Commercial Property More Than RM2 Million have to Registered for GST in Malaysia Custom Malaysia has updated silently the DG’s Decision 4/2014 Item 6 and the amendments were effective from 28 October 2015. This DG’s decision clarifies the GST treatments for Individual supplies commercial properties i.e. whether an individual has to charge GST when…
IESBA Invites Comments on Limited Re-Exposure of Proposed Changes to the Code Addressing the Long Association of Personnel With an Audit Client The International Ethics Standards Board for accounting advisors (“IESBA”) has, on 4 February 2016, released an Exposure Draft (“ED’) titled “Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of…
MASB defers accounting changes for associates and joint ventures (31 December 2015) The Malaysian Accounting Standards Board (MASB) today has deferred the effective date of Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128). However early application of ‘Amendments to MFRS 10 and…
Accounting Standards for Malaysian SMEs to include latest improvements (28 October 2015) The Malaysian Accounting Standards Board (MASB) today issued limited amendments to the Malaysian Private Entities Reporting Standard (MPERS). These amendments shall be effective for annual periods beginning on or after 1 January 2017, but early application is permitted. The most significant change is…
MASB launches Malaysian Private Entities Reporting Standard (MPERS) (27 October 2015) The Malaysian Accounting Standards Board (MASB) today launched Malaysian Private Entities Reporting Standard (MPERS), the new financial reporting framework for private entities. The MPERS is practically identical to the International Financial Reporting Standards (IFRS) for SMEs set by the International Accounting Standards Board…
Want to Maintain your EPF Contribution at 11%? Download the Form 17A here Following Prime Minister YAB Datuk Seri Najib Tun Abdul Razak’s announcement during the presentation of the revision of Budget 2016 today, the Employees Provident Fund (EPF) announces the reduction in the employees’ monthly statutory contribution rate from 11% to 8% for members below age 60 and…
The revised Budget 2016 has announced that the Employee’s Provident Fund (EPF) will be reduced by 3% beginning March 2016 to December 2017 as part of. What will you choose – 8% or 11%? There are many factors need to be taken into consideration before making a decision whether the 3% reduction is worth taking…
6 JANUARY 2016 – MITI TO FOCUS ON HUMAN CAPITAL PROGRESS IN 2016 MITI 2016 to-do list covering national, regional and multilateral level initiatives actually kicked-off the 11th Malaysia Plan (RMK11), working with regulators in different industries/sectors that enables SMEs to grow their business through an enabling environment. National level Launch of MITI-related documents…
19 Nov 2015 – SSM BLACKLISTING INDIVIDUALS WITH OUTSTANDING COMPOUND With effect from 1 December 2015, the Companies Commission of Malaysia (SSM) will be implementing the 2nd phase of blacklisting individuals with 2 outstanding compound issued up to year 2014 for offences under the Companies Act, 1965 (Act 125). This will affect the lodgement of…
8 Sep 2015 – SSM COMPOUND REDUCTION INCENTIVES 2015 IN CONJUCTION WITH LAUNCHING OF E-COMPOUND SYSTEM In conjunction with the launching of E-Compound system, SSM offers Compound Reduction Incentives up to 80% for the settlement of compound within the period from 9 September 2015 to 31 December 2015.