(Tax Update) Exemption of Foreign Source Income IRB has issued a technical guidelines on “Tax Treatment in Relation to Income received from Abroad (Amendment)” dated 20 June 2024. The Amended Guidelines replace IRB’s Technical Guidelines on Tax Treatment in relation to Income Received from Abroad (Amendment) dated 29 December 2022.. The amendments to the tax guidelines on foreign-sourced income received in Malaysia, which are effective from January 1, 2022, introduce more flexible criteria for taxpayers seeking exemptions on this type of income, specifically dividend income. Here's a detailed breakdown of the key changes and what they mean: Previous Guidelines Under the old rules, to qualify for an exemption on foreign-sourced dividend income, taxpayers had to meet all three of the following conditions: Economic Substance Requirement : There needed to be substantial business activities in the country from where the income originated. Taxation of Dividend Income : The dividend income must have been subject to tax in that foreign country. Headline Tax Rate : The foreign country's corporate tax rate had to be at least 15%. New Amendments - Eligibility for Tax Exemption Applies To : The exemption applies to resident companies, resident limited liability partnerships (LLPs), and resident individual partners involved in a partnership business in Malaysia (IIP). Duration : From January 1, 2022, to December 31, 2026. Conditions for Exemption : Option A: a) The dividend income must have been taxed in the originating country. b) The highest tax rate (headline tax) in that country must be at least 15%. Option B: Comply with the economic substance requirements, demonstrating significant business activities in the foreign country. Clarification on Determining the Headline Tax Rate The guidelines provide additional clarity on when the headline tax rate is determined, which is illustrated in Examples 6 and 7. This helps in understanding how to evaluate the tax rates applicable at the time the income was earned. Detailed Economic Substance Requirements Specified Economic Activities The guidelines specify what constitutes economic activities for both investment holding entities and non-investment holding entities, clarifying what activities need to be conducted to meet the substance requirements. Employment of Service Directors A service director employed under a contract of service is recognized as an employee, which aids in meeting the economic substance criteria. Outsourcing Permitted Outsourcing of specified economic activities is permissible, provided certain conditions are met. This allows flexibility in how companies manage and report their business activities in foreign jurisdictions. Why These Tax Updates Matter These detailed updates make it clearer for Malaysian entities and individuals who earn foreign-sourced dividend income to understand and comply with the requirements for tax exemptions. The options provided for meeting the exemption criteria (either through tax status and headline tax rate or through economic substance) offer flexibility, accommodating different business models and international arrangements. Furthermore, the clarifications on economic substance requirements and the conditions for outsourcing ensure that businesses can plan their operations and tax strategies with greater certainty. The acknowledgment of service directors and the conditions for outsourcing help in structuring business operations efficiently while complying with tax laws. Source IRB’s Technical Guideline Tax Treatment In Relation To Income Received From Abroad https://www.hasil.gov.my/media/fzofh1gz/20240620-guidelines-tax-treatment-in-relation-to-income-received-from-abroad-amendment-june-2024.pdf read more

(Tax Update) Maximizing Tax Incentive with Investment Tax Allowance At KTP, we understand the complexities that manufacturers face, particularly in navigating the realm of tax incentives. A significant opportunity currently available is the Investment Tax Allowance (ITA) which can substantially benefit companies involved with promoted products in the manufacturing sector. Here’s why you should consider this incentive for your business growth and innovation strategies. What is the Investment Tax Allowance (ITA)? The ITA offers a lucrative tax incentive for manufacturers that produce specific promoted products in Malaysia. This allowance is essentially a tax deduction from the qualifying capital expenditure incurred by businesses, aiming to boost domestic manufacturing capabilities and technological advancements. Benefits of the Investment Tax Allowance Attractive Allowance Rates Businesses can claim an allowance of up to 100% on their qualifying capital expenditure. This makes a significant impact on reducing the overall taxable income, thus lowering tax liabilities and enhancing cash flow. Wide Range of Promoted Products The ITA covers a diverse array of manufacturing activities and products, from high-tech electronics to resource-based manufacturing such as palm oil biomass and rubber. This inclusivity ensures many sectors can benefit from the allowance. Enhanced Competitiveness By