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Company director gets RM2.4 million penalty for failure to file a tax return

Company director gets RM2.4 million penalty for failure to file a tax return
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Company director gets RM2.4 million penalty for failure to file a tax return

Background

A recycling company director incurred a penalty of RM2,437,433 in addition to a fine of RM18,000 at the Magistrates Court here today, for her failure to file tax returns for the assessment years of 2021 and 2022 involving a taxable income of more than RM3.3 million.

She failed to file the returns for the taxable income of RM1,827,149 for the assessment year 2021 and RM1,558,176 for 2022, which meant she should have paid a tax of RM812,478 for both the years combined.

Law of Income Tax Act 1976

The taxpayer was charged under Section 77A(1) of the Income Tax Act 1967 which requires her to furnish a tax return in the prescribed form C for years of assessment 2021 to 2022 to the Director General of Inland Revenue.

Under section 112(1A) of the Income Tax Act 1967, the offense was punishable by a fine not exceeding RM20,000 or imprisonment up to six months or both, in addition to a special penalty of triple the tax payable, upon conviction.

Our Tips to Avoid Hefty Tax Penalty

  • First, get familiar with the tax rules that apply to you. The laws can change, so it's good to stay updated. You could use online resources, attend talks on tax, or hire a tax professional to help you.

  • Second, keep accurate records of your money - what you earn and what you spend. This is important when you're filling in your tax forms and it's helpful if tax officials need to check your details.

  • Third, always pay your taxes and submit your tax return on time. Late payments and late filing can lead to fines. You can set reminders or even automate payments and filing so you don't miss deadlines.

  • Fourth, find out about tax reductions and credits you can get. These can lower how much tax you need to pay.

  • Then, if taxes are too complicated for you, consider hiring a professional and responsible tax professional. They can guide you, help you save on your taxes, and avoid costly mistakes. Consider a tax lawyer when IRB brings you to court.

  • Lastly, take advantage of the Special Voluntary Disclosure Program 2.0 offered by the Ministry of Finance with a 0% penalty.

Source :

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Depression in Workplace

Depression in Workplace
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Depression in Workplace

#depression in the workplace often presents subtly and quietly.

Here are those signs of depression in the workplace :

1. Constant fatigue.

2. Lack of focus.

3. Decreased productivity.

4. Becoming withdrawn or irritable.

5. Less interest in tasks once enjoyed.

6. Persistent lateness.

7. Frequent sick days or extended breaks.

8. Inability to make decisions.

9. Excessive worry about minor issues.

10. Changes in appetite or weight.

11. Discussing feelings of worthlessness or hopelessness.

Final Words

While each symptom alone might not suggest #depression, a combination of these could be an indication that you are are battling this mental health condition.

If you feel not comfortable, discuss your situation with your manager, HR or me. #depressionsupport

RIP Coco Lee.

PS : Authored by Mr Koh Teck Peng, the principal of KTP Group, in his personal LinkedIn https://bit.ly/44dU1fN

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Stamp Duty Order 2023

Stamp Duty Order 2023
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Stamp Duty Order 2023

Stamp duty relief for first-time home buyers

Malaysian Budget 2023 Speech on 24 February 2023 to encourage home ownership was to grant to first-time home owners full stamp duty exemption for the instrument of transfer and loan agreement for homes valued at RM500,000 and below until end-2025, and 75% stamp duty remission for the instrument of transfer and loan agreement for homes valued from RM500,001 to RM1,000,000 until 31 December 2023.1

Gazetted Order

The following subsidiary legislation in respect of Malaysian Home Ownership Initiative (iMiliki) under the Home Ownership Programme 2022/2023 (‘iMiliki Initiative 2022/2023’) were gazetted on 9 June 2023 to give effect to the foregoing initiatives:

1. Stamp Duty (Exemption) Order 2023 [P.U.(A) 176/2023] (‘E.O. 1/2023’);

2. Stamp Duty (Exemption) (No. 2) Order 2023 [P.U.(A) 177/2023] (‘E.O. 2/2023’);

3. Stamp Duty (Remission) Order 2023 [P.U.(A) 179/2023] (‘R.O. 1/2023’); and

4. Stamp Duty (Remission) (No. 2) Order 2023 [P.U.(A) 180/2023] (‘R.O. 2/2023’).

All of the above-referred subsidiary legislation (‘Orders’) are deemed to have come into operation on 1 June 2023.

