Activities Allowed in Bonded Warehouse
a. Warehousing Storing goods approved by the Zone Superintendent / State Customs Director. b. Break Bulk Goods stored can be broken down and released gradually (partial release). c. Repacking d. Relabelling This activity involves relabelling imported goods, such as indicating the name of the importer or distributor before the goods are released for the local […]
Tax on Capital Gains for Unlisted Shares – 15 Q&As
Let’s delve into the Capital Gains Tax (CGT) for unlisted shares in Malaysia: Remember that this new CGT aims to regulate capital gains from unlisted shares, contributing to Malaysia’s tax framework. Q&As 1. Q: What are considered incidental costs related to the acquisition of capital assets? A: Incidental costs related to the acquisition of capital […]
🌟 Relive the Excitement of MASC 2024! 🌟
Join us in celebrating the success of the Malaysian Accounting Students Convention – MASC 2024, hosted by the University of Malaya Accounting Club (UMAC) and proudly sponsored by CCS – Chartered Accountants, alongside esteemed partners such as ICAEW, ACCA, BDO, KPMG, PwC Malaysia, UHY, Sunway College, and more. MASC 2024 was a monumental event, bringing together […]
Forging Future Partnerships: CCS and Kp Cheah & Co Join Forces
CCS Audit and Assurance Partner, Ms Wong, and her friend of 25 years, Kp Cheah & Co-founder, Ms Cheah, gladly signed a bilateral cooperation agreement, laying a solid foundation for future collaboration between the two parties. This agreement will bring broader development opportunities for both sides, jointly pioneering new horizons in the business field. We […]
Beyond Compliance: The Social and Economic Impact of Audit Exemption
Introduction The proposal to revise the audit exemption criteria for private companies in Malaysia has sparked a significant debate among stakeholders. The Companies Commission of Malaysia (SSM) initiated a consultative process to gather feedback. This article aims to discuss the implications of the proposed changes, focusing on the perspectives of various stakeholders and the broader […]
Guidelines for Electric Delivery and Distribution Services
The Royal Malaysian Customs Department published the Guidelines on Electric Delivery and Distribution Services on 27 February 2024. The guidelines provide an overview of the service tax treatment on electric delivery and distribution services under the Service Tax Act 2018. Key Points: FAQs: Conclusion: The guidelines outline registered electricity service providers’ service tax obligations and […]
Guidelines for Brokerage and Underwriting Services
The Royal Malaysian Customs Department published the Guidelines on Brokerage and Underwriting Services on 26 February 2024. The guidelines provide an overview of the service tax treatment on brokerage and underwriting services under the Service Tax Act 2018. Key Points: The guidelines outline the service tax requirements for those providing brokerage and underwriting services. FAQs […]
For Companies utilising Dot Matrix printers that cannot support printing QR Codes necessary for e-invoices, How?
The guidelines do not specify a direct solution for this specific scenario for companies using dot matrix printers that cannot support printing QR codes required for e-invoices. However, moving towards e-invoicing implies shifting from traditional printing to digital formats. One solution could be to transition to digital e-invoices that include the QR code and can […]
How are e-commerce transactions accounted for, particularly those involving platforms like Grab Food and restaurants?
For transactions that occur via an e-commerce platform like Grab Food, the e-commerce platform provider (in this case, Grab Food) is responsible for the issuance of e-invoices or receipts to the purchaser (the customer) for transactions concluded on the platform, such as the sale of goods or provision of services by your restaurant. This means […]
Guidelines for Vehicle Parking Services
Introduction The Guidelines on Vehicle Parking Services, published on 29 February 2024, provide directives on the service tax treatment for parking services under the Service Tax Regulations 2018. Purpose The guidelines aim to facilitate understanding on the scope of taxability, registration requirements, applicable tax rates and other operational aspects concerning vehicle parking services under the […]
