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What is tax exempted allowance in Malaysia?

What is tax exempted allowance in Malaysia?
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Which allowances and perquisites are totally exempted?

Common tax questions from clients :

1. What income is not taxable in Malaysia?

2. Any tax exempted benefits in kind to employees in Malaysia?

3. Which allowances and perquisites are totally exempted?

Employment Income

Statutory income from employment refers to not only your monthly salary, but also any commission, bonus, allowances, perquisites, benefits-in-kind, and even accommodation.

Exempted Employment Income

Of course, there are certain types of income within this list that does not have to be included in your income for tax purposes – in other words, income that is exempted from tax. If you are given a tax exemption up to a certain value, you don’t have to include that amount in your declaration of income.

Exempted Benefit-in-kind / perquisite

Petrol, travel, toll allowances

Up to RM6,000. If the amount exceeds RM6,000, further deductions can be made in respect of the amount spent for official duties.

Parking allowance, including parking rate paid by the employer directly

Actual amount expended

Meal allowance received on a regular basis

Actual amount expended

Medical benefits (including traditional medicine and maternity expenses) Actual amount expended

Child care allowance for children up to 12 years old

Up to RM2,400.

Benefit, whether in money or otherwise, for past achievements, service excellence, or long service award, etc

Up to RM2,000.

Gift of fixed-line telephone, mobile phone, etc registered in employee’s name

Limited to 1 unit for each asset

Monthly bills for phone or broadband line registered in employee’s name Limited to 1 line for each category of asset

Company goods provided free or at a discount to the employee, spouse, or unmarried children

Up to RM1,000

Subsidised interest for housing, education, or car loan

Fully exempted if total loan amount does not exceed RM300,000. For exceeding amounts, there is a calculation formula that you can find in the explanatory notes to the BE form.

Leave passage (vacation time paid for by employer)

Exempted up to 3x in a year for leave passage within Malaysia (fares, meals, accommodation) and 1x outside Malaysia (up to RM3,000 for fares only)

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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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Difference between the contract of service and contract for service

Difference between the contract of service and contract for service
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Difference between the contract of service and contract for service

FAQ from our CLIENTS :

1. Is EPF compulsory for all employees even though employees agree on the EPF non-deduction?

2. What happens when EMPLOYERS refuse for EPF/Sosco/EIS/PCB/HRDF?

3. What happens when EMPLOYEES refuse for EPF/Sosco/EIS/PCB/HRDF?

We shall explain the important differences between Contract of Service and Contract for Service.

Contract of Service

  • A contract of service is also known as an employment contract. Meanwhile, the roles in the contract agreement are like “Employer & Employee”.

  • The contract agreement can be oral, written, express, or implied.

  • Terms of termination under employment act 1955.

Contract for Service

  • A contract for service can be known as a contract between an independent contractor or sub-contractor providing services to the client. The services could be an assignment or project.

  • The contract agreement is usually in writing.

  • Follow the terms & conditions stated in the agreement.

What are the statutory benefits - Contract of Service

  • Wage period will be one month and the payment of wages cannot be later than the seventh day after the last day of the wage period.

  • The wages must include lawful deductions such as EPF, SOCSO, EIS and PCB.

  • Working hours will be 8 hours a day and total more than 48 hours a week.

  • General paid annual leave, paid sick leave and holiday.

  • Termination, lay-off and retirement benefits.

  • Maternity protection

What is the statutory benefit - Contract for Service

No statutory benefit for independent contractors and sub-contractors. Only follow the terms and conditions stated in the contract agreement.

Example - Contract of Service

ABC Sdn Bhd is a manufacturing company. They hire an internal worker to do the daily cleaning job in the factory. The company and worker have signed an employment contract. This worker also can enjoy the EPF, SOCSO, EIS, and paid leave which are provided by ABC Sdn Bhd. This kind of relationship between employer and employee will be a contract of service.

Example - Contract for Service

ABC Sdn Bhd is a manufacturing company. They engaged a sub-contractor to provide cleaning services for the factory once a week. ABC Sdn Bhd only paid the cleaning fee and without EPF, SOCSO & EIS to the sub-contractor which was agreed and stated in the signed contract. This kind of relationship between contractor and client will be a contract for service.


Summary Contract of Service

  • Has employer-employee relationship

  • The employee does business for the employer

  • Covered by the Employment Act

  • Includes terms of employment such as working hours, leave benefits, etc.

Summary Contract for Service

  • Has client-contractor type of relationship

  • The contractor does business for their own account

  • Not covered by the Employment Act

  • Statutory benefits do not apply

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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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Difference between ISQC 1 & ISQM 1

Difference between ISQC 1 & ISQM 1
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Difference between ISQC 1 & ISQM 1

The International Auditing and Assurance Standards Board (IAASB) issued three Quality Management standards in December 2020.