The exemptions and remissions

  • E.O. 1/2023 exempts from stamp duty any loan agreement to finance the purchase of a residential property through the iMiliki Initiative 2022/2023, the value of which is not more than RM500,000, executed between an individual named in the sale and purchase agreement for the purchase of a residential property (‘SPA’) and any of the financial institutions listed in sub-paragraphs (1)(a) to (1)(i) of Paragraph 2 of E.O. 1/2023.

  • E.O. 2/2023 exempts from stamp duty any instrument of transfer for the purchase of a residential property through the iMiliki Initiative 2022/2023, the value of which is not more than RM500,000, executed by an individual.

  • R.O. 1/2023 remits 75% of the stamp duty chargeable on any loan agreement to finance the purchase of a residential property through the iMiliki Initiative 2022/2023, the value of which is more than RM500,000 but not more than RM1,000,000, executed between an individual named in the SPA and any of the financial institutions listed in sub-paragraphs (1)(a) to (1)(i) of Paragraph 2 of R.O. 1/2023.

  • R.O. 2/2023 remits 75% of the stamp duty chargeable on any instrument of transfer for the purchase of a residential property through the iMiliki Initiative 2022/2023, the value of which is more than RM500,000 but not more than RM1,000,000, executed by an individual.

Common conditions

The exemptions and remissions under the Orders shall only apply if the following conditions are satisfied:

  • the SPA is between an individual and a property developer;

  • the purchase price in the SPA is a price after a discount of at least 10% from the original price offered by the property developer as approved in the Advertising and Sales Permit under the Housing Development (Control and Licensing) Act 1966, the Housing Development (Control and Licensing) Enactment 1978 of Sabah or Housing Development (Control and Licensing) Ordinance 2013 of Sarawak (severally the ‘relevant housing development law’), except where the residential property is subject to controlled pricing;

  • the SPA is executed on or after 1 June 2022 but not later than 31 December 2023 and is duly stamped no later than 31 January 2024; and

  • the individual has never owned any residential property, including a residential property which is obtained by inheritance or gift, which is held either individually or jointly.

Supporting documents

The application for stamp duty relief under the Orders must be accompanied by a statutory declaration by:

  • the property developer confirming the grant of a discount of at least 10% from the original price offered by the property developer as approved in the Advertising and Sales Permit under the relevant housing development law, except for a residential property which is subject to controlled pricing; and

  • the individual named in the SPA confirming that he or she has never owned any residential property including a residential property which is obtained by way of inheritance or gift, which is held either individually or jointly.

Common terminology

For the purposes of the Orders:

‘individual’ means a purchaser who is a Malaysian citizen or co-purchasers who are Malaysian citizens;

‘residential property’ means a house, condominium unit, an apartment or a flat purchased or obtained solely to be used as a dwelling house and includes a service apartment and small office home office (SOHO) for which the property developer has obtained an approval for a Developer’s Licence and Advertising and Sales Permit under the relevant housing development law,

and for the purposes of E.O. 2/2023 and R.O. 2/2023, the value of the residential property shall be based on the market value.

Source :

Skrine - Stamp duty relief for first-time home buyers gazetted

https://www.skrine.com/insights/alerts/june-2023/stamp-duty-relief-for-first-time-home-buyers-gazet

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Form E-107D : 2% Tax Deduction For Commission to Agents, Dealers or Distributors

Form E-107D : 2% Tax Deduction For Commission to Agents, Dealers or Distributors
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(Tax Update) Form E-107D : 2% Tax Deduction For Commission to Agents, Dealers or Distributors

Tax Latest Development

The Inland Revenue Board of Malaysia (HASiL) recently made an announcement on their website, dated 27th June 2023, to inform the public about a new development.

IRB has introduced a new form, called Form e-107D, which is now available for online submission. This form is specifically designed for companies to declare and claim a 2% tax deduction on commission payments made to agents, distributors, or dealers, as outlined in Section 107D of the Income Tax Act 1967.

Key Salient Points

According to HASiL Media Release, the Form e-107D includes functions such as:

a. Online filling in the information of the payer and payee of the commission payments for the

purpose of S.107D;

b. Downloading the CP107D Appendix;

c. Uploading the CP107D Appendix; and

d. Bill Number generation for the purpose of S.107D tax payment via ByrHASiL after the Form CP107D has been submitted.

How to Form E-107D

The Form e-107D can be accessed through the MyTax application at https://mytax.hasil.gov.my/. The MyTax user needs to log in and select the role of Director or Director’s representative to use the Form e-107D.