reducing tax burdens, companies can reinvest savings into further innovation, quality improvement, or expansion, enhancing their competitive edge both locally and globally. Support for High Technology and Small Scale Companies Special provisions under the ITA support high technology and small scale companies, encouraging startups and SMEs to invest in innovative and high-value manufacturing. How to Qualify for the Investment Tax Allowance To be eligible, companies must engage in the manufacture of promoted products as determined by the Ministry of International Trade and Industry in concurrence with the Ministry of Finance. Companies must also meet specific criteria and conditions outlined by the Malaysian Investment Development Authority (MIDA). Applying for the Investment Tax Allowance Applications must be submitted in writing to MIDA, with all necessary documentation and adherence to the outlined guidelines. Approval from MIDA not only secures the tax incentive but also affirms the strategic importance of your business operations within the sector. Conclusion At KTP, as your trusted tax agent and advisor, we are here to assist you in navigating the application process, ensuring compliance, and maximizing the benefits from the Investment Tax Allowance. If your business is part of the manufacturing sector and you're looking to leverage this incentive, visit our website at www.ktp.com.my or contact us today for a detailed consultation. 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) Can a landlord claim Industrial Building Allowance on his/her building? Navigating the tax benefits associated with Industrial Buildings (IB) and the Industrial Building Allowance (IBA) in Malaysia can significantly impact your business’s financial planning. This blog post, tailored for KTP’s clients with minimal tax knowledge, breaks down these concepts into understandable segments. Here, we reference the Public Ruling 8/2016, Public Ruling 8/2016 and Schedule 3 of the Income Tax Act 1967 which provides the guidelines on IBA. Understanding Industrial Buildings (IB) An industrial building in Malaysia includes properties used for manufacturing, processing, storage, or any other similar industrial purposes. These buildings are pivotal for businesses involved in production and operations, making them eligible for tax deductions through the IBA. Here’s a more detailed list of the types of buildings that can qualify for IBA, as described in the public ruling o 3/2018, 8/2016 and Schedule 3 of the Income Tax Act 1967 Factories : Buildings used primarily for manufacturing or processing goods and materials. This includes all structures used in connection with manufacturing, such as storage facilities for raw materials and finished products if they are on the same site as the factory. Warehouses : Specifically those used in connection with a qualifying industrial activity, such as storage of goods to be processed or manufactured. Workshops : Buildings where goods are produced or repaired, as long as they are part of a larger industrial operation. Buildings used for Research and Development : Buildings used specifically for industrial or scientific research related to the manufacturing process. Buildings housing Industrial Power Generation : Includes buildings that house machinery used for generating power for industrial activity, as long as the power is used for operating the industrial facility. Agricultural Buildings : Includes buildings used for the processing of agricultural produce, such as mills for processing rice or sugar. Buildings used in Mining and Quarrying : Any building used directly in connection with mining operations or the processing of minerals. Business Operator is the Owner of the Building Commencing from the year of assessment 2016, the provision under subparagraph 16B(1), Schedule 3 of the ITA clarifies that a person who is eligible to claim IBA must be the owner and business operator of the above-mentioned types of industrial buildings. A building owner who rents out his building to another person to carry on the business is not eligible to claim IBA on that building although the tenant uses it as an industrial building. It is important to note that the tenant is eligible to claim IBA in respect of the capital expenditure incurred by him on alteration or renovations on the building that he uses as an industrial building. What is Industrial Building Allowance (IBA)? IBA is a tax relief mechanism designed to encourage the construction or purchase of industrial buildings. It allows businesses to deduct a percentage of the expenditure incurred on these buildings from their taxable income, effectively reducing the overall tax burden. For detailed rate (initial and annual) allowance, you may refer to the Public Ruling 8/2016 Industrial Building Part 1.   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

