Complying with IRB Requests for Tax Information and Documents in Malaysia If you have received the notice/letter under Section 81 of the Income Tax Act 1967, it is compulsory to submit the information to LHDNM within 30 days from the date of the notice/letter. We strongly advise against ignoring any request for tax information and documents from the Inland Revenue Board (IRB) of Malaysia. Such requests are not merely formalities but are a critical aspect of the tax administration process. Here’s what you need to know about these requests and the implications of non-compliance. What is an IRB Request for Information? The IRB is responsible for tax collection and ensuring compliance with tax laws. When they issue a request for information, it typically involves asking taxpayers to provide specific documents or details to verify their tax submissions. This can include income statements, receipts, or documentation related to deductions and exemptions. Legal Obligations Taxpayers are legally obligated to respond to these requests. The Malaysian Income Tax Act 1967 mandates that taxpayers provide accurate and complete information to the IRB. Failure to comply can be seen as an offense under the tax laws. Consequences of Non-Compliance Ignoring a request from the IRB can lead to severe consequences, including: Penalties and Fines: The IRB can impose substantial fines and penalties for non-compliance, which might exceed the amount of tax due. Audits and Investigations: Non-compliance can trigger a more thorough audit of your financial affairs. An audit can be intrusive, time-consuming, and stressful. Legal Action: In extreme cases, the IRB can initiate legal action against individuals or entities that fail to comply with their requests. This can result in criminal charges and potential conviction. Best Practices for Responding Timely Response: Always respond within the timeframe specified in the request. If you need more time, communicate this to the IRB immediately and request an extension. Accuracy and Completeness: Ensure that all information and documents provided are accurate and complete. Any discrepancies can lead to further scrutiny. Seek Professional Help: If the request is complex or you are unsure about the information required, consider consulting a tax professional. This ensures that you are providing the correct information and mitigates the risk of errors. Conclusion While it might be tempting to ignore requests from the IRB hoping they might go away, such an approach can lead to significant legal and financial troubles. It’s crucial to treat these requests with the seriousness they deserve and respond appropriately. Always remember that maintaining compliance is not just about adhering to legal requirements; it's about contributing responsibly to the nation's fiscal health and integrity. Past Blog on IRB Profiling Information System (previously known as Information Collection Program) IRBM Information Collection Program dated 26 May 2022 https://www.ktp.com.my/blog/irbm-information-collection-program/26may2022 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o read more

(Sec Update) Is Common Seal Required in Malaysia What Is Common Seal? In Malaysia, the common seal is a significant component of corporate documentation, representing a stamp or embossing tool used by companies to imprint their official seal on various documents. This seal typically features the company's name and registration number engraved in legible romanised characters, serving as a hallmark of authenticity and authority. It is commonly utilized to authenticate legal documents such as contracts, agreements, deeds, and share certificates, providing assurance and validity to such transactions. Is the use of a common seal mandatory for Malaysian companies? Despite its importance, the use of a common seal is not mandatory under the Companies Act 2016 in Malaysia. However, it remains a prevalent practice among Malaysian companies due to its perceived value in adding an extra layer of authenticity to their documents. Official Seal For Use Abroad Can Malaysian companies use the common seal for transactions abroad? Regarding international transactions, Malaysian companies may employ an 'official seal' when operating outside the country's borders. The official seal is essentially an authorized version of the common seal, augmented with additional information specifying the location where it is intended for use. How can Malaysian companies authorize the use of the official seal for international transactions? Companies may authorize designated individuals, appointed for this purpose and acting under the company's common seal, to affix the official seal to relevant documents. It is imperative that the person affixing the official seal provides written certification on the document, specifying the date and place of sealing. Are there any limitations or conditions regarding the establishment of an official seal for international use? It is essential to note that the establishment of an official seal for international use may be subject to specific limitations or conditions outlined in the company's constitution. Therefore, companies must adhere to any relevant provisions governing the use of official