IRBM Public Ruling No. 7/2016 We are hereby informed that the Inland Revenue Board of Malaysia (IRBM) has, on 7 October 2016, issued Public Ruling (PR) No. 7/2016: Basis Period for Companies Under Liquidation. The objective of this PR is to explain the determination of the basis period for companies under liquidation. Related Links…
Implementation of Online Submission for The Application of Import Duty Exemption on Machinery & Equipment and Raw Materials & Components All applications for import duty exemption which involve PC1, PC Services, PC2, PC2A, PC2-1, SPM1 and SPM2 need to be submitted online with effect from 1 November 2016. With effect from 1 November 2016, all…
Imposition of Compound on Registrants who fail to make GST payments within a prescribed period Registrants who still have outstanding tax in the year of 2015 will be given until 31 October 2016 to pay the outstanding amount. Failure to do so will be imposed a compound to the maximum amount of RM 20,000. Registrants…
Penalty/Fine in Malaysia for the Loss of Secretarial File, Secretarial File Get Burned or Stolen What happen if your secretarial file got burned or stolen? Loss of secretarial file is definitely something that caused you great pain. Under the Companies Act 1965, S156: Failure to have minutes of proceeding entered into the minute’s book.…
GST Treatment for Imported Services (Reverse Charge) What is the GST treatment for imported services? GST treatment for imported services is through a concept of “reverse charge”. Reverse Charge Mechanism also known as Self Recipient Accounting (RSA). Since the supplier is not in Malaysia and he/she supplies services to a customer in Malaysia, he/she does…