Taxpayers can also refer to the User Manual of the Form e-107D on HASiL’s website as follows:

HASiL website > MyTax > User Manual > User Manual CP107D

Penalty

• 10% penalty if the payer fails to remit 2% to IRB within 30 days

• Commission is not allowed for tax deduction

Further Reference From on 2% Tax Deduction For Commission

Read our past post on withholding tax on commission to agents :

1. (Latest update) Withholding Tax on Payments to Agents dated on 21.04.2022

https://bit.ly/3uFIQNj

2. Withholding Tax on Payments to Agents dated on 17.03.2022

https://bit.ly/3L3JzOB

3. 2% withholding tax on commission dated on 30.12.2021

https://bit.ly/3hRrk20

4. 预算案 2022 dated 19.11.2021

https://bit.ly/3tKU7dM

5. Budget 2022 - SME edition dated on 18.11.2021

https://bit.ly/3IWhAiR

Source :

HASiL Media Release - E-107D https://bit.ly/3PBZrNs

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Accrual Accounting Concept

Accrual Accounting Concept
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Accrual Accounting Concept

What is Accounting Concepts?

It is the basic rules, ideas, and conditions by which companies record their financial transactions and organize their bookkeeping.

What is the objective of Accounting Concepts?

To achieve the uniformity and consistency in preparing and recording financial reports.

What is the importance of accounting concepts?

• Serves as a uniform set of rules for each step in recording a financial transaction of a company.

• Provides quality management reports and financial statements.

• Helps users to make financial decision by making the reports reliable, relevance, understandable and comparable.

The 5 commonly used accounting concepts:

• Accrual Concept

• Consistency Concept

• Matching Concept

• Going Concern Concept

• Prudence Concept

What is Accrual Concept?

Revenue is booked when it is earned, NOT when cash is received.

Expenses are recorded when they are incurred, NOT when cash is paid out. Accruals can be passed by journal entries at the month/year end.

Example 1:

Goods delivered on 25 May 2023 and Sales Invoice of RM 1,000 issued on 26 May 2023, but money received from customer on 10 June 2023.

To recognize sales on 26 May 2023:

DR Accounts Receivables RM 1,000

(Balance Sheet)

CR Sales RM 1,000

(Income Statement)

Example 2:

Salary of RM 3,000 incurred in May 2023 but payment to staff only made in early June 2023.

To record expenses on 31 May 2023:

DR Salaries RM 3,000

(Income Statement)

CR Accruals RM 3,000

(Balance Sheet)

More accounting concepts to be continued in the next posting…

 

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Common Accounting Mistakes

Common Accounting Mistakes
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Common Accounting Mistakes

Introduction

Accounting is not just for tax reporting purposes, but it can help to identify areas in which costs can be cut or resources can be added to increase the profit and efficiency of the company.

Some accounting mistakes can lead to incorrect financial status presentation and hence wrong business decisions being made.

Let's find out the common mistakes in accounting.

1. Assuming Profit equals Cash Flow

This common misconception by many people will distort the company’s real financial position.

When a company buys machines to increase production, the profit of the company will not be reduced by the same amount of payment for the purchase of machines. Instead, the cost of the machines will be recorded as Property, Plant and Equipment under Balance Sheet.

2. Data Entry Error

Accounting work is all about details. While having an accounting software is essential to efficiency for complex and high transactions, nonetheless, human being can make mistakes whether we are using accounting software or manual way.

For example, wrong double entries being keyed, wrong amount being recorded or deposit paid not deducted from invoice.

It is important to have segregation of duty with other personnel to do the review work to minimize this type of errors.

3. Mix up between personal and business accounts

Many people will feel maintaining 2 bank accounts to separate personal and business accounts as very tedious work. Actually, it is not. In fact, it will smoothen the whole accounting process and increase efficiency.

It is important to have the mindset that business accounts should be strictly for business purpose. If the personal expenses are mixed up with business expenses, the accounts will be scrutinized by the auditors and tax officers even tighter.

Likewise, it is a good practice to do proper filing by separating business and personal bills.

4. Consistency in Classification between Direct and Indirect cost

Cost structure refers to different type of expenses a business incurred, which comprises of direct and indirect costs.

Direct costs are expenses that can be attributed to a specific product, while indirect costs are expenses required to maintain and run a company.

If the classification of the direct and indirect costs is not being identified properly or consistently, it will lead to unusual fluctuation in the gross profit margin. This will further affect decision making made by the company.

5. Not Reconciling Books with Bank/Loan Statements

This process, called reconciliation, helps verify that your financial records match your bank/loan statements. Failing to do this can lead to inaccuracies.

6. Not Accounting for Petty Cash

Small, petty cash transactions can add up over time and lead to noticeable discrepancies if not properly recorded.

