认后,我们将会通过Whatsapp发送线上研讨会链接给您。
* 此线上研讨会仅开放于KTP和THK客户。

Special Reinvestment Allowance 2020

Special Reinvestment Allowance 2020
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Overview of Special Reinvestment Allowance 2020

Manufacturing and agricultural company are eligible for Reinvestment Allowance(RA) as long as the companies incurred qualifying costs for qualifying projects.

So what is “qualifying cost” and “qualifying project”?


Key takeaways:

You will understand: -

1. Qualifying projects

2. Qualifying costs


Summary of learnings:

A) Qualifying Projects:

Qualifying projects are Expansion, Modernization, Automation and, Diversification. Let me explain by simple illustration as below: -

1. Expansion - Increase of a production capacity

Illustration:

i) Company A increased production from 12,000 units to 20,000 units per month.

ii) Company B is a manufacturer of rubber gloves, which goes into the manufacturing of cotton gloves. [similar products but different materials]
 

2. Modernization - Upgrading of manufacturing equipment and processes

Illustration:

i) Company C acquire new machines to cut down the number of processes, production time, and manpower.


3. Automation - Change manual operation into mechanical operation

Illustration:

i) Company D invested in a robotic arm for packaging which was done manually previously.


4. Diversification - Produce additional or new related products relating to the same industry

Illustration:

i) Company B, a rubber gloves manufacturer goes into rubber shoes.

[same materials but different products]
 

B) What is the Qualifying Cost?

Capital investment incurred for the “qualifying activity” is eligible for reinvestment allowance.


Two types of Qualifying Cost:

i) Factory: New / Extension of factory

ii) Plant and Machinery: New machines use in the production (replacement are not allowed)

Exemptions

  • Capital cost incurred by the director, staff, or third-party usage is exempted.
  • Capital cost which is not incurred for production purpose
  • The company already enjoys other tax incentives. (Such as tax incentives from Promotion on Investment Act 1986, Investment Incentive Act 1968, Group relief or others)

Sources: - Reinvestment Allowances Part 1 – Manufacturing activity:

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_10_2020.pdf

Stay tuned to our next ektp on “Requirements on documentations” and “Tax treatment” on Reinvestment allowance.


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • 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


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)


We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

什么是 e-PCB ?e-Data PCB ?e-CP39 ?

什么是 e-PCB ?e-Data PCB ?e-CP39 ?
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什么是 e-PCB ?e-Data PCB ?e-CP39 ?

e-CP39

适合不需要每个月申报PCB的公司使用。无需申请账号亦可直接使用。

e-PCB

 适用于没有薪资系统 (Payroll System) 的公司使用。雇主需要申请账号方可以此方式申报PCB。

e-Data PCB

 适用于有薪资系统 (Payroll System)的公司使用,通过薪资系统的PCB文档上载申报即可

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

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

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


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • 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


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

THK Management Advisory Sdn Bhd

Wisma THK, No. 41, 41-01, 41-02, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru, Johor, Malaysia.
+6012-771 7903
+607-361 3443
 
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