The three new interrelated standards, which replace International Standard on Quality Control (ISQC) 1 and International Standard on Auditing (ISA) 220, are effective 15 December 20221.

They are:

International Standard on Quality Management (ISQM) 1, which deals with a firm’s responsibilities to design, implement and operate a system of quality management for audits or reviews of financial statements, or other assurance or related services engagements.

ISQM 2, which deals with the appointment and eligibility of the engagement quality reviewer, and the engagement quality reviewer’s responsibilities relating to the performance and documentation of an engagement quality review.

ISA 220 (Revised), which deals with the specific responsibilities of the auditor regarding quality management at the engagement level for an audit of financial statements, and the related responsibilities of the engagement partner.

Today we cover the difference between the old and new standards :

Read the full story in our blog

https://www.ktp.com.my/blog/difference-between-isqc1-isqm1/14feb22

 

Can I buy a Personal car under a Company and Claim Tax Deduction?

Can I buy a Personal car under a Company and Claim Tax Deduction?
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Buy Car under Personal or Company Name?

What is capital allowance

The purpose of capital allowance is to give a relief for wear and tear of fixed assets for business.

Capital allowances are akin to a tax deductible expense and are available in respect of qualifying capital expenditure incurred on the provision of certain assets in use for the purposes of business.

Eligibility of capital allowance

1. Owner of the car;

2. Capital expenditure incurred on the car;

3. The car is in use at the end of basis period;

4. Used for the purpose of the business

WHO is eligible for capital allowance

Legal owner: Entity registered or documented as proof of ownership

Beneficial owner: Entity who incurred the expenditure and payment for the assets (can be proved in books of accounts through supporting documents)

A legal owner who incurs the qualifying expenditure is also the beneficial owner.

If the asset owned is used in his business, the owner is entitled to claim CA.

If a beneficial owner has:

1. Incurred the qualifying expenditure

2. Used the asset for his business,

He is entitled to claim CA although the asset is registered in the name of another person (the legal owner).

Jointly owned assets

What if…

a) more than one person has incurred the qualifying expenditure on an asset,

b) the asset is used in each of their business during the basis period,

c) the asset is registered in the name of one of the beneficial owners or in the name of the third party

WHO is eligible for capital allowance under jointly owned assets

Each of the beneficial owners is entitled to claim CA in respect of the asset.

Basis of apportionment of the CA should be based on his share of qualifying expenditure incurred

Supporting documents

Details of apportionment must be made if more than one person is claiming CA for the same asset.

Source:

IRB Public Ruling

OWNERSHIP AND USE OF ASSET FOR THE PURPOSE OF CLAIMING CAPITAL ALLOWANCES

https://phl.hasil.gov.my/pdf/pdfam/PR_5_2014.pdf

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Does shareholder agreement prevail over constitution?

Does shareholder agreement prevail over constitution?
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Shareholders' Agreement vs Constitution

The differences between are as follow:

Constitution – binds the company, shareholders and directors who initially agreed to adopt a constitution and any future shareholders

Shareholders' agreement – binds those who are parties to it.

Constitution in the Company Act 2016

With the enforcement of the Companies Act (CA) 2016, a private company may now option to adopt a constitution on or after incorporation. Unlike the old regime under CA1965, the company’s Memorandum and Articles of Association (MAA) were mandatory and shall lodge to SSM during registration of the company.

What is a constitution?

The new CA 2016 did not specifically define Constitution and stated it as a legal document recognised by the Companies Act 2016 under Section 34. In short, this legal document specifies the rules and policy in governing the relationship and activities of the corporate, its shareholders and directors.  

It is best to adopt a constitution if:

1) the company has more than one (1) shareholder to avoid any dispute among the directors and shareholders of the company. 

2) the Companies Act 2016 is silent on the policy, the company constitution can be used to fill in the gap.

For example, the Companies Act 2016 states that issuance of new shares requires ordinary resolution, which can be passed through a majority vote. However, members may adopt Company Constitution to specify that the issuance of a new share must be decided with a unanimous vote.

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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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How can I be exempt from audit? Audit Exemption SSM may exempt a company from appointing an audito

How can I be exempt from audit?  Audit Exemption  SSM may exempt a company from appointing an audito
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How can I be exempt from audit?

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

(C) Threshold-Qualified 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

(c) total assets in the current and immediate past 2 financial years do not exceed RM300,000

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

(c) not more than 5 employees at the end of its current and immediate past 2 financial years.

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%)

or

(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, 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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An internal community for our colleagues on work and leisure.

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Form EA 和 CP58 有什么不同?

