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…
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…
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…
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…
Malaysia, Evidently at The Forefront of The Halal Industry Malaysia is evidently at the forefront of the Halal industry. Malaysia’s Halal certification has gained recognition globally. Based on the State of Global Islamic and Economic Report 2015/2016, Malaysia was ranked as the best developed Islamic economy out of 73 core countries. This includes ranking 1st…
Additional Time to Submit Form Before E-Filing Inland Revenue Board of Malaysia ( IRBM ) has informed that the submission of Form BE Year of Assessment 2015 for e – Filing will be extended until 15 May 2016. Click here for more information. Quick Links Personal Income Tax Submission
MASB issues limited amendments to two Standards On 16 April 2016, the Malaysian Accounting Standards Board (MASB) has issued the following pronouncements: (1) Malaysian Financial Reporting Standards (MFRSs) (i) Disclosure Initiative (Amendments to MFRS 107) (ii) Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) (2) Financial Reporting Standards (FRSs) (i) Disclosure…
MASB issues new Standard which requires lessees to recognise all leases on balance sheet On 15 April 2016, the Malaysian Accounting Standards Board (Board) has issued MFRS 16 Leases to replace the existing Standard on Leases, MFRS 117. MFRS 16 is word-for-word IFRS 16 Leases as issued by the International Accounting Standards Board, and has…