(Tax Update) Investment Holding Company As Per Public Ruling In Malaysia, there are special businesses called Investment Holding Companies (IHCs). Unlike regular companies that sell products or services, IHCs make money by managing investments like shares, properties, or earning interest. Public Ruling 2/2024, issued by the Inland Revenue Board of Malaysia, is titled “Investment Holding Company” and was released on May 28, 20241. It replace the old Public Ruling 10/2015 on IHC. It provides guidance on the interpretation of tax laws, policies, and procedures related to investment holding companies. This ruling is intended to assist both the public and officers of the Inland Revenue Board by clarifying the Director General of Inland Revenue’s stance on specific tax matters. What is an Investment Holding Company (IHC)? Think of an IHC as a big boss who controls various valuable assets—like owning stocks in different companies, real estate, or bonds. Their main job is to look after these investments and earn money from them, rather than selling goods or everyday services. An IHC means a company whose activities consist mainly in the holding of investments and not less than 80% of its gross income other than gross income from a source consisting of a business of holding of an investment (whether exempt or not) is derived from the holding of those investment. What is a Business of Holding of an Investment ? A company is involved in renting out property and also offers maintenance or support services for those properties. This means that besides allowing someone to use the property based on a lease or rental agreement, the company takes care of the property by providing upkeep services like cleaning, repairs, and managing facilities such as lifts, stairs, and outdoor areas like parking lots and gardens. How Are IHCs Taxed? Here’s how IHCs are taxed depending on the type of income they receive: Money from Shares (Dividend Income): When IHCs receive dividends from the shares they own, this income is not taxed again. Why? Because the company distributing the dividends has already paid taxes on those profits. Money from Interest (Interest Income): If an IHC earns interest from things like fixed deposits or bonds, this income is taxable. The IHC must report this income and pay taxes just like any other company. Money from Renting Out Property (Rental Income): Just like interest, any income from renting out property owned by the IHC is taxable. What About Expenses? All businesses incur costs, but not all expenses can reduce their taxable income. The tax treatment for an IHC depends on whether the IHC is or is not listed on the Bursa Malaysia. The special tax treatment for an IHC is provided under section 60F of the ITA for an IHC not listed on the Bursa Malaysia For IHCs not listed on Bursa Malaysia, only expenses directly linked to earning taxable income are deductible. For example, costs to manage a rental property can be deducted from the rental income. However, general expenses like office supplies or company events are not deductible. Why This Matters to You Investment Holding Company (IHC) can no longer be considered as SME starting year 2020. That means it shall no longer be kept as 17% tax rate but 24% now. Difference Between Old and New Public Ruling IHC Expenses and deduction related to single-tier dividend Capital allowance and deductions relating to single-tie dividends are to be disregarded Time Limit for Unabsorbed Business Loss Carried Forward Restrict to carry forward unabsorbed business loss for a period of 10 years with effect from YA 2019 Conclusion For more detailed information, you can check the Public Ruling 2/2024 from the Inland Revenue Board of Malaysia titled ''Investment Holding Company,'' released on May 28, 2024. This ruling provides guidance on tax laws related to IHCs and is intended to help the public and tax officers understand specific tax matters better. You can view the full document on the official website of the Inland Revenue Board of Malaysia or consult with a tax professional for deeper insights. 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. 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(Tax Update) E-Invoice : FAQ Part 1 Welcome to KTP's definitive guide to e-invoicing! As your trusted auditors and tax agents, we're here to simplify the transition to e-invoices for everyone. Whether you're a business owner, accountant, or just getting to grips with digital invoicing, this video is packed with essential information and answers to your most asked questions. Dive into our FAQ Part 1 session to ensure your business stays compliant and ahead of the curve with e-invoicing. Timestamps: 0:00 - Introduction to E-Invoicing 1:15 - Implementation Timelines Explained 3:50 - Understanding Mandatory Data Fields 6:30 - The Future of Handwritten Invoices 8:45 - Handling Staff Expenses and Claims with E-Invoices 11:10 - Conclusion and Additional Resources FAQs on E-Invoice Implementation: 1. Implementation Timeline Scenario 1 If your company’s e-invoice implementation date is set for 2025 but your client’s date is 1 August 2024, you might need to adopt e-invoicing earlier to accommodate your client's requirements. Adjusting your schedule can ensure seamless transactions and maintain good business relations. Scenario 2 If facing a similar timeline with your supplier, it’s crucial to understand any specific requirements they might have. Early preparation can prevent disruptions in your supply chain. 