Employee’s EPF Contribution Rate reinstated from 9% to 11% | 雇员的公积金供款率从9%恢复到11%
1.1.2021 – 30.6.2022: from 11% to 9% As a result of the announcement made on Budget 2021, the statutory EPF contribution rate for employees was reduced from 11% to 9% beginning on January 1, 2021. This will apply to wages earned beginning in January 2021 (the contribution month will be February 2021) and continuing through […]
Tax Incentive for Investment in a Bionexus Status Company
Principal Rules – Tax Incentive According to the Income Tax (Deduction for Investment in a BioNexus Status Company) Rules 2016 [P.U.(A) 306/2016]: Amendment Rules On 22 June 2022, the Minister, in the exercise of the powers conferred by paragraph 154(1)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Deduction for Investment […]
ISQC 1: Engagement Performance (A)
Consistency in the Quality of Engagement Performance (Ref: Para. 32(a)) 业务执行质量的一致性（参见：第 32 段第（a）项） Para A32 The firm promotes consistency in the quality of engagement performance through its policies and procedures. This is often accomplished through written or electronic manuals, software tools or other forms of standardized documentation, and industry or subject matter-specific guidance materials. Matters […]
2% WHT on payments made to agents, dealers & distributors: Amendment to the Procedure for Operation
Introduction Section 107D of the Income Tax Act of 1967 (ITA) was introduced on January 1, 2022, to compel companies making monetary payments to agents, dealers, or distributors originating from sales, transactions, or schemes to withhold tax at a rate of 2% on the gross amount. This pertains to payments to agents, dealers or distributors […]
ISQC 1: Engagement Performance (R)
业务执行 Para 32 The firm shall establish policies and procedures designed to provide it with reasonable assurance that engagements are performed in accordance with professional standards and applicable legal and regulatory requirements, and that the firm or the engagement partner issue reports that are appropriate in the circumstances. Such policies and procedures shall include: 会计师事务所应当制定政策和程序，以合理保证按照职业准则和适用的法律法规的规定执行业务，使会计师事务所或项目合伙人能够出具适合具体情况的报告。这些政策和程序应当包括： […]
Partnership Accounts
Keeping the books of a partnership is often done in the same manner as maintaining the books of a sole proprietorship, with the following exceptions: We have written some articles on partnership accounts that you might find helpful: Partnerships In Malaysia – Theory How does a Partnership Operate Special Accounts for Partnerships Partnership Formation Accounting […]
The History of Auditing
The profession of auditing has been around for a significant amount of time. It has traditionally been concerned with accounting for government activities and examining the work done by tax collectors. Today, accounting records are required to be kept to comply with various pieces of legislation; however, in the past, this was not the case. […]
Amendments to MFRS 137 on Onerous Contracts – Cost of Fulfilling a Contract
On 14 May 2020, the IASB issued ‘Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)‘ amending the standard regarding costs a company should include as the cost of fulfilling a contract when assessing whether a contract is onerous. As a result, the Malaysian Accounting Standards Board (“MASB”) issued the amendments to […]
MFRS 116 Amendments – what does this mean for your accounts?
International Accounting Standards Board The International Accounting Standards Board (IASB) published an amendment to IAS 16 in May 2020, and it became effective for accounting periods that begin on or after January 1, 2022. Malaysian Accounting Standards Board In the meantime, on June 5, 2020, the Malaysian Accounting Standards Board (hereafter referred to as “MASB”) released […]
ISQC 1: Human Resources
人力资源 Para 29 The firm shall establish policies and procedures designed to provide it with reasonable assurance that it has sufficient personnel with the competence, capabilities, and commitment to ethical principles necessary to: 会计师事务所应当制定政策和程序，合理保证拥有足够的具有胜任能力和必要素质并承诺遵守职业道德原则的人员，以： Assignment of Engagement Teams 项目组的委派 Para 30 The firm shall assign responsibility for each engagement to an engagement partner and shall […]