seals for transactions conducted outside Malaysia. Official Seal for Share Certificate A company that has a common seal may have an official seal to seal securities issued by the company, or documents creating or evidencing securities so issued. The official seal, as outlined in Section 63(2), bears distinct characteristics. It must replicate the company's common seal precisely, with the additional inclusion of the word ''Securities'' on its face. This distinguishes it from the common seal, signifying its specific application to securities-related matters. Furthermore, when the official seal is duly affixed to the document in question, it carries the same legal effect as the company's common seal. This underscores the importance and validity of documents sealed with the official seal in the eyes of the law. Key Takeaways In conclusion, the common seal holds significant importance in Malaysian corporate documentation, providing authenticity and authority to various legal documents. While not mandatory, its use remains prevalent among Malaysian companies due to its perceived value in enhancing document credibility. Additionally, for transactions abroad, Malaysian companies may utilize an official seal, authorized for specific international use. The establishment and usage of an official seal, including for sealing securities and related documents, ensure compliance with legal requirements and maintain the integrity of corporate transactions both domestically and internationally. 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

Understanding New Company Tax and Secretarial Filing Requirements in Malaysia Understanding New Company Tax and Secretarial Filing Requirements in Malaysia | KTP & Company Plt Description: Welcome to KTP & Company Plt, your trusted accounting firm in Johor Bahru, Malaysia. In this video, we dive deep into the essential tax and secretarial filing requirements for newly incorporated entities in Malaysia. Whether you're a new business owner or looking to ensure compliance, this guide will provide you with crucial insights. In This Video: 1. Primary Obligations for Newly Incorporated Entities Learn about the fundamental requirements for filing tax returns, annual return, audited financial statement in Malaysia, ensuring your new business starts on the right foot. 2. Post-Registration Taxpayer Responsibilities Discover the necessary steps to take after obtaining your income tax file number, including maintaining accurate records and timely submissions. 3. Commonly Overlooked Tax Matters We highlight the frequent tax issues that new taxpayers often miss and how to avoid these pitfalls. 4. Assessing Tax Estimation and Liabilities Understand how the Inland Revenue Board of Malaysia (IRBM) evaluates tax liabilities and what you need to prepare for accurate assessments. 5. Administrative Considerations: Stay informed about the administrative tasks you must handle to ensure smooth and compliant business operations with IRB and SSM 6. Appointing a Tax Agent: Step-by-step guidance on the process of officially appointing a tax agent to manage your tax-related matters efficiently. 7. Anti-Money Laundering (AMLA) Checklist: We explain the key objectives of the AMLA checklist, its importance, and why it's crucial for individuals and entities to complete it diligently. At KTP & Company Plt, we are dedicated to helping businesses navigate the complexities of tax and secretarial requirements. Subscribe to our channel for more expert advice and stay updated with the latest developments in accounting and taxation in Malaysia. 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

Understanding Transfer Pricing (TP) : A Basic Guide Welcome to our KTP channel! Today's video dives into the essentials of Transfer Pricing (TP), a crucial concept for businesses operating in multiple countries. We'll answer the most common questions about TP in an easy-to-understand manner. Whether you're a business owner, a student, or just curious about how international transactions work, this video is for you! Questions We will Explore on TP : 1. What is Transfer Pricing? - Learn what TP is and why it's important. 2. When are TP Rules Applicable? - Find out the situations where TP rules must be followed. 3. Thresholds for TP Documentation - Discover if there are any minimum requirements for creating TP documents. 4. Essential Elements of TP Documents - Understand what you need to include in a full TP document and a minimum report. 5. Exemptions from Preparing TP Documents - Learn when you might not need to prepare these documents. 6. Submission Requirements - Is it necessary to submit TP documents? We'll tell you. 7. Penalties for Not Furnishing TP Documents - Know the consequences of failing to provide required TP documentation. 8. Effective Date of TP Rules - Find out when these rules started to apply. 9. Challenges of TP Documentation - Discuss the difficulties businesses face with TP documentation. YouTube Video Watch our 30-minute YouTube video, ''Understanding Transfer Pricing (TP): A Basic Guide,'' featuring Mr. Koh Teck Peng, the Group Principal, and Miss Lim Nguan Lian, the Client Relations Manager of KTP | THK. https://youtu.be/Cu6sxaBLXkc Don't forget to like, comment, and subscribe for more insightful content. Hit the bell icon to get notifications about our latest videos. Stay tuned and enjoy learning with us! 