7. Inaccurate Depreciation Calculations

Incorrect calculation of asset depreciation can lead to an overstatement or understatement of asset values.

8. Using the Cash-Based Accounting Method

Businesses usually use either cash-based or accrual accounting. Using the wrong method for your business type can lead to discrepancies.

9. Not Back-up Accounting Data

Imagine the consequence if the financial data is lost, stolen or hacked, and you don’t have any back up.

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(Update) New PCB Rate

(Update) New PCB Rate
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(Update) New PCB Rate

Tax Latest Development

Adoption of new tax rates to calculate Monthly Tax Deduction effective from 1 June 2023

The Inland Revenue Board of Malaysia (HASiL) announced the adoption of new tax rates to calculate Monthly Tax Deduction (MTD) effective from 1 June 2023 on its website together with the issuance of the following documents:

✅Amendment To: Specification for MTD Calculations Using Computerised Calculation for 2023 (updated 1 June 2023).

✅Questions for MTD Calculation Using Computerised Calculation Method 2023.

✅ Form PCB/TP1 (1/2023) – Individual Deduction and Rebate Claim Form for the Purpose of MTD and

Explanatory Notes on Form TP1

✅ Form PCB/TP3 (1/2023) – Information Form Related to Employment with Previous Employers in the Current Year for the Purpose of MTD and Explanatory Notes on Form TP3

Budget 2023

The announcement is in line with Section 16(a) of the Finance Act 2023 (Act 845) which was gazetted on 31 May 2023.

Please read our past social media posting dated 7 March 2023 on the ''Revisited Budget 2023 for Individual''

https://www.ktp.com.my/blog/tax-budget-2023-individual/07mar2023

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(Update) Tax Payment to IRBM

(Update) Tax Payment to IRBM
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(Update) Tax Payment to IRBM

The Inland Revenue Board Malaysia (IRBM) stated that the cheque and money/postal orders will no longer be accepted as payment for direct tax as IRBM’s statement dated 12 June 2023.

Key Salients Points of The Media Statement

Revenue Management Centres (Pusat Terimaan Bayaran) wef 1 August 2023

  • CIMB Bank wef 1 August 2023

  • Maybank/Public Bank wef 1 June 2023

  • POS Malaysia wef 1 August 2023

  • Stamp duty counters wef 1 July 2023

Exemptions

  • Advance payment and instalments for audit, investigation, and civil cases submitted to IRB before 1 August 2023.

  • Payment of 2% deduction against the payment of commission to an agent, dealer or distributor under S107D of the Income Tax Act 1967.

Other Tax Payments Issues

  • Revenue Management Centre accepts payment in cash or bank draft on the following :

  • 3% retention sum by acquirer under section 21B of Real Property Gain Tax Act 1976

  • Income tax paid by foreign artists

  • Withholding tax

  • Compound

  • Payment for employees’ Monthly Tax Deductions (MTD) via the IRB’s MTD system can be made via cash, bank draft or online banking or transfer (FPX, TT IBG)

  • Stamp duty payment at stamp duty counters can only accept bank drafts

  • Direct tax payment using the bill number or TIN can be made via IRBM’s MyTax Portal at https://mytax.hasil.gov.my

Sources

IRB media statement 12 June 2023

https://www.hasil.gov.my/media/wm0bqyhj/20230612-kenyataan-media-hasil-pemberhentian-penerimaan-cek-dan-money-order-postal-order-sebagai-instrumen-terimaan-bayaran-di-hasil.pdf

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Allotment of Shares Capital In Malaysia

Allotment of Shares Capital In Malaysia
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Allotment of Shares Capital In Malaysia

In Malaysia, the allotment of share capital plays a pivotal role in the establishment and growth of companies. Share capital represents the financial foundation upon which businesses raise funds and allocate ownership stakes to investors.

The process of allotment involves the issuance and distribution of shares among shareholders, facilitating investment opportunities and facilitating capital infusion.

Through a well-regulated framework overseen by the Companies Commission of Malaysia (SSM), the allocation of share capital not only enables companies to raise funds but also fosters economic development, corporate governance, and investor protection in the vibrant Malaysian business landscape.

What does it mean?

Allotment of Shares where investors invest more money in the company. By doing this, it might or might not affect the share structure of the company. All these mainly depend on the investors’ mutual agreement.

How could it affect the structure of the company?

The investors could decide on investing the same proportion of money according to the existing portion so this would not affect the structure of the company as well as the existing right of the shareholders.

But in there are new investors added in with a certain amount of money injected into the company, these action will directly changing the proportion of shares and rights of the shareholders.

