Update of GST General Guide for Goods written-off Goods may expire or may be damaged and subsequently written-off and destroyed in the course of business. Input tax credit is allowable for these goods and supporting documents need to be furnished to RMCD upon request. If the written-off goods are sold as scrap, it is subject…
Notification on Claim Bad Debt Relief In accordance with Section 58 of the Goods and Services Tax Act 2014, with effect from 20/6/2016, if the bad debt relief is not claimed by the supplier in the immediate taxable period immediately after the expiry of the sixth month, the notification to the Director General to defer…
Dear Reader, Welcome to our E-Newsletter July 2016 We are glad to present you our newsletter for July 2016. In this issue of our newsletter, we are glad to share with you the good news of our completion of yet another networking partnership agreement. We are now one step further into our expansion quest by…
MASB issues Clarifications to the new Revenue Standard Date: 25 June 2016. The Malaysian Accounting Standards Board (MASB) has today issued Clarifications to MFRS 15 Revenue from Contracts with Customers (the Amendments). The Amendments is word-for-word Clarifications to IFRS 15 as issued by the International Accounting Standards Board (IASB). The Amendments is effective for annual…
Amendments to Employees’ Social Security Act, 1969 Please be informed that effective 1 Jun, 2016, The Employees’ Social Security Act, 1969 has been amended as below:- The ceiling of wage for contribution payment has been raised from RM3,000.00 per month to RM4,000.00 per month; All employees who are employed under a contract of service or…
3E Accounting Malaysia Becomes a Certified Ordinary Member of the Malaysian Institute of Human Resource Management 3E Accounting Malaysia is now a certified Ordinary Member of the Malaysian Institute of Human Resource Management, the first and only professional body authorised to certify HR practitioners in the country. Human Resource Management is one of the most…
Land Acquisition by LLP Guideline Suruhanjaya Syarikat Malaysia (SSM) has issued PN2/2016 on 6 June 2016 to clarify the requirements that need to be fulfilled relating to the acquiring of land by a limited liability partnership (LLP) and related matters. Please click here for the details of the Practice Note No. 2/2016. Related Link LLP…
Dear Reader, Welcome to our E-Newsletter June 2016 We are glad to present you our newsletter for June 2016. For new updates and developments, stay tune with us and refer to the details in our newsletters. Thank you. Read More in our E-Newletters June 2016.
LHDNM – Clarification on Income Tax for Online Businesses Lembaga Hasil Dalam Negeri Malaysia (LHDNM) has announced that there are no specific provisions regarding the income tax treatment for online businesses in Malaysia, which is treated in the same way as the income tax for offline/conventional businesses. For online businesses that are run by individuals,…
Comparison of PERSs, MPERS and MFRSs in Malaysia In February 2014, the MASB issued Malaysian Private Entities Reporting Standard (MPERS) and this sets a new milestone for financial reporting of private entities in Malaysia. MPERS is based substantially on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) issued by the…