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Tax Update) E-Invoice Basic - Consolidated and Self-Billed | Part 2 Introduction Join us for a detailed 20-minute session presented by KTP, a leading auditor and tax agent in Johor Bahru, as We explore the details of e-invoicing, focusing on both consolidated and self-billed e-invoices. This webinar is designed for businesses and professionals seeking to understand and implement these invoicing methods in compliance with the Inland Revenue Board of Malaysia (IRBM) regulations. Webinar Details Part A: Consolidated E-Invoice 1. Understanding Consolidated E-Invoices * Definition and essential features. * Appropriate scenarios for issuing a consolidated e-invoice. 2. Regulatory Compliance * Key deadlines for submitting consolidated e-invoices to the IRBM. 3. Practical Application * Step-by-step guide on issuing a consolidated e-invoice * Mandatory data fields required on a consolidated e-invoice. * Industries and activities where consolidated e-invoices are not applicable. 4. Handling Special Cases * Procedures for issuing an e-invoice upon a later request by a B2C buyer. Part B: Self-Billed E-Invoice 1. Introduction to Self-Billed E-Invoices * What is a self-billed e-invoice? * Transactions that typically require self-billing. 2. Issuance Process * Detailed guide on how to issue a self-billed e-invoice. * Required data fields for self-billed e-invoices. Conclusion: This session aims to equip participants with the knowledge to effectively manage e-invoicing requirements, ensuring compliance and efficiency in their business operations. Whether you are new to the topic or looking to refine your practices, this webinar will provide valuable insights into the world of e-invoices. Video Watch 20 minutes consolidated and self-bill e-invoice video on our Youtube https://youtu.be/Tj7THcbkaTE 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Tax Update) Tax Impact on Director’s Account When a director provides significant advances to a company, it complicates their tax position. IRBM will scrutinize the source of these funds, particularly for large advances, to verify tax compliance. Additionally, unrecorded “sales” in a director's account suggest possible underreporting of company income. These director’s advances may be viewed as investments, with any returns (like interest) taxable as income for the director. IRBM ensure these transactions involve market-rate interest, are well-documented, and reported correctly. In Malaysia, the tax implications of advances to and from directors are primarily governed by the Income Tax Act 1967 and the relevant Public Rulings issued by the Inland Revenue Board Malaysia (IRBM) Here's a concise overview of the tax impacts and the corresponding legal references: Tax Impact of Advance to Director Benefit in Kind Any interest-free or low-interest loans provided to a director are considered a benefit in kind and are taxable. The difference between the market rate of interest and the rate charged, if any, is deemed interest and must be included in the director's taxable income. Reference: Public Ruling No. 11/2006, “Benefits in Kind”. Deemed Interest If the loan is interest-free or granted at an interest rate below the market rate, the company must calculate deemed interest, which is considered income of the company and a taxable benefit to the director. Reference: Income Tax Act 1967, Section 39(1)(h). Tax Impact of Advance from Director Interest Income If a director lends money to the company and charges interest, the interest income received by the director is taxable under his personal income tax. Reference: Income Tax Act 1967, Section 4(a) which covers the taxability of income from sources of a revenue nature. Documentation and Reporting The company must ensure proper documentation of the loan, including the interest rate, terms of repayment, and use of the loan funds. These loans must be reported in both the company’s and the director’s tax filings. Reference: Public Ruling No. 3/2010, “Director’s Remuneration”. General Provisions Arm's Length Standard Any transaction between the company and its directors should meet the arm's length standard, particularly in the case of multinational corporations to avoid issues of transfer pricing. Reference: Public Ruling No. 11/2006. Disclosure and Record Keeping Companies are required to maintain records of all transactions with directors, including loans and advances, to provide evidence of the nature and purpose of such transactions during audits. Reference: Income Tax Act 1967, Section 82. These points provide a structured look at how tax implications are handled regarding advances to and from directors in Malaysia, adhering to the provisions laid out in the Income Tax Act and the relevant Public Rulings. Always consult with a tax professional or directly refer to the specific legal and tax documents for detailed applications and any updates to the tax ruling and guidelines. 