Malaysian Institute of Accountants

Taxpayers with revenue above RM100m have implemented e-Invoicing by 1 August 2024. However, this journey has not been smooth sailing for many, and some taxpayers are still facing issues with their e-Invoice implementation today. In our half-day seminar to be held on 19 December 2024, find out the common e-Invoicing issues faced by taxpayers in the implementation of e-Invoicing, and how it can be resolved. This seminar is recommended for: - 1st phase taxpayers who still have issues with their e-Invoice implementation - 2nd / 3rd phase taxpayers who wish to know the possible e-Invoice issues so that they can be more well prepared Refer to the brochure below for more information. Don't miss out, register now -> https://lnkd.in/gca3RHAe

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On 11 November 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued a Guidelines for Application to Obtain Approval Under Paragraph 17(1), Schedule 2, Real Property Gains Tax (RPGT) Act 1976. These guidelines outline the procedures for obtaining approval that exempt the disposer or liquidator from paying tax on asset disposals. Refer to the Guidelines here: https://lnkd.in/gQRDKWuR #MAICSA

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❓️Has the Finance Minister Failed to Table the 2025 Budget Estimate According to the Amended 1997 Constitution? Our monitoring of Parliament has revealed that the Finance Minister may have failed to comply with the Amended provision 152 (1) to table the Estimates of Revenue and Expenditure sixty (60) days before the end of the year which was the last day of October 2024. Parliament is also failing its role to monitor the implementation of the 2024 Budget since the First Ordinary Session. More in the link. #Askanwi #Parliament #FinanceMinister #2025Budget https://lnkd.in/eA-sHDaC

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Last friday I had dinner with ex colleagues. All the best to Ayn Natasya She is taking a break before jumping on a new job. ( at least thats her initial plans were) Ayn is full of suprises! I did not know she had an experience as Team Lead in her audit days, she only disclosed this last few weeks before my departure. Met so many people with potential! On my left is Ashman Razaruddin and the center is Faiz H. All the best for upcoming new adventure 🥳 Journey to CFA is long and hard. In front of me is top player of TA departement. Izwin S. Saifullizan and Farah. Girl boss💕 I learn that starting fresh you will be face with many knowledge gap, technical skills that overall impact your competency. This will take time. Patience and consistency is key🔑 Critical measure of exponential growth that is often overlooked is the importance of good environment to grow that is set by strategic leadership. A humbling lesson I witnessed for ambitious young professionals, lack of emotional intelligence is an incompetence for management. Some things to ponder over the years, who knows who end up being in a position of power to shape the course of action.

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I had the privilege of being a moderator in the recent Hasil-CTIM Tax Forum 2024 which was held on 8 May 2024. I covered the last session, the e- invoicing Journey in Malaysia. I must thank Dr Rasyidah Che Rosli, Director of Operations Policy Section, LEMBAGA HASIL DALAM NEGERI and Puan Hanita Ahmad, General Manager, Finance Business Partner and Taxation, Malaysia Airports Holding Berhad for allowing the whole session in a Q&A format that provided insightful clarification and better understanding of e- invoicing from the regulator and corporate perspective. We had a good panel discussion. Some key takeaways from my observation during the moderation session 1. Preparedness When evaluating the level of preparedness from the visibility of the 55 data fields required for e-invoicing, large MNEs in general would fare better than the MSMEs as they are equipped with more advanced systems and database, but it is also essential to address the availability of support staffs and gaps in existing business practice and also involving other government agencies too. Given these complexities, the need to harmonise practices between various authorities becomes crucial to ensure consistent compliance across the board. 2. Getting ready for compliance To facilitate e- invoicing, Malaysia's IRB offers two mechanisms: the MyInvois Portal and an API. Alternatively, businesses can also consider integrating through middleware. Businesses may also experience some challenges in the context of Enterprise Resource Planning (ERP) where some of these systems infrastructure is set up to meet global requirements hence tailoring it to reflect local requirements require more time to implement. 3. Learning from global practices Malaysia is adopting a "catch-all" approach covering all types of transactions. i.e. B2G, B2B, B2C, cross border transactions and all industries. Generally all countries who had implemented experienced positive impacts and Malaysia has set its sight on e-invoicing in pursuit of a more efficient tax administrations anchored on greater transparency. 4. Our Wishlist As Malaysia strides forward with progressive tax reforms, it embarks on transformative odyssey that promises new opportunities that not without some challenges. We have heard many times that the implementation of e-invocing will not be deferred. But, honestly there is never a good timing to implement. What businesses could ask for, while the implementation of the e-invoicing has to be carried on, the Government can consider Not enforcing any imposition of significant penalties for non compliance during this transition and crucial period. I believe with this support, Malaysia can chart a smooth course toward e-invoicing adoption and usher into a new era of taxation. Tax 3.0. KPMG Malaysia Chartered Tax Institute of Malaysia SH Ngeow