How many ways of allotment of shares?

There are 2 ways you could proceed to increase the paid up capital.

A) Allotment of shares via cash considerations

  • Investors/shareholders injected cash into the company via bank in a lump sum of money to the bank.

  • Must be issued for real value in money.

  • Shares allotted must be paid in full and in cash.

  • Proof evidence of bank in slip.

B) Allotment of shares via otherwise than in cash

  • Investors/shareholders paid on behalf of the company certainly in kind for the sake of the business of the company.

  • proof of management account or other documents.

Who could assist you in the allotment of shares?

You may approach your company’s secretary, he/she will assist you in the allotment of shares in SSM.

What are the documents that will prove the allotment of shares?

After your secretary submitted to SSM, you will receive Section 51 to prove your company’s structure. And you may request Share Certification from the Secretary.

Will the allotment of shares affect the shareholders’ rights in the company?

Subject to the Constitution, a company may issue shares that rank equally with existing shares as to voting/distribution rights. Those shares shall first be offered to the holders of existing shares.

If the offer is not accepted after the expiry of the offer date specified in the notice, the Directors may dispose those shares in such a manner as the directors think is most beneficial to the company.

What are the documents involved in the allotment of shares?

You may receive Section 76, Section 78 and Section 51.

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How To Give Effective Feedback

How To Give Effective Feedback
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How To Give Effective Feedback

As the group principal of the Firm, my role goes beyond overseeing daily tasks. I am responsible for guiding and developing our fellow colleagues to achieve their fullest potential.

One of the most crucial aspects of this process is providing #constructivefeedback. Feedback serves as a valuable tool for growth, and to ensure its effectiveness, the BIC (Behavior, Impact, Change) method can be employed.

BIC Tools

The BIC framework allows me to deliver feedback in a clear, objective, and constructive manner. By focusing on behavior, impact, and change, we create an environment that promotes continuous improvement and open communication.

Let's explore this approach using a hypothetical scenario:

Imagine a situation where a colleague, John, consistently misses assignment deadlines. Instead of resorting to criticism, the BIC method enables me to provide feedback that facilitates positive change.

Here's how BIC can be applied:

1️⃣ Behavior: Begin by identifying the specific behavior we observed. For example, ''John, I've noticed that you have missed three assignment deadlines in the past month.''

Be a factual statement instead of an opinion statement

2️⃣ Impact: Explain the impact of the behavior on the team or assignment. For instance, ''This delay has caused setbacks in the overall assignment timeline and put additional pressure on your colleagues.''

3️⃣ Change: Suggest the desired change and provide support. ''To ensure smooth workflow and timely delivery, it would be beneficial if you could prioritize and manage your time more effectively. I can offer assistance in setting realistic deadlines and exploring time management techniques.''

Benefits of BIC tools

By utilizing the BIC method, we can shift the focus from blame to improvement, encouraging open dialogue and professional development. It fosters a sense of ownership and responsibility within fellow colleagues, empowering them to make positive changes in their work habits.

Remember, the key to effective feedback lies in providing clear, specific, and actionable insights. The BIC method equips managers with a structured approach to nurture growth and development within their teams.

By implementing this tool, we create an environment that fosters continuous learning, collaboration, and overall success.

Source

Authored by Mr Koh Teck Peng, the Group Principal of the Firm, in his personal LinkedIn https://bit.ly/3p2vNWJ

#leadership #feedbackculture #professionalgrowth #KTP #auditfirm #auditor #growthmindset #growth

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How to raise fund for Sdn Bhd?

How to raise fund for Sdn Bhd?
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How to raise fund for Sdn Bhd?

Every business no matter small or big in size requires funds to run and to meet its business requirements. So, a company needs to raise funds to sustain and expand its business, it may raise funds in different ways:-

Common ways to raise funds

1. Right Issue

2. Bonus Issue

3. Preference share allotment

4. Looking for SME financing

5. CrowdFunding

6. Apply for Government Grant

7. Commercial Bank Loans, Debentures and Overdarft

Right Issue

• Right issue is the company offering rights to existing shareholders to buy additional shares directly from the company at a discounted price.

• The number of shares offering by the company is depending on the number of shares of the existing holdings of shareowners.

• The existing shareholders are given the right to take up the shares offer to them or they want to renounce their right.

Bonus Issue

• Bonus Issue is a way of issue of new shares to its existing shareholders according to the same proportion of the existing share percentage,

• it would not dilute the existing shareholders’ equality or rights.

• The company issue bonus shares with the intention to attract retail investors, provide an alternative to a cash dividend, and also reflect a healthy financial in order to attract more fund investing in the company.

