What is HRDF? The Human Resources Development Fund (HRDF) was established under the legal requirements of the Human Resources Development Act 1992 ( currently known as the Pembangunan Sumber Manusia Berhad Act 2001). The HRDF is a pool of funds that consists of Human Resources Development levies collected from employers of the manufacturing and service…
How Does Monthly Tax Deduction (MTD/PCB) Work In Malaysia? Monthly Tax Deduction (MTD or PCB, Potongan Cukai Bulanan) was introduced in January 1995, is a system of tax recovery where employers make deductions from their employees’ remuneration every month in accordance with the PCB deduction schedule. This is mandatory, in that neither the employer nor…
Malaysia – a leading investment hub in Asia KUALA LUMPUR: Last year alone, Malaysia signed a total 14 agreements with China totalling close to RM144 billion ranging from property development, steel manufacturing and technology. According to Malaysian Prime Minister, Datuk Seri Najib Abdul Razak, the economic trade between the two nations had grown tremendously and…
Dear Reader, Welcome to our E-Newsletter February 2017 Our Expansion Quest We would like to take this opportunity to share with you our excitement in welcoming another 2 new members from across the globe, to our 3E Accounting International network. We have recently completed our partnership agreement with our new members, Wisteria Ltd from United…
MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are: (1) Malaysian Financial Reporting Standards (MFRSs) > Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS…
Trader are only allowed to organise four (4) special sales a year starting in 2017 Under the new rules starting from January 1, 2017, traders and retailers are allowed to hold just four mega sales a year, compared to five times previously. Three of the new sales dates are to be set by the Government…
Price Control and Anti-Profiteering Regulations 2017 In a bid to protect the rights and interests of consumers as well as to curb profitering, the Domestic Trade, Cooperatives and Consumerism (KPDNKK) ministry announced the enforcement of the Price Control and Anti-Profiteering Regulations 2016 (Mechanism To Determine Unreasonably High Profits for Goods) which came into force on…
Unfair Dismissal of Employee or Termination of Employment in Malaysia The concept of “unfair dismissal” or “unlawful termination” is not new in Malaysia. Over the years, there has been a heightened awareness about employee rights in Malaysia. Nevertheless, there are many misconceptions that have not been corrected. Here are a few things about unfair dismissal…
Students are exempted from business registration fees from Jan 1, 2017 In a bid to encourage more young people especially students to join the workforce as entrepreneurs, the Malaysian government has announced an initiative of exemption of business registration fees, starting from Jan 1, 2017. The main reason why is to encourage more young people…
Personal Income Tax Filing Season for YA 2016 in Malaysia Time to file your Malaysia personal tax return Under the self-assessment system which is based on the concept of “File and Pay”, individuals are required to: File their completed income tax return forms to the Inland Revenue Board (IRB) together with the payment of…