Form EA 和 CP58 有什么不同?
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Form EA 和 CP58 有什么不同

Form EA

它是一份员工的年度薪酬报表, 报表中 列出员工过去一年的收入福利,每月预扣税(PCB),公积金等等。

CP58

它是一份收入列表将列出支付给代理商,经销商或分销商的现金和非现金奖励。

Form EA 呈报种类

• 工资,薪水,休假工资,佣金,奖金,酬金,花红,董事费,津贴

• 公司汽车,汽油津贴,水电费津贴,电话费津贴,家佣

• 住宿福利

• 失业补偿金

• 退休金

CP58 呈报种类

• 现金奖励:佣金,奖励金,花红

• 非现金奖励: 汽车,房屋,旅行配

套,代金券

Form EA 截止日期

每年2月的最后一天之前须分发给员工

CP58 截止日期

每年3月31日之前须分发给代理商,经销商或分销商

* Form EA 和 CP58 不必呈交给税务局

Form EA 和 CP58 罚款

Form EA 和 CP58 罚款一致,如果没有呈报,将会有RM200至RM20,000的罚款或不超过6个月的监禁,或两者兼施

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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 & EA 有些什么更新

Form E & EA 有些什么更新
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Form E & EA 有些什么更新 ?

最新更新和常见问题

2021年的Form EA 更新了什么?

它添加了减免选项: 通过工资扣除的捐款/礼物 (须是受批准的慈善机构)

Form E & EA 的常见问题

常见问题 1: 怎样填写Form E 表格的Part A?

  1. A1 – 31/12/2021 为止还受雇的总员工人数

  2. A2 – 每月缴PCB的员工人数

  3. A3 – 新加入的员工人数

  4. A4 – 离职的员工人数

  5. A5 – 离职后离开马来西亚的员工人数

  6. A6 – 是否呈交CP21给税务局

常见问题 2: 该如何填写有资格获得税务减免的孩子人数?

这是根据每月薪水计算PCB中所索取的孩子减免人数而不是孩子的总数。

常见问题 3: 怎么填写符合条件的孩子减免总额?

它将分为以下4个选项:

1) 未婚,18岁以下 – RM 2,000.00

2) 18岁以上仍在求学攻读先修班/预科课程证明 – RM 2,000.00

3) 18 岁以上仍在求学攻读高等教育 – RM 8,000.00

4)残障 – RM 6,000.00

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/3KMqTDn

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

https://bit.ly/3u7zZV1

3.     Form E 截至日期为31/03/2021 dated on 12/03/2021

https://bit.ly/35A7yVT

 

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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

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Withholding Tax Malaysia 2022

Withholding Tax Malaysia 2022
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Top 5 Withholding Tax Questions

Introduction - What is Withholding Tax

Withholding tax is an amount withheld by the party making payment (payer) on income earned by a non-resident (payee) and paid to the Inland Revenue Board of Malaysia.

'Payer' refers to an individual/body other than individual carrying on a business in Malaysia. He is required to withhold tax on payments for services rendered/technical advice/rental or other payments made under any agreement for the use of any moveable property and paid to a -resident payee.

'Payee' refers to a non-resident individual/body other than individual in Malaysia who receives the above payments.

Withholding Tax Deduction

The Income Tax Act, 1967 provides that where a person (referred herein as ''payer'') is liable to make payment as listed below (other than income of non-resident public entertainers) to a non-resident person ( NR payee), he shall deduct withholding tax at the prescribed rate from such payment and (whether such tax has been deducted or not) pay that tax to the Director General of Inland Revenue within one month after such payment has been paid or credited to the NR payee.

Top 5 Withholding Tax Questions

1. What is subject to withholding tax?

2. How is tax withholding calculated?

3. Why is withholding tax deducted?

4. When is withholding tax due ?

5. What is the withholding tax rate?

Past blog

Read our past blog on withholding tax in Malaysia
1. 两个重要改变 - 预扣税 (withholding tax) dated 11/11/2021

https://bit.ly/3H7SmwL

2. 马来西亚预扣税 (withholding tax) 的规则概述(第3篇) dated 21/09/2020

https://bit.ly/3tXJqXg

3. 马来西亚预扣税 (withholding tax) 的规则概述(第2️⃣篇) dated 21/09/2020

https://bit.ly/3IG3FN5

4. 马来西亚预扣税 (withholding tax) 的规则概述 (第1️⃣篇) dated 15/09/2020

https://bit.ly/34bgn7R

5. Withholding Tax In Malaysia Part 2 of 2 dated 28/06/2019 (eKTP114) https://bit.ly/3AyvKmE

6. Withholding Tax In Malaysia Part 1 of 2 dated 28/06/2019 (eKTP113) https://bit.ly/32FzgiQ

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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

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

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Program JaminKerja under SOCSO 2022

Program JaminKerja under SOCSO 2022
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What is Program JaminKerja?