Preference share allotment

• Preference share is a share that does not entitle the holder to the right :

  • to vote on a resolution

  • to any right to participate beyond a specific amount in any distribution whether by way of dividend,

  • on redemption, in a winding-up, or otherwise.

• Its means that the founder does not need to give up their control of the company while having access to funds and the investors are assured of priority in getting returns on their investments.

Looking for SME financing

• Small and Medium Enterprise may apply for loans from another servie financial provider who offers targeted financial assistance, such as :

  • bank;

  • other licensed financial institutions

  • peer-to-peer financing.

Crowd Funding

• Crowdfunding is the practice of funding or venture by raising funds from a large number of people, normally the transaction will be via the internet and crowdfunding platform, so these funding sources could leverage the networks for greater reach and exposure.

Apply for Government Grant

• Every year the government has grant a sum of money to a business or individual to support them to grow, implement and establish the ideas or projects with the ultimate intention to grow the country's economy or society's developments.

• There are some grants such as Working Capital Guarantee Scheme (SJMK), Penjana Kerjaya 2.0, Wage Subsidy Programme (WSP 3.0) and etc.

Commercial Bank Loans, debentures and Overdraft

• A company may apply for an amount of money from a certain bank at a certain fixed or floating interest rate for a certain period of time, or the company may withdraw a limit on borrowing on a bank current account with an overdraft amount that may vary on a daily basis.

• On top of it, the company may also raise it funds via issuing debentures which is a long-term loan that is usually secured against a specific or overall assets of the company with committing a fixed date of repayment at a certain fixed rate of interest.

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How to incorporate a company in Malaysia ?

How to incorporate a company in Malaysia ?
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How to incorporate a company in Malaysia ?

How to on Youtube

Watch the full 30-minute video on our YouTube https://youtu.be/K1tEqVH8vM4

Key Information of the Recorded Webinar

  1. Topic : How to setup a company in Malaysia?

  2. Date : 31/03/23

  3. Time : 10:30am

  4. Location : Live Interview (recorded)

  5. Speakers : Jasmine Ma, a licensed company secretary from THK

  6. Moderator : Koh Teck Peng, an approved auditor & tax agent from KTP

Agenda :

1) What company name do you want your company to be called?

2) What words/symbols are prohibited by SSM for you to use?

3) How many directors do you want your company to have?

4) How many shareholders your company will have?

5) Does a company need a secretary?

6) What is the nature of the business of your company?

7) What is your company's paid-up capital?

8) How long for the whole process of incorporation?

9) & more

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(update) Special Voluntary Disclosure Programme 2.0 - Postponed

(update) Special Voluntary Disclosure Programme 2.0 - Postponed
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(update) Special Voluntary Disclosure Programme 2.0 - Postponed

Introduction

With SVDP2.0 expected to commence from 1 June 2023, IRB issued the detailed guidelines and mechanism on 31/5/2023.

But ...

IRB has on their website, and RMC Department on their official social media site, announced that the SVDP 2.0 is now postponed to a date which is to be determined.

My thought on SVDP 2.0 to taxpayers:

1. Understand the Program Guidelines

Thoroughly familiarize yourself with the specific guidelines and requirements of the SVDP you are considering. Each program may have different eligibility criteria, disclosure formats, deadlines, and potential benefits.

Being well-informed will help you make informed decisions and avoid any misunderstandings.

2. Assess Potential Risks and Benefits:

Before proceeding with a voluntary disclosure, carefully evaluate the potential risks and benefits involved. Understand the extent of the relief or benefits offered by the program and weigh them against the risks of potential penalties, interest, or other consequences if the disclosure is not accepted.

Professional advice can help you assess this effectively.

3. Gather Accurate and Complete Information

When preparing your voluntary disclosure, ensure that you provide accurate and comprehensive information. Incomplete or misleading disclosures may be rejected, leading to further complications.

It is crucial to gather all relevant documentation and financial records to support your disclosure.

4. Seek Professional Advice

Engaging a qualified tax professional, such as a tax consultant or lawyer, is highly recommended when participating in an SVDP. They can provide expert guidance, help you understand the implications of the program, assist in preparing the disclosure, and advocate on your behalf during discussions with tax authorities.

5. Comply with Program Deadlines

SVDPs have specific deadlines for making disclosures. Adhere to these deadlines to ensure your disclosure is considered and processed in a timely manner.

Any amount of tax payable must be paid in full by the prescribed due date upon any disclosure. In other words, taxpayers should avoid making declarations at the very last minute.

