🌟 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, alongside esteemed partners such as ICAEW, ACCA, BDO, KPMG, PwC Malaysia, UHY, Sunway College, and more. MASC 2024 was a monumental event, bringing together accounting students from […]
Income Tax (Exemption) Order 2024
The Income Tax (Exemption) Order 2024 [P.U. (A) 37/2024] provides tax exemptions for IDR-status companies undertaking qualifying activities in approved nodes within the Iskandar Development Region (“IDR“) This Order aims to promote investments in certain sectors to drive regional economic growth. The Order defines an IDR status company and specifies the qualifying activities across sectors […]
Customs (Amendment) Regulations 2024
The Customs (Amendment) Regulations 2024 [P.U (A) 53/2024] amends the Customs Regulations 2019 to gazette the Terengganu Silica Port in Setiu, Terengganu as a new customs port and legal landing place for all goods. This amendment inserts the Terengganu Silica Port, Setiu, into the First Schedule Part II to specify its location and working hours. […]
Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) (Amendment) Rules 2024
The Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) (Amendment) Rules 2024 [P.U. (A) 45/2024] amends the Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) Rules 2012 to extend the tax incentives provided under the Returning Expert Programme. The […]
Understanding Audit Exemption in Malaysia: New Criteria
Audit exemption in Malaysia allows certain private companies not to have their financial statements audited annually. Here is an overview: So, in essence, audit exemption allows eligible private companies in Malaysia to skip the statutory audit requirement to ease their regulatory compliance burden. It is time to review the current framework. The Companies Commission of […]
e-