A financial incentive is given to employers who make new hires starting January 1, 2022 among apprentices, graduates, vulnerable groups including the disabled, ex -soldiers, ex -prisoners, the elderly and the unemployed.

The government would continue with hiring employees under the JaminKerja wage incentive through the SOCSO with a target of 300,000 employees.

Eligible employee hiring:

1. Apprentice (age 18-30 for executive position only)

  • RM900 incentive from month 1-6

  • Minimum salary RM1,500 with contract 6 month

2. General job seeker (age 16-50 & unemployed for least 60 days)

  • 20% on salary from month 1-6 & 30% on salary from month 7-12

  • RM1,500 with contract 12 months

3. Vulnerable groups (Unemployed at least 180 days, orang asli, ex-army, OKU, age above 50, ex-criminal & etc)

  • 30% on salary from month 1-6 + 40% on salary from month 7-12

  • RM1,200 with contract 12 months

4. Female employees (Unemployed at least 6 months, single mother & etc)

  • 30% on salary from month 1-6 & 40% on salary from month 7-12

  • RM1,200 with contract 12 months

5. Tourism related sectors

  • 30% on salary from month 1-6 & 40% on salary from month 7-12

  • RM1,500 with contract 12 months

6. Replacing foreign workers/expats

  • 20% on salary from month 1-6 & 30% on salary from month 7-12

  • RM1,200 –RM3,000 with contract 12 months

Ineligible Employees

1. Employees receiving Hiring Incentives 3.0

2. Non-Malaysian Citizen

3. Intern or student who haven't graduated

4. Employees who leave voluntarily (unless unemployed for more than 2 months or unemployed for long-time period).

5. Hire employees with family relationships, including parents, spouses, siblings, children and other relatives.

Eligible Employer

1. Registered SOCSO before 01 January 2022

2. Employers from public sectors, federal and state statutory bodies, local government are only eligible for the ''apprentice'' category.

3. Employers are required to pay wages together with SOCSO and EPF contribution on time.

Ineligible Employers

  1. Private employment agencies or outsourcing companies.

More details & application

Application period run from 17.01.2022 - 30.06.2022

Click http://jaminkerja.perkeso.gov.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, 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

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.

#Ktp #Thks

 

 

Program JaminKerja under SOCSO 2022

Program JaminKerja under SOCSO 2022
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What is Program JaminKerja?

A financial incentive is given to employers who make new hires starting January 1, 2022 among apprentices, graduates, vulnerable groups including the disabled, ex -soldiers, ex -prisoners, the elderly and the unemployed.

The government would continue with hiring employees under the JaminKerja wage incentive through the SOCSO with a target of 300,000 employees.

Eligible employee hiring:

1. Apprentice (age 18-30 for executive position only)

  • RM900 incentive from month 1-6

  • Minimum salary RM1,500 with contract 6 month

2. General job seeker (age 16-50 & unemployed for least 60 days)

  • 20% on salary from month 1-6 & 30% on salary from month 7-12

  • RM1,500 with contract 12 months

3. Vulnerable groups (Unemployed at least 180 days, orang asli, ex-army, OKU, age above 50, ex-criminal & etc)

  • 30% on salary from month 1-6 + 40% on salary from month 7-12

  • RM1,200 with contract 12 months

4. Female employees (Unemployed at least 6 months, single mother & etc)

  • 30% on salary from month 1-6 & 40% on salary from month 7-12

  • RM1,200 with contract 12 months

5. Tourism related sectors

  • 30% on salary from month 1-6 & 40% on salary from month 7-12

  • RM1,500 with contract 12 months

6. Replacing foreign workers/expats

  • 20% on salary from month 1-6 & 30% on salary from month 7-12

  • RM1,200 –RM3,000 with contract 12 months

Ineligible Employees

1. Employees receiving Hiring Incentives 3.0

2. Non-Malaysian Citizen

3. Intern or student who haven't graduated

4. Employees who leave voluntarily (unless unemployed for more than 2 months or unemployed for long-time period).

5. Hire employees with family relationships, including parents, spouses, siblings, children and other relatives.

Eligible Employer

1. Registered SOCSO before 01 January 2022

2. Employers from public sectors, federal and state statutory bodies, local government are only eligible for the ''apprentice'' category.

3. Employers are required to pay wages together with SOCSO and EPF contribution on time.

Ineligible Employers

  1. Private employment agencies or outsourcing companies.

More details & application

Application period run from 17.01.2022 - 30.06.2022

Click http://jaminkerja.perkeso.gov.my

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THK (Secretarial, Account, Payroll, Advisory)

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Reinvestment Allowance (RA) on Factory

Reinvestment Allowance (RA) on Factory
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The Myths on Reinvestment Allowance (RA)

What is RA?