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How to make tax payment online

How to make tax payment online
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How to make tax payment online

Tax Payment Via ByrHASiL Through FPX Services

The e-payment portal at IRBM website enables taxpayers to pay income tax through FPX gateway. Users need to register for internet banking services with any commercial banks listed as FPX associates.

Payment can be made online at IRBM website www.hasil.gov.my by clicking ‘Perkhidmatan ezHasil’ > ‘ByrHASiL’

Step by step

  1. Go to IRB website https://byrhasil.hasil.gov.my

  2. Select the payment via FPX or FPX using Bill Number

  3. Key in the Bill Number and insert the code

  4. Click the Proceed icon

  5. Ensure the information is correct, select the icon for FPX

  6. The system will display the email address associated with your account. You can update the email address if you want to make any changes.

  7. If you require a notification to be sent to a second email address, you can add it by entering the email address.

  8. Choose the Bank Account Type and select your bank from the list

  9. Click Proceed icon to continue

  10. Once you have selected your bank, a screen will appear prompting you to enter your user ID and password, then log into your bank account.

  11. Upon successful payment and submission, you receive a confirmation email from IRB.

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How can I reduce my share capital in Malaysia?

How can I reduce my share capital in Malaysia?
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How can I reduce my share capital in Malaysia?

What does it mean?

A capital reduction is when a company reduces its share capital to a certain amount of its share capital by making payments to its shareholder out of its capital equal to the amount that the shareholder invested in the company, or it could be by a share buyback.

Why would a company want to reduce share capital?

So, before a company’s director decides to reduce the company's share capital, we need to study why we need to do that: -

It could be: -

1) to create distributable reserves to pay a dividend; or

2) to buy back or redeem its own shares; or

3) to reduce or eliminate losses; or

4) to return surplus capital to shareholders;

5) to change in capital structure; etc

How to proceed with the reduction of share capital?

There are 2 ways you could proceed to share capital reduction.

1) By way of Court Confirmation Procedure (Section116, CA 2016).

2) By way of solvency statement procedure (Section 117, CA 2016).

Why do people choose Solvency Statement Procedure?

1) it is faster

2) it incurs less cost

3) it is more simplified and less tedious

Who could assist you with Solvency Statement Procedure?

  1. Accountant for Solvency Statement preparation and

  2. Company Secretary

Reduction of Share Capital via Solvency Statement Procedure for Sdn. Bhd.

Under Section 115 (b), CA 2016, unless otherwise provided in the constitution, a company may reduce its share capital by a special resolution supported by a solvency statement in accordance with Section 117.

A) Solvency statement

1. All directors have to make a solvency statement in relation to the reduction of share capital within 14 days before the end of the date of a special resolution passed by members of a company to approve the reduction of share capital.

(Solvency statement is not required if the reduction is mainly for the purpose of cancellation of any loss of paid-up capital or unrepresented by available assets.)

2. Special resolution passed by way of written resolution must be accompanied by the solvency statement, or if passed at a general meeting, the solvency statement must be made available for inspection throughout the meeting.

3. The solvency statement must be available for the creditor’s inspection for six weeks at the company’s registered office.

B) Within 7 days after the resolution is passed, the company must send a notice to IRB and the Registrar stating that the resolution has been passed together with the solvency statement. And within the same period, the company must advertise a notice of the reduction of the share capital in one widely circulated in Malaysia in the national language and one widely circulated newspaper in Malaysia in English under Section 117(10).

The company’s creditor will have six weeks from the date of the resolution to give a notice of application from the court to the Registrar to cancel the resolution.

If there is no application for cancellation from the creditors after 6 weeks, the company must lodge the following documents with the Registrar within 2 weeks after the period of 6 weeks under Section 119(1)

a) a copy of the resolution;

b) a copy of the solvency statement, if applicable;

c) a statement made by the directors under Section 117(1) and Section 117(3).

d) a copy of the newspaper advertisement.

C) The capital reduction will take effect once the Registrar has recorded the information lodged to them.

 

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What is Company Secretary?

What is Company Secretary?
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What is Company Secretary?

A Company Secretary is a senior position in a citizen sector establishment. Also known as Compliance Officers, it is one of the positions that is a part of the key managerial personnel (which usually includes the CEO & CFO) of any company.

In large American and Canadian publicly listed corporations, a Company Secretary is typically named a Corporate Secretary.

A Company Secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.

Roles of Company Secretary

 

A.         Helps you with starting a Company (incorporation),

He/she provides you with advice in terms of corporate restructuring, mergers, acquisitions, complying with good corporate governance

 

B.         Advise you on other laws and regulations compliances such as tax issues, business licenses, EPF, Socso, and EIS contributions.