2. Data Fields With e-invoicing, there might be up to 55 required fields. While this sounds extensive, not all fields may be mandatory for every transaction. It’s important to identify which fields are essential for your specific business context to ensure compliance without overburdening your processes. 3. Issuing Handwritten Invoices/Receipts The shift to e-invoicing doesn't necessarily eliminate the possibility of using handwritten invoices or receipts. However, digital invoices are becoming a standard due to their efficiency and compliance benefits. Check if specific regulations apply to your industry. 4. Staff Expenses and Claims Scenario 1 E-invoices for professional subscriptions under an employee’s name can typically be claimed, provided they align with company policies and are properly documented. Scenario 2 Entertainment expenses billed under an employee’s name can also be claimed. Ensure that such expenses are justified, reasonable, and fall within company guidelines. Scenario 3 For overseas business trips, accommodation expenses invoiced in an employee's name are generally reimbursable. It's crucial these expenses are pre-approved and within the company’s travel policy limits. For more insights and personalized advice on e-invoicing, don’t forget to subscribe to our channel and check out our other resources. KTP is here to help you navigate the complexities of modern business compliance with ease and confidence. YouTube Video on E-Invoice FAQ Watch the 25 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/WjWFAVBy8bc 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) Incorporate a Sdn Bhd in Malaysia Incorporate a Sdn Bhd in Malaysia is a crucial step for businesses looking to establish a legal presence in the country. Whether you're a local entrepreneur or a foreign investor, understanding the process and requirements for setting up a Sdn Bhd (private limited company) is essential. Here, we answer some of the most common questions about incorporating a Sdn Bhd in Malaysia to help you navigate this important business milestone. FAQ on Incorporating A Sdn Bhd 1. Company Name Can I register a Sdn Bhd company as ABC Sdn Bhd and change it to XYZ Sdn Bhd later? 2. Nature of Business How many types of business activities can I register? 3. Director Can a foreigner be a director of the company? 4. Shareholder Do I need a local shareholder? 5. Share Capital How much share capital is required for the new company? Do I need to deposit the share capital into a bank account? 6. Address I don't have a business address right now. Can I use my home address? 7. Company Secretary Who is a company secretary? Why do I need to appoint a company secretary? When should I appoint a company secretary? 8. Timeline How long does it take to incorporate a Sdn Bhd? 9. Process Pre-incorporation: Company name search and approval, with reservation for 30 days. During incorporation: Prepare and submit documents to SSM, get the Certificate of Incorporation and SSM statutory forms. Post-incorporation: Open a bank account, enter a tenancy agreement, apply for a business license and signboard, and set up utilities like electricity (TNB) and water (SAJ). Learn more about each step and ensure your incorporation process goes smoothly! Visit our website at www.ktp.com.my for more details. YouTube Video Watch the 60 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/WjWFAVBy8bc 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

Unclaimed Money Recently, one of our #ktp clients received an audit letter from Unit Wang Tak Dituntut, JANM Negeri Johor. We are pleased to share the details of the letter and remind you about the Unclaimed Money Act 1965. Inspection Notice According to Section 12 (1) of the Unclaimed Money Act 1965, the Registrar of Unclaimed Money or an authorized officer can inspect documents and financial records to ensure your company complies with the act. An inspection will be conducted on your company on 20 June 2024. Please take the following actions: Prepare Documents : Get your books, registers, records, or documents ready as listed in Appendix A. Complete Appendix B : Fill out Appendix B with the information of your company representative involved in the inspection. Return it no later than seven days before the inspection date to the provided email address. Presence During Inspection : Ensure you or a company representative is present with the Inspector throughout the inspection. Failure to cooperate may result in a fine up to RM5,000 or imprisonment for up to three months, or both, under Section 12(4) of the Unclaimed Money Act 1965. About the Unclaimed Money Act 1965 The Unclaimed Money Act 1965 assigns the following roles to the Accountant General, appointed as the Registrar by the Minister of Finance: Trustee for Unclaimed Money : Acts as a trustee for unclaimed money received. Refunds to Claimants : Responsible for refunding unclaimed money to rightful claimants. Compliance Enforcement Ensures companies comply with the Act. Penalties : Imposes penalties for non-compliance. What is Unclaimed