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.

The allowance will be withdrawn if the asset for which the allowance is granted is disposed of within five years

Definition of factory

Factory means “portion of the floor areas of a building or an extension of a

the building used for the purposes of a qualifying project to place or install plant or machinery or to store any raw materials, or goods or materials manufactured prior to sale:

1/10 ruling on factory

Provided that in respect of the portion of the building or extension of the building used for the storage of raw materials, or goods or materials, or both, it shall not be more than one-tenth of the total floor areas of the building or the

extension to that building;”

Tax planning tip

The restriction on warehouse/storage issues which taxpayers may not agree.

There are others tax incentive available in Malaysia namely Pioneer Status or Investment Tax Allowance from MIDA which is more business friendly.

Past KTP blog on RA

Read our past blog posting on RA

1. RA part 1 dated 26/02/21

https://www.ktp.com.my/blog/ra-part1/26feb2021?rq=reinvestment%20allowance

2. RA part 2 dated 04/03/21

https://www.ktp.com.my/blog/special-ra-part2/04march2021?rq=reinvestment%20allowance

3. RA part 3 dated 11/03/21

https://www.ktp.com.my/blog/special-ra-part3/11march2021?rq=reinvestment%20allowance

Source


IRB Practice Note 1/2022 - EXPLANATION IN RELATION TO THE DEFINITION OF FACTORY FOR THE PURPOSE OF REINVESTMENT ALLOWANCE CLAIM UNDER SCHEDULE 7A, INCOME TAX ACT 1967

https://phl.hasil.gov.my/pdf/pdfam/PN_1_2022.pdf

PS : Why opt for RA when there are others tax incentives available in Malaysia?

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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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Tax Deduction on Tax and Secretarial Fee 2022

Tax Deduction on Tax and Secretarial Fee 2022
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Tax Deduction on Tax and Secretarial Fee 2022

With the gazette of The Income Tax (Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee (Amendment Rules 2021), we are pleased to highlight the changes.

T&C apply.

Key summary of the special tax deduction of tax and secretarial fee

  1. The secretarial fee and tax filing fee are deductible in the Year of Assessment when the fees are incurred (the words “and paid” are deleted in the 2021 Rules) with effect from the Year of Assessment 2022.

  2. Secretarial and tax filing fees for YA 2020 and 2021 are only tax-deductible when the fees are incurred and paid.

Secretarial Fee

Secretarial fee charged in respect of secretarial services to comply with the statutory requirements under the Companies Act 2016 is deductible.

1. Lodgement of annual return and Financial statements.

2. Change of name

3. Add or delete business activities

4. Retainer fees

5. Issuance or transfer of shares

6. Update register of members and directors

7. Appointment of director or auditor

General secretary charges NOT deductible:

1. Incorporation fee for new company (include professional fees)

2. Fee for acquisition of shelf company (include professional fees)

3. Name search fee to SSM (include professional fees)

4. Preparation of registration documents

5. Company profile printout from SSM

6. Professional fee for preparation of ordinary/ special resolution

7. Professional fee for preparation of other resolution, confirmation letter to bank or solicitor

8. Professional fees for preparation of trust deed

9. Preparation fees for CTC documents

10. Attestation fees for commissioner for Oaths

Tax Filing Fee

A tax agent approved under the Income Tax Act 1967 (Not ACCA member, MIA member, accounting graduate, ex-tax staff..)

  1. Preparation and submission of income tax returns

  2. Estimate of tax payables

A person in respect of services provided for the preparation and submission of returns in the prescribed form for the purposes of:

  1. Section 26 of the Sales Tax Act 2018

  2. Section 26 of the Service Tax Act 2018

  3. Section 19 of the Departure Levy Act 2019;

  4. Section 19 of the Tourism Tax Act 2017

Read our past blog on the special tax deduction on secretarial and tax filing fee :

1. Tax and Secretarial Fee Tax Deduction Malaysia 2020 dated on 31.12.2020

https://www.ktp.com.my/blog/sectaxfee/31dec2020

2. Discover the latest update on tax deductibility for secretarial and tax fee from IRB guideline dated on 2.10.2020

https://www.ktp.com.my/blog/fwwses3ezyrg9gf-7r8xl-aaa5d-739bg-8lcep-c266s-s32bd-wf736-e4xsk-x3fp4-gj5z8-mwgzk-m3696-gw4b5-mmmbe-2nfz4-wxwag-s27pr-ldnya-zkdxr-2flme-xmbx6-n7fdm

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

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Myhijau tax incentive on power solar system in Malaysia

Myhijau tax incentive on power solar system in Malaysia
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Myhijau tax incentive on power solar system in Malaysia

☎️KTP's client tax question :

Any tax incentive on power solar system on my factory ?