 

C.         Attend and arrange Board or Members Meetings.

He/she assists you in drafting the Agenda, and sending out the notice to ensure that the meeting is properly called, constituted, and carried out according to the laws.

 

D.         Ensure the Company complies with the rules set out in the Companies Act, 2016.

 

E.         Maintain Statutory Records for the Company.

He/she is to ensure that the Company register books are recorded up to date, as well as the records books are kept for a period according to the requirements of the laws.

 

F.         Handle and arrange the Company’s Annual General Meeting.

He/She ensures that the meeting is carried out properly during the whole process of the meeting.

He/She prepares the minutes of the meeting once the meeting is adjourned.

 

G.        Prepare and file the Company’s annual return and audited financial statements with the Directors’ reports.

He/she ensures that the Company is in compliance with these deadlines.

 

H.         Update and maintain the Company’s Statutory Books and documents.

The Company details such as directors, shareholders, paid-up capital, shares and constitution will be changed from time to time.

He/she is responsible for notifying the registrar of the changes and updating all related records.

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Audit Exemption Malaysia

Audit Exemption Malaysia
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Document Required for Audit Exemption

After our sharing on the qualifying criteria for audit exemption, let us further share more information on the documents required for submission of unaudited financial statements to Suruhanjaya Syarikat Malaysia (SSM)

Question :

Do the Company still require to submit a financial report to SSM even though the company is qualified for audit exemption?

Yes, the company is required to prepare the financial statement for submission to SSM.

What are the documents for the submission of the financial statement?

1. Audit Exemption Certificate

In compliance with Section 258 and Section 259 of the Companies Act 2016.

2. Unaudited Financial Statements

In compliance with applicable approved accounting standards.

3. Directors’ Report, Statement by Directors, and Statutory Declaration Under Section 251 and Section 252 of the Companies Act 2016.

Source

For more information on Practice Directive No. 3/2017

  • https://bit.ly/3Bgm0Pf

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Double submission of statutory form to Suruhanjaya Syarikat Malaysia (SSM)?

Double submission of statutory form to Suruhanjaya Syarikat Malaysia (SSM)?
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Double submission of statutory form to Suruhanjaya Syarikat Malaysia (SSM)?

A situation that may encounter on double submission:

• The director of the company submitted the form to SSM (usually over the counter at SSM office) in his/ her capacity without informing the company secretary.

• Appointed Company Secretary submits the same form via SSM system.

The consequences of double submission?

• SSM issued a letter to query both persons (director and secretary) on the submission of the form.

Under some circumstances, the director of the company may not receive the queries from SSM.

Click on this link to retrieve the query:: Pages - e-query (ssm.com.my)

Who to solve the problem?

• Director; or

• Appointed Company Secretary.

How to solve the problem?

1) Cancellation

Cancel the previously submitted form by a notice of withdrawal to SSM with a payment of RM500.00 to SSM.

2) Re-submission after cancellation

Submit again the form by either one of the persons (director or secretary)

3) Follow up

To ensure the completion, need to follow up and check the status via mydata or e-info system to ensure that the form appears in the document listing.

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How to file personal income tax?

How to file personal income tax?
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How to file persona income tax?

Taxpayers can start submitting their income tax return forms through the e-Filing system starting from March 1 of every year, unless otherwise announced by LHDN.

This method of e-filing is becoming popular among taxpayers for its simplicity and user-friendliness.

If this is your first time filing your tax through e-Filing, don’t worry, we’ve got your back with this handy guide on e-Filing.

Step by step

  1. Log into mytax.hasil.org.my

  2. Choose “Identification Card No”

  3. Complete it and click submit

  4. Choose e-CP55PD on the first timer if the digital certificate is not displayed.

  5. Fill in your email address, upload IC, and click submit

  6. You will receive IRB notification within five (5) working days.

  7. Follow step 2 and 3

  8. Mytax dashboard will be displayed

  9. Click ezHasil service and select e-filing

  10. Choose the Form

  11. Select Tahau Taksiran

  12. Complete Part 1, 2, 3, 4 and 5

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How to check personal income tax numbers online?

How to check personal income tax numbers online?
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How to check personal income tax numbers online?

Step 1 : Go to https://mytax.hasil.gov.my

Step 2 : Click “E-draft”

Step 3 : A new page will emerge.

Step 4 : Select “Individual”

Step 5 : Fill in email & phone number. Fill in security phase and click Search

Step 6 : Get your income tax number

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