Money? Unclaimed money includes: Unpaid Obligations : Money legally due to a person or company but unpaid for more than one year, such as salaries, bonuses, dividends, fixed deposits, and sundry creditors. Dormant Bank Accounts : Bank accounts with no transactions for over seven years, including savings accounts, current accounts, and fixed deposits with automatic renewal. Dormant Trade Balances : Trade creditors or trade debtors with a credit balance dormant for more than two years. How to Register and Lodge Unclaimed Money Record Keeping : Companies must record all unclaimed money in a register. Annual Submission : Lodge the register with all unclaimed money up to December 31 annually and submit it by March 31 of the following year. Guideline on Submission of Unclaimed Money (2020 Edition) For detailed guidelines, please refer to the Guideline on Submission of Unclaimed Money (2020 Edition). Consequences of Non-Compliance Fines : The company and every responsible officer may be fined up to RM20,000. Additional Fines : An additional fine of up to RM1,000 for each day the offence continues. Should you have any questions or need further assistance, please do not hesitate to contact 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) A Complete Guide on E-Invoice Are You Prepared for the Upcoming Changes? As Malaysia moves towards a more digital economy, the implementation of the e-invoicing system marks a significant step. This change, aimed at improving efficiency, transparency, and compliance in business transactions, is something all businesses must prepare for. Here’s an overview to help you understand what’s coming and how you can get ready on E-Invoice. Internal Training on E-Invoice (30-Apr-24) Stay updated and informed through our active learning sessions and knowledge-sharing articles. Join the learning. https://www.ktp.com.my/blog/active-learning-on-sharing-of-knowledge-e-invoice/30apr2024 E-Invoice Webinar For those new to e-invoicing, our webinar series on the basics provides a comprehensive overview. Part 1: Everything You Need to Know (23-Apr-24) : Watch now https://www.ktp.com.my/blog/e-invoice-basics-everything-you-need-to-know/23apr2024 Part 2: Consolidated and Self-Billed Invoices (29-Apr-24) : Watch now https://www.ktp.com.my/blog/e-invoice-basic-consolidated-and-self-billed/29apr202 Latest E-Invoice Guidelines Keeping up-to-date with the latest guidelines is essential. We provide summaries and links to the most recent e-invoice guidelines released by the authorities : IRBM e-invoice Guideline Version 2.30 (09-Apr-24) : Read more https://www.ktp.com.my/blog/irbm-e-invoice-guideline-version-230-6april2024/09apr2024 e-Invoice Guideline 2.1 (01-Nov-23) : Read more https://www.ktp.com.my/blog/tax-update-e-invoice-guideline-2-1/01nov22 e-Invoice Guideline 2.0 (12-Oct-23) : Read more https://www.ktp.com.my/blog/tax-update-e-invoice-guideline-2/12oct23 Industry-Specific FAQs (24-Nov-23) Different industries may face unique challenges. Our FAQ for the Healthcare Industry addresses specific concerns and provides tailored advice. Read the FAQs. https://www.ktp.com.my/blog/e-invoice-faq-for-healthcare-industry/24nov22 Transition Challenges and Strategies (17-Aug-23) Transitioning to e-invoicing may present several challenges. Our article discusses common issues and offers strategies to overcome them effectively. Explore transition strategies. https://www.ktp.com.my/blog/e-invoicing-malaysia-transition-challenges-and-strategies/17aug23 Are You Ready? (10-Aug-23) Preparation is key to a smooth transition. Our guide on readiness checks and essential steps will help your business gear up for the upcoming changes. Find out if you are ready. https://www.ktp.com.my/blog/e-invoicing-malaysia-are-you-ready/10aug23 Coverage and Scope (03-Aug-23) Which businesses are required to adopt e-invoicing? Our coverage article explains the scope and the types of transactions that will be affected. Learn about the coverage.https://www.ktp.com.my/blog/e-invoicing-malaysia-coverage/3aug23 Timeline for Implementation (02-Aug-23) Understanding the timeline for the e-invoicing rollout is crucial for businesses to plan and transition smoothly. We have outlined the key dates and phases of implementation to keep you informed and prepared. Check the timeline. https://www.ktp.com.my/blog/e-invoicing-malaysia-timeline/2aug23 The Workflow of E-Invoicing (31-Jul-23) The e-invoicing workflow involves several key steps to ensure that invoices are issued, received, and processed digitally. Our detailed article on the e-invoicing workflow provides insights into each stage, from creation to approval and archiving. Read more.https://www.ktp.com.my/blog/e-invoicing-malaysia-the-workflow/31jul23 We encourage all our clients to stay informed and proactive in their preparation for the upcoming e-invoicing system. For further details, please refer to the linked articles and feel free to contact us for any specific queries. 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