秘KTP assistance to our KTP's client

The solar system can be qualified under Green Investment Tax Allowance (GITA):

Conditions:

1. To check solar system is the qualifying asset in the MyHIJAU Directory.

2. Otherwise, the Applicant shall notify the manufacturer or supplier to register under the MyHIJAU Mark.

3. Submit application to MIDA/MGTC before incurred capital costs.

4. Submission before 31.12.2023.

5. GITA of 100% against 70% of statutory income

6. & more

Reference:

MGTC Green Technology Tax Incentives Guidelines

https://bit.ly/3FexEd0

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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

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Special Tax Deduction on Rental Reduction - Extension

Special Tax Deduction on Rental Reduction - Extension
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Special Tax Deduction on Rental Reduction - Extension

Latest update

The qualifying period on special tax deduction on rental reduction extends to 30 June 2022 following the issuance of

1. The Income Tax (Special Deduction for Reduction of Rental to a Small & Medium Enterprise) (Amendment) Rule 2021.

2. The Income Tax (Special Deduction for Reduction of Rental a Tenant other than a Small & Medium Enterprise) (Amendment) Rule 2021.

General information

A tax deduction is given to taxpayers which provide a reduction of rental on business premises of at least 30% of the monthly rental.

All other conditions remain unchanged.

Past Blogs

Read our past blogs on the special tax deduction on rental reduction :

1.      Special deduction on rental reduction to SME and Non SME dated on 23.09.2021

https://www.ktp.com.my/blog/special-deduction-on-rental-deduction/23sept21

2.      Special Deduction On Rental Reduction - Can taxpayer claim with any gazette order? dated on 15.01.2021

https://www.ktp.com.my/blog/special-rental-deduction/15jan2021       

3.      Can you claim special deduction on RENTAL & RENOVATION under PENJANA Stimulus Package now? Dated on 29.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-747ye-d46bb-dhhms-specialdeductiononrentalrenovation

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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)

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Special Tax Deduction on Renovation - Extension

Special Tax Deduction on Renovation - Extension
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Special Tax Deduction on Renovation - Extension

The qualifying period on special tax deduction on renovation extends to 31 December 2022 following the issuance of the Income Tax (Cost of Renovation and Refurbishment of Business Premise) (Amendment) Rule 2021.

Introduction

A special tax deduction on the renovation on business premises is subject to a maximum of RM300,000 incurred for the qualifying period.

All other conditions remain unchanged.

Read our past blogs on the special tax deduction on the renovation :

1. How to claim special tax deduction for renovation? dated on 02.04.2021

https://www.ktp.com.my/blog/how-to-claim-deduction-renovation/02april2021

2. FAQ (English version translated by KTP) on special deduction for the renovation cost Part II dated on 19.03.2021

https://www.ktp.com.my/blog/faq-rennovation-part-2/19march2021

3. FAQ (English version translated by KTP) on special deduction for the renovation cost Part I dated on 17.03.2021

https://www.ktp.com.my/blog/faq-rennovation-part-1/16march2021

4. Special Deduction for Renovation & Refurbishment of Business Premise dated on 29.12.2020

https://www.ktp.com.my/blog/specialdeductionrenovation/2020dec29

5. Can you claim special deduction on RENTAL & RENOVATION under PENJANA Stimulus Package now? Dated on 29.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-747ye-d46bb-dhhms-specialdeductiononrentalrenovation

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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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WSP 5.0 for the tourism industry

WSP 5.0 for the tourism industry
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WSP 5.0 for the tourism industry

WSP 5.0 is only for Tourism industry. No salary restriction according to the FAQ of “SIP Subsidi Upah Bersasar Pertubuhan Keselamatan Sosial (Perkeso)” which issued by PERKESO on 30 December 2021.

Key takeaways:

You will understand the update of the WSP 5.0 as follows: --

1. Who can apply for WSP 5.0?

2. Which business activity is categorised under Tourism Industry?

3. When to apply?

4. How much is the subsidy for each employee?

5. Subsidy for how many months?

6. Do I need to submit the application for WSP5.0 if I have applied before for WSP4.0 or WSP3.0?

7. What type of documents are required for new application?

Summary of learning

1. Who can apply for WSP 5.0?

- Employer and employees who have registered or contributed to Socso before 1 Jan 2022.

- Employer should have registered with the Companies Commission of Malaysia (SSM) or the relevant local authority before 1 Jan 2022.

- Company’s revenue which reduced by 30% or more of total monthly revenue in October/November/December 2021 compared to any month in 2019/2020/2021 prior to the outbreak of the COVID-19 outbreak.