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On 5 July 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued the following announcements: 1. Upgrading of MyTax Portal LHDNM issued a media release stating that starting from 12 June 2024, the menu display for the Withholding Tax and Monthly Tax Deduction (PCB) payment statement can be accessed through the MyTax portal at https://lnkd.in/eb952M7. Taxpayers are encouraged to leverage the online services for retrieving all types of Withholding Tax Payments and PCB made from 1 January 2024 onwards as well as printing of receipts from the menu. 2. Deadline for Submission of Business Income e-Return Form for Year of Assessment 2023 LHDNM issued a media release on the following extra time for the submission of business income e-Return Form for Year of Assessment 2023:. Refer to the Media Releases here: https://lnkd.in/gX-kWND3 #MAICSA

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RM70 billion in tax revenue was lost last year due to illegal activities and tax evasion, a loss that highlights the urgent need for e-Invoicing. The transition to e-Invoicing will not only benefit the Inland Revenue Board of Malaysia (LHDN), but also taxpayers and Malaysia as a whole. While adopting e-Invoicing can be a challenge, especially for small and medium-sized businesses, this one-day workshop will guide you through the process, covering the basics and the mandatory governance requirements. Join our 1-day HRDC claimable workshop to: ✅ understand the e-Invoicing landscape in Malaysia ✅ learn essential elements for successful adoption ✅ get hands-on experience with real financial statements Secure your spot today: https://bit.ly/3Wq8eoI #eInvoicing #DigitalTransformation

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On June 4, 2024, the Federal Government Financial Statements 2023 (accrual basis) were signed by the Secretary General of the Malaysian Treasury, YBhg. Datuk Johan Mahmood Merican. I'm finally done with the year end closing 2023. Yeayy! Now, I'm busy dealing with audit queries 🤯 #publicaccounting #dualLedger #FederalGovernmentAccountant #yearEndClosing

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On 25 November 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued a media release stating that starting from 1 January 2025, the electronic submission of Real Property Gains Tax (RPGT) Return Form (BNCKHT) via e-CKHT on the MyTax portal will be mandatory through the following methods: 1. Visit https://lnkd.in/eb952M7. Log in to MyTax by selecting type of identification, follow by entering a password. To apply for a Tax Identification Number (TIN) via the e-Registration link on MyTax portal for those who does not have a TIN. 2. Select ezHASIL Services > eCKHT menu. 3. Choose type of BNCKHT and fill in the required information. Authorised lawyers and licensed tax agents appointed by taxpayers are allowed to access the e-CKHT via the following methods: • Licensed tax agents: TaeF System Version 2.0. • Lawyers: Lawyer Role on MyTax. Refer to the Media Release here: https://lnkd.in/gbziJzQx #MAICSA

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I respect the IRC and IPA decision on de-registering SME registration to operate and freezing of TIN for SMEs who are non compliant to statutory obligations. But I believe there should be some leniency rather than a sudden act. Business today that are global recognized and are currently know as MNC's did not fall from the sky. They all started in the garage, some yielding one sale per month or even no sales a year. If Ford, Toyota etc success can be tied back to its founders country why not give a chance to our SME owners. They are struggling with the absence of resources, finance and proper technology to keep their dream awake. I would not be surprised to see a local SME in PNG producing something that will One time hit the world market. "If they can do it, we can do it" . Looking at the big picture, if the Government has too much on its plate, let the people do what they can to make business. At the end of the day, no one will escape from Tax and it will all come back to where it is due. Priority should be boosting economic growth and activity.

