Foreign Account Tax Compliance Act (FATCA)
Understanding the laws and regulations of FATCA The global tax structure is being altered as a result of globalisation, rising economies, and more regulation, which is presenting difficult-to-overcome issues for financial institutions located all over the world. Changes of a fundamental structural nature have been made to both the Foreign Account Tax Compliance Act (FATCA) […]
Sept 11, 2022, Public Holiday for Johor after the FA Cup win
The public holidays in Malaysia are regulated at both the federal and state levels, and they are mostly based on a list of federal holidays that are celebrated across the country, as well as a few extra holidays observed by each state and federal territory It means that in addition to the holidays that are […]
Examples of how the firm may practically implement ISQM 1
The firm may take a phased approach to implementation, building up to the effective date. For example, this may entail designing and implementing policies or procedures for certain components and commencing the operation of those policies or procedures at various stages before the effective date. In this case, the firm would establish its own effective […]
Technical Guidelines on Tax Treatment of Digital Currency Transactions
The term “Digital Currency,” which is also known as “Cryptocurrency,” refers to a blockchain-based digital asset that can be bought, sold, and traded on a variety of platforms. Bitcoin was the first cryptocurrency ever created, all the way back in 2008 and was issued in 2009. Since that time, a wide variety of people and […]
Sales Tax (Exemption from Registration) (Amendment) Order 2022
Exemption from registration for sales tax is permitted for those whose operations are specified in Schedule A under the Sales Tax (Persons Exempted from Payment of Tax) Order 2018. In the exercise of the powers conferred by subsection 20(1) of the Sales Tax Act 2018 [Act 806], the Minister, on September 1, 2022, gazetted the […]
Guide on Sales Tax Exemption Under Schedule C – Persons Exempted From Payment Of Tax
On August 23, 2022, the Royal Malaysian Customs Department (RMCD) released the following document onto the MySST website: Guide on Sales Tax Exemption Under Schedule C, Sales Tax (Persons Exempted From Payment Of Tax) Order 2018. If you are a registered manufacturer, you can apply for exemptions from tax payment under Schedule C of the […]
Accounting Firms: Please Don’t Forget to Submit Data and Compliance Report (DCR)
Reporting institutions (RIs) are required to provide DCRs consistently to Bank Negara Malaysia (BNM). Questions concerning how RIs have complied with AML/CFT (Anti-Money Laundering, Countering Financing of Terrorism) rules and the potential exposure to ML/TF (Money Laundering, Financing of Terrorism) threats that RIs may have been incorporated into the Data and Compliance Report (DCR). See more: Anti-Money Laundering, […]
The Clarity Project
The International Accounting Standards Board (IAASB) initiated a campaign in 2004 to improve the readability of the ISAs. This Clarity Project’s overarching objective was to make the ISAs more understandable, which would, in turn, make it easier to apply the standards consistently and contribute to an overall improvement in audit quality on a global scale. […]
When an Employee Took Unpaid Leave
If a full-time, monthly-paid employee takes unpaid leave throughout the month, they are regarded to have performed an incomplete month of work. Employment (Amendment) Act 2022 Section 18A of the Employment Act 1955 (“the Act“) outlines the formula that should be used to determine the salary where an employee has not completed a whole month […]
Tax Deduction of Secretarial Fees and Tax Filing Fees
Pindaan Garis Panduan Potongan Bagi Perbelanjaan Berhubung Dengan Yuran Kesetiausahaan Dan Yuran Pemfailan Cukai Mulai Tahun Taksiran 2022 The amended guidelines for tax deductions for secretarial and tax filing fees were published on the Inland Revenue Board (IRB) website on August 17, 2022. The guidelines are in Bahasa Malaysia and are titled “Pindaan Garis Panduan […]