2. Which business activity is categorised under Tourism Industry?

- Hotel, travel agency, money changer and etc, for full listing of business activities under Tourism Industry, may refer to “Lampiran A”.

3. When to apply?

- Effective from 1 January 2022 until 31 March 2022.

4. How much is the subsidy for each employee?

- RM600 per employee per month and up to 500 employees only.

5. Subsidy for how many months?

- 3 months

6. Do I need to submit the application for WSP5.0 if I have applied before for WSP3.0 or WSP4.0?

- Yes, employer has to submit new application through Perkeso website prihatin.perkeso.gov.my.

7. What type of documents are required for new application?

- Employee listing (follow the standard format in PERKESO website);

- Employer’s bank account information (copy of first page of the bank statement);

- Letter of Business Registration Number (BRN) (normally used to open the company bank account);

- SSM/ROS/ROB/relevant local authority registration certificate;

- Declaration form of WSP5.0

Sources

FAQ for WSP 5.0 on 30 December 2021

https://psu.perkeso.gov.my/Erpc-portlet/lampiran/Soalan%20Lazim%20Program%20SIP%20Subsidi%20Upah%20BERSASAR%20PSU5.0.pdf

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Deferment Of Tax For Floods

Deferment Of Tax For Floods
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Deferment Of Tax For Floods

IRB has issued a press release on the deferment of tax payment for taxpayers affected by the recent floods on 28/12/2021.

Key summaries of the media release

Estimated tax instalment CP204 for Dec 2021

  • Deferred to 31/01/22

  • Email to anggarancukai@HASIL.GOV.MY

Payment of PCB/CP 38 for the month of Dec 2021

  • Deferred to 31 January 2022

  • Complete the form in HASIL website

Instalments on audit/investigation/collection/civil suits on Jan 2022

  • Deferred to February 2022

  • Complete the form in HASIL website

Balance of tax payable

  • Taxpayer application but subject to IRB approval

  • Complete the form in HASIL website

Taxpayers are to furnish full supporting documents. IRB will approve based on the merits of each case

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How is an intangible asset accounted for?

How is an intangible asset accounted for?
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How is an intangible asset accounted for?


The accounting for an intangible asset is to record the asset as a long-term asset and amortize the asset over its useful life, along with regular impairment reviews. The accounting is essentially the same as for other types of fixed assets.

What is Intangible assets?

It is an asset which is identifiable, non-monetary without physical substance.

  •  Identifiable - can be separated when acquired

  •  Non-monetary - cannot convertible to cash easily

  •  Without physical substance - unable to touch

Example of intangible assets

  •  Patent

  •  Copyright

  •  Trademark

  •  Brand

  •  Software

  •  Franchise agreements

Recognition and measurement of Intangible Assets

1. Separate acquisition

Measured at cost at the acquisition date

Costs included:-

  •  Purchase price

  •  Import duties, non-refundable taxes, discount or rebate

  •  Any directly attributable cost of preparing the asset for its intended use

2. Acquired as part of a business combination

 Measured at fair value at the acquisition date

Measurement after Recognition

Cost model

Cost

Less: accumulated amortisation

Less: accumulated impairment losses

Amortisation Period

  •  Systematic basis over its useful life

  •  Amortisation begins when the intangible asset is available for use

  •  The amortisation charge shall be recognised as an expense

Amortisation Method

  • Straight-line method or

  • Amortisation method that reflects the pattern in which it expects to consume the asset’s future economic benefits

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LHDN FAQ-Deferment of Tax Instalment 2022

LHDN FAQ-Deferment of Tax Instalment 2022
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LHDN 常见问题解答-延期缴税 2022

LHDN FAQ-Deferment of Tax Instalment 2022

1. SME企业获得的标准是什么?

PMKS 的标准是:

• 在课税年度初,公司的实收资本需少于RM2,500,000.00; 和

• 在课税的年度里,总收入不能超过RM50,000,000.00.

What are the criteria the business gets PMKS status?

The criteria for PMKS are:

• Paid -up capital no more than RM2.5 million for ordinary shares at the beginning of the basis period for a year of assessment; and

• Gross income business amounting to RM50 million and below.

2. 有限合伙企业(PLT) 也有资格延期 给 PMKS 的税?需要的条件标准是什么?

有限合伙的延期付款条件需符合1967年《所得税法令》的第1的2D条件以下:

• 在课税年度初,实收资本贡献(现金或实物)需少于RM2,500,000.00;和

• 在课税的年度里,总收入不能超过RM50,000,000.00.

Is a Limited Liability Partnership entity (PLT) also eligible for deferment tax as given to PMKS? If so, what are the eligibility criteria for LLP to obtain such a deferment?