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Tax Update) E-Invoice Basics: Everything You Need to Know | Part 1 Overview Welcome to Day 1 of our in-depth series on e-invoicing! Whether you're a business owner, finance professional, or just curious about digital transformation, this video is your starting point for understanding e-invoices. Here's what we cover: 🔹 Introduction to E-Invoice - Learn what e-invoices are and how they differ from traditional invoicing methods. 🔹 Mandatory Implementation - Discover which businesses are required to implement e-invoicing and the deadlines to be aware of. 🔹 Exemptions Explained - Find out if your business could be exempt from the mandatory e-invoice requirements. 🔹 Sending Mechanisms - We explain the various methods available for sending e-invoices and how to choose the best one for your business. 🔹 Effective Dates & Timeline - Key dates you need to mark on your calendar regarding the rollout of e-invoicing. 🔹 Types & Formats - Overview of different types of e-invoices and the standard formats you should use. 🔹 Process Flow - A step-by-step guide to the process flow of issuing and managing e-invoices. 🔹 Compliance Consequences - Understand the penalties and consequences of failing to comply with e-invoicing regulations. Don't miss this comprehensive guide to getting started with e-invoicing. Subscribe for more insights and updates on e-invoicing and stay ahead in your business! Video Watch 25 minutes CGT video on our Youtube https://youtu.be/9AYgEGh5EVs 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Sec Update) Understanding the Role of Directors under the Companies Act 2016 Under The Companies Act 2016, directors have very important duties and can face severe penalties if they don't follow the rules. This includes big fines or even jail time if they misuse their role or cause financial harm to their company. A key court case, known as ''Delta-Pelita Sebakong Sdn Bhd v. Wong Hou Lianq & Ors And Other Appeals [2020] MLRAU 41,'' showed how important it is for directors to be open about any personal interests they might have in deals the company is considering. This openness is crucial to avoid conflicts of interest and to make sure directors are looking out for the best interests of the company. Therefore, directors play important roles in steering the course of a company. The Companies Act 2016 outlines the duties, powers, and responsibilities of directors within Malaysian companies. Understanding these provisions is essential for directors to fulfill their obligations effectively and ensure the sustainable growth and success of their organizations. Duties of Directors Directors owe fiduciary duties to the company, including: 1. Duty of Care, Skill, and Diligence Directors must act with reasonable care, skill, and diligence in the performance of their duties. This involves making informed decisions, staying informed about the company's affairs, and thinking carefully before making decisions. 2. Duty to Act in Good Faith: Directors must act honestly and in the best interests of the company, prioritizing its success over personal interests or relationships. 3. Duty to Avoid Conflicts of Interest: Directors must avoid situations where their interests conflict with those of the company. If a conflict arises, directors must disclose it and refrain from participating in related decisions. 4. Duty to Not Misuse Information or Position: Directors must not misuse confidential information or their position for personal gain or to the detriment of the company. Powers of Directors Directors are empowered to manage the company's business and exercise its powers, subject to the company's constitution and any restrictions imposed by shareholders through resolutions passed at general meetings. These powers include: 1. Power to Manage: Directors are responsible for managing the company's day-to-day affairs and strategic direction. 2. Power to Delegate: While directors can delegate certain tasks, they remain ultimately responsible for the company's actions and decisions. 3. Power to Enter Contracts: Directors have the authority to enter into contracts on behalf of the company, subject to any limits set by the company's constitution or shareholders. Conclusion Directors play a crucial role in the governance and success of companies, and their responsibilities are outlined in detail under the Companies Act 2016. By understanding and fulfilling their duties, directors can contribute to the long-term viability and growth of their organizations while upholding the principles of good corporate governance. 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Tax Update) Capital Gain Tax Malaysia Effective 1 January 2024, Malaysia introduced a capital gains tax (CGT) through the Finance (No. 2) Act 2023 under which gains or profits from the disposal of capital assets are treated as income chargeable to income tax under the Income Tax Act 1967 (ITA). Welcome to our guide on Capital Gains Tax (CGT)! If you're new to taxes or finding CGT confusing, don't worry. We, #ktp, here to help you understand everything easily. In this video, we'll explain CGT basics in simple terms. We'll cover when CGT starts, who has to pay it, what it applies to, and more. Let's get started on CGT 1. What is Capital Gain Tax (CGT)? 2. What is the effective date of CGT? 3. Who is liable/ chargeable to CGT? 4. What is the scope of CGT imposition? 