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PRESS RELEASE: MALAYSIA’S NEW MD TAX INCENTIVE: FUELING DIGITAL GROWTH The Malaysia Digital Economy Corporation (MDEC), with the support of the Ministry of Digital (KD) and the Ministry of Finance (MOF), has introduced an innovative tax incentive scheme for Malaysia Digital (MD) companies. The new MD tax incentive scheme offers a range of benefits for digital companies leveraging cutting-edge technologies such as artificial intelligence (AI), cybersecurity, blockchain, and advanced network connectivity. Eligible MD companies can benefit from competitive reduced corporate income tax rate on both intellectual property (IP) and non-IP incomes, alongside investment tax allowance (ITA) for capital-intensive services activities. The scheme’s flexible structure allows companies to enjoy tax incentives based on their specified commitments, thereby fostering growth in high value activities, and rewarding performance. #SayaDigital #MalaysiaDigital

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SSM E-BOS System on Beneficial Ownership I wish to inform that our secretarial division is currently focusing efforts on the e-BOS system during this super peak season. This online platform, provided by the Companies Commission of Malaysia (SSM), facilitates the updating and rectification of beneficial ownership information as mandated by the Companies Act 2016. With effect from 1 April 2024, the Companies (Amendment) Act 2024 mandates all companies to report their beneficial ownership details. This move, spearheaded by the Companies Commission of Malaysia (CCM), aims to bolster transparency and combat financial crimes like money laundering. The e-BOS system, accessible via the SSM4U Portal, is your go-to for compliance. Remember, the definition of "beneficial owner" now includes anyone with significant influence over a company, even if they hold less than 20% of the shares. 🚨 For Sdn Bhd & LLPs, ensure your details are submitted by June 30, 2024, to avoid penalties. Read the full content in our #ktp blog https://lnkd.in/g3nt5uJm #auditor #taxagent #accountingfirm #charteredaccountant

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PKF-CAP Article – Summary of Amendments to Singapore Transfer Pricing Documentation Rules (2024) In this article, we will discuss the amendments made to Singapore's Transfer Pricing Documentation rules and share our insights regarding these changes. https://lnkd.in/gBXhuqNx For more information, reach out to our Transfer Pricing Director, Sahil Seth. #PKF #PKFCAP #Tax #TransferPricing #Compliance #APAC #BusinessInsights

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With close to RM900m being collected under the SVDP 2.0, we can expect that the IRBM will intensify enforcement activities (tax audit and investigation) after 31 May 2024. Even in the recent months, I am experiencing a bit of a rise in cases selected for tax audit and even tax investigation by the IRBM. There is still time until 31 May 2024 for taxpayers to come forward to declare undeclared/under-declared taxes under the SVDP 2.0. To me, it is not so much about the 0% penalty, the real benefit is from securing the closure for the respective assessment years with the IRBM. With a comfortable level of certainty on past taxes, taxpayers can focus on their daily business activities and operations without having to worry too much on the tax authorities knocking at their doors. Nevertheless, voluntary declaration under this programme is not to be done simply. Despite the IRBM has indicated that they will accept declarations made in good faith, taxpayers should also come forward with good faith and full disclosure. https://lnkd.in/ekJAvB6y

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𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗦𝗢𝗖𝗦𝗢 & 𝗘𝗜𝗦 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗖𝗲𝗶𝗹𝗶𝗻𝗴 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲𝗱! From 1 October 2024, the wage ceiling for SOCSO and EIS contributions has been increased to RM6,000. This change will impact statutory contribution calculations. Employers, are you ready for this transition? Ensure your payroll is up to date to avoid compliance issues. Swipe to learn how this update might impact your workforce and budgeting. Don’t miss out on crucial information! #LegalBites #employmentlaw #malaysialawfirm

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This is what is called real smartness.

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⏱️ Starting from 1st July 2024, the Tax Practitioners Board (TPB) is changing the registration period for tax practitioners from once every 3 years to once a year. It is important to note that reminders from the TPB should issue to you approximately 90 days before the renewal date.  Do not ignore the reminder as you may only receive one. You must (by law) lodge your renewal at least 30 days before the expiry date. For more information, check out https://ow.ly/9REk50SabbT #ICBNewsUpdate #ICBAustralia #bookkeeping #bookkeepers

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KPMG Private Enterprise and the STEP Project Global Consortium has published its latest report featuring insights from a survey of 2,683 family business CEOs from 80 countries, territories, and regions, including 54 respondents from Malaysia. Our report identifies key characteristics of family businesses that impact the strength of their legacies across the generations. Explore how your family business can sustain competitive growth well into the future by downloading insights from https://lnkd.in/g6uDYcr2 #businesstransformation #familybusiness #KPMGprivateenterprise

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