E-Newsletter February 2018
2017 has been a year of far-reaching changes and difficult yet we have laid the strong foundations for a future of orderly, sustainability, and profitable growth. We have accordingly undertaken an ambitious range of structural actions and decisions that help to grow our business, and strengthen the financial and operational dimensions.
Though we are in the midst of fast-changing business environment, I am confident to say that Malaysian economy is on track to grow on the stronger footing of ringgit. The positive outlook signalled the positive economic growth in the upcoming months.
Reminder for Employment Insurance System (EIS) Account Registration
As we celebrate the start of 2018, here is a gentle reminder for all employers. Following the implementation of EIS, we would like to gently remind you that you would need to apply for an EIS (Employment Insurance System, a policy that has been enforced by PERKESO since 1st January 2018) account. Managed by PERKESO, the newly implemented EIS aims to provide social security protection for all Malaysian employees in the case of retrenchment. EIS has been set up to aid laid-off employees to have financial buffer while searching for job. On top of that, it provides assistance in job search, career counselling as well as job sustainability support services. It is a mandatory requirement to all employers in the private sector (who have one or more employees registered under their company) where they are required to contribute towards the new EIS scheme.
Reminder for Income Tax (Form E) Submission
The commencement of New Year always signals that the tax season is right around the corner. It is time to start preparing the Form E [Return Form of Employer – Remuneration for the Last Calendar Year]! The law mandates the employer to furnish this EA form (EA for private sector employees; EC for public sector employees) to all his employees. Employer should prepare and render to his employee a statement of remuneration on or before the last day of February of the following calendar year for each employee to complete and submit his or her personal tax return, including new, existing, and resigned employees.
For Companies, LLP, Trust Bodies and Co-operative Societies – It is mandatory to file the Form E (Borang E) by upcoming 31 March (grace period till 30 April 2018 for e-filing) even the entity has no employee OR dormant OR has not commenced business during the calendar year 2017. A grace period till 30 April 2018 to file the Form E online is granted if anyone of the company director or business owner has an e-Filing PIN, which registered to the business entity. Failure in submitting Form E will result in the fine penalty of RM200 (to RM20,000 or to imprisonment for a term not exceeding 6-months, or both).
Important Dates in 3E Accounting
We would like to inform that our office will be closed for Chinese New Year, from Thursday, 15 Feb 2018 to Tuesday, 20 Feb 2018. During the Chinese New Year close down period, our partners, directors and staff will have no access to the emails and all emails will be attended to once we resume operations on the next working day mentioned therein. We would like to take this opportunity to wish you all Happy Chinese New Year!
Much of the credit for 3E Accounting’s success is due to you – our dedicated employees, partners, and clients. I would like to thank each and every one of you for your hard work, passion, and the part that you have played in our company’s success. I look forward to your continued support as, together, we take 3E Accounting into 2018.
Read More in our E-Newsletter February 2018 .