Yes. An LLP is eligible to obtain deferral of payment based on criteria determination as set out below Paragraph 2D, Table 1, ITA as follows:

• Maximum amount of capital contribution (cash or in-kind) not exceeding RM2.5

million at the beginning of the basis period; and

• Total gross income from business source not exceeding RM50 million for the basis period

3. CP204 的延期付款只限于 课税年度的2022年12月31日还是全部的课税年度呢?

是全部的课税年度,但是延期的付款期限为 2022 年 1 月1日直到 2022 年 6 月 30日。

Is the deferment of payment of CP204 only eligible for all basis periods or limited to the basis period ending 31 December 2022 only?

Deferment of payment of CP204 is eligible for all basic periods from 1 January 2022 to June 30, 2022.

4. 什么是CP204分期付款延期资格

CP204的延期付款资格,是根据LHDNM收到最新的所得税表格 (BNCP).

What is the eligibility for deferment on CP204 installment payment?

Eligibility for deferment of payment CP204 determined based on PMKS criteria as stated in the Return Form Latest Income Tax (BNCP) received by LHDNM.

5. 符合条件的纳税人,是否需要一次缴清CP204延期付款和 CP500?

当呈交报税表格时,有的差距才需要一次缴清收税的余额.

Are taxpayers eligible deferment of payment of CP204 and CP500 need to clear the deferred payment all at once after the deferment period is over?

No. Payment must be made on time submission of ITRF for the year of assessment

relevant if it still has a balance taxes.

6. 延期付款会触发1967年《所得税法令》的第107B(3)和107C(9)条规吗?

不会.

Is there an increase under subsection 107B (3) and 107C (9) of the ITA ?

No. Increase under subsection 107B (3) and 107C (9) of the ITA will also not apply to the taxpayer who gets deferment of payment of CP204 and CP500.

7. 如果在CP204和CP500的延期期间还的延期付款,可以带在没有延期的时间吗?

不可以带下去.

Do the CP204 and CP500 which has been paid in the deferral period can be brought forward to pay of CP204 and CP500 in the post period of deferral period?

No. Such payments are not allowed for brought forward to the month after expiration deferment period or the next year of assessment.

8. 纳税人是否可以选择拒绝延期支付 CP204 和CP500 自动执行此操作并继续分期付款? 如果有,纳税人是否需要通知 IRBM?

是的。 纳税人可以拒绝. 无需通知LHDNM。

Whether taxpayers can opt to reject the deferment of payment of CP204 and

CP500 automatically? If so, are the taxpayers need to inform the IRBM?

Yes. Taxpayers can reject deferment of installment payments immediately and there is no need to inform the parties LHDNM.

9. CP500纳税人是否需要做申请延期付款?

不需要。 符合的纳税人可以延期支付从 2022 年 1 月 1 日至 2022 年 6 月 30 日

Are taxpayers subject to CP500 payment need to make application for deferment of payment?

No. Taxpayers subject to CP500 payment is allowed deferment CP500 payment from 1 January 2022 to 30 Jun 2022.

10. IRBM 是否会通知符合资格的纳税人有关延期付款 CP204 和 CP500的通知.

LHDNM根据最新的报税表格并通过注册的电子邮件,通知符合 PMKS 标准的纳税人.如果没有收到电子邮件的纳税人,但是还是符合资格也可以应许延期.

Whether the IRBM will issue notification to the taxpayer eligible for deferment of payment on this CP204 and CP500

Notifications will only be issued to taxpayers who meet the PMKS criteria based on the information specified in up-to-date ITRF and has a registered email with LHDNM. New taxpayers meet the criteria of PMKS or do not have emails registered with the IRBM will not receive the notification.

However, no notification deferment of payment of CP500 to taxpayers because the delay is

allowed automatically.

11. 如果符合资格延期的纳税人,但是没有注册电子邮件就不会收到LHDNM的通知吗?

是的。符合条件的纳税人如果没有收到允许电邮通知,可以在以下的地址申请:

penangguhancp204@hasil.gov.my

Is the deferment of payment of CP204 possible allowed to the taxpayer qualifies for deferment but does not receive a notification for not having an email registered with the IRBM?

Yes. Taxpayers are allowed to deferment of payment of CP204 subject to applications and notifications submitted by email to the following address:

penangguhancp204@hasil.gov.my

12. 符合延期的纳税人是否可以在第 6 个月/或第9个月/或第11个月对CP204 或CP500做修改?

是的

Are taxpayers can file amendments to CP204 in the 6th month/ or the 9th month and / or the 11th month or make amendments to CP500 before 30 June 2022?

Yes

13. 纳税人是否还会收到CP500

是的

Are taxpayers subject to CP500 will still receive CP500 for the Year of Assessment 2022?

Yes

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KTP Career

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

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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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