5. How are the disposal and acquisition dates be determined? 6. How is the disposal price determined? 7. What constitutes a gain arise from disposal of CG? 8. How are losses treated under CGT? 9. What is the rate of tax? 10. When are returns required to be filed and taxes paid? Video Watch 15 minutes CGT video on our Youtube https://youtu.be/GNtW58J0Bio 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 (Audit, Tax, Advisory) An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients Website www.ktp.com.my Instagram https://bit.ly/3Rko5kN Linkedin https://bit.ly/3sapf4l Telegram http://bit.ly/3ptmlpn THK (Secretarial, Bookkeeping, Payroll, Advisory) A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients Website www.thks.com.my Facebook https://bit.ly/3nQ98rs KTP Lifestyle An internal community for our colleagues on work and leisure. Tiktok http://bit.ly/3u9LR6Q Youtube http://bit.ly/3ppmjyE Facebook http://bit.ly/3ateoMz Instagram https://bit.ly/3jZpKLo KTP Career An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates. Instagram https://bit.ly/3u2PxHg Facebook http://bit.ly/3rPxz9o #Thk #KTP read more

(Sec Update) The Amended Occupational Safety and Health Act The Minister of Human Resources in exercise of the powers conferred by subsection 1(2) of the Occupational Safety and Health (Amendment) Act 2022 – Act A1648 and subsection 1(2) of the Factories and Machinery (Repeal) Act 2022 – Act 835, appoints 1st June 2024 as the date on which the Act A1648 and Act 835 comes into operation. The Act A1648 and Act 835 will affect all organizations (exemption is given to domestic workers, the Malaysian army, and workers on board ships) regardless of risk level and nature of business. With effect from 1st June 2024, some provisions under the Factories and Machinery Act 1967 (FMA 1967) [Act 139] will be migrated as new regulations under the Occupational Safety and Health (OSHA 1994) [Act 514]. We set out below the key changes under the Amended OSHA as below Implementation and Scope: Effective Date The new amendments, Acts A1648 and Act 835, will be enforced starting 1st June 2024. Affected Legislation Provisions from the Factories and Machinery Act 1967 are integrated into the Occupational Safety and Health Act 1994. Coverage The updated legislation applies to all workplaces across Malaysia, including public services and statutory authorities, but excludes domestic workers, the Malaysian army, and maritime workers. New Regulations and Provisions Risk Assessments and Emergency Procedures Employers are required to conduct thorough risk assessments and develop procedures to handle emergencies at the workplace. Principal's Responsibilities A new duty for principals to ensure the safety of contractors and subcontractors, emphasizing the safety of workers under their directive control. Workers' Safety Rights Workers now have the right to remove themselves from situations of imminent danger without repercussions. Occupational Health Services Mandatory health services and the designation of an OSH Coordinator in organizations with five or more employees. Training and Licensing Specific training is mandated for certain classes of persons, along with integrity and licensing requirements for machinery. Penalties The penalty structure is revised with significant increases, including fines up to RM500,000 and/or imprisonment for severe violations. Appointment of occupational safety and health coordinator The new provision mandates that employers who operate workplaces not specifically classified under existing regulations, and who have five or more employees, must appoint an Occupational Safety and Health Coordinator (OSH Coordinator). The primary responsibility of the OSH Coordinator is to manage and coordinate safety and health issues at the workplace. This role is distinct from that of a Safety and Health Officer (SHO), who is tasked with ensuring compliance with the Occupational Safety and Health Act (OSHA) and its regulations across different workplaces. Specific Regulatory Updates Plant Certification and Licensing New regulations under the Occupational Safety and Health (Plant Requiring Certificate of Fitness) Regulations 2024 and the Occupational Safety and Health (Licensed Person) Order 2024 detail requirements for plant operations and certifications. Director and Officer Liability Directors and specified office bearers are made jointly and severally liable for safety breaches, with provisions for defense in cases of unknowing violations. Enhanced Notification and Inspection Notification Requirements Expanded obligations for reporting the usage of workplace premises and activities, focusing on proactive enforcement. Certification of Fitness Stringent standards for the certification and inspection of plants, ensuring their operational safety and compliance. Overall Impact These amendments aim to enhance workplace safety across all sectors in Malaysia, increasing accountability, broadening the scope of coverage, and reinforcing the regulatory framework for occupational safety and health. The increased penalties and comprehensive coverage intend to foster a safer working environment nationwide. 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