What is ESG in simple words? In today's business landscape, ESG, which stands for Environmental, Social, and Governance, represents a framework of policies or standard operating procedures adopted by companies to amplify positive impacts and mitigate negative effects across these three dimensions. Socially conscious investors utilize these procedures as screening tools to assess the suitability of potential investments. The environmental criteria assess how well a company acts as a steward of nature, while the social criteria evaluate its management of relationships with employees, suppliers, customers, and local communities. Governance criteria focus on aspects such as company leadership, executive compensation, audits, internal controls, and shareholder rights. By considering all these criteria, a company can develop a comprehensive framework to evaluate its impact on society and the environment, as well as its overall sustainability and ethical conduct. Why is the business world placing significant importance on ESG factors nowadays? Lately, investors have increasingly recognized the significance of ESG criteria when making investment choices. Consequently, numerous businesses have started incorporating ESG principles into their operations and strategic planning. ESG investing is also known as sustainable investing, responsible investing, and impact investing. When evaluating ESG criteria, investors consider a wide array of behaviors, policies, and procedures implemented by the company. ESG investors prioritize companies that demonstrate responsibility towards the environment, act as good corporate citizens, and are led by accountable employees. What factors do sustainable investors take into account when evaluating potential investments? In assessing environmental impact, investors scrutinize corporate practices regarding climate impact, energy consumption, pollution mitigation, natural resource preservation, treatment of animals, and waste disposal. This evaluation encompasses aspects such as greenhouse gas emissions, handling of hazardous waste, and adherence to environmental laws. In examining the social aspect, investors focus on both internal and external stakeholders. They assess whether the company allocates a portion of its profits to the local community and encourages employee involvement in societal welfare initiatives. Furthermore, they consider workplace conditions that prioritize the health and safety of employees. Finally, in the realm of governance, investors evaluate whether a company employs precise and transparent accounting practices, promotes integrity and diversity in leadership selection, and remains accountable to shareholders. They seek assurance that companies steer clear of conflicts of interest in appointing board members and senior executives and refrain from leveraging political contributions for preferential treatment or illicit activities. Final Words on ESG In essence, ESG serves as an assessment method encompassing environmental, social, and governance concerns. Within the private sector, it comprises a set of standards employed to assess a company’s risks and behaviors. This framework plays a vital role in aiding sustainable investors in gauging a company's alignment with their principles and analyzing its overall value for their investment objectives. 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 IRB Tax Audits in Malaysia Here are the top five common questions taxpayers in Malaysia often raise concerning the Inland Revenue Board (IRB) tax audits: Why I kena tax audit? What are the consequences of discrepancies found during an audit? What documents should I prepare for a tax audit? What is the hot issues IRB normally focus in a tax audit? Can I appeal an audit decision? Tax Audit Join us as we talk seriously the crucial aspects of tax audits conducted by the Inland Revenue Board of Malaysia (IRBM). Our experts together with Mr Koh Teck Peng (the Group Principal) and Miss Lim Nguan Lian (the Client Relationship Manager) cover everything you need to know to navigate IRB desk and tax audit with confidence. Key Topics Discussed: Introduction to Tax Audits - What exactly is a tax audit, and why is it important? Objectives of Tax Audits - Discover the main goals of conducting a tax audit. Audit Period - Learn about the coverage period for which your finances may be audited. Audit Triggers - Identify what factors might trigger a tax audit. Conduct of Tax Audits - Understand the audit process and what taxpayers should expect. Preparation for Audits - Find out which documents and records are essential to prepare for an audit. Roles and Responsibilities - Clarify the rights and duties of IRB officers, taxpayers, and tax agents during the audit. Audit Outcomes - Explore potential outcomes and consequences of a tax audit. Handling Penalties - Procedures for the payment of additional taxes and penalties resulting from an audit. Dispute Resolution - Options available for taxpayers who are dissatisfied with their assessment notices. Don’t miss out on expert insights to help you prepare for and respond to IRBM tax audits effectively. YouTube Video Watch the 60 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/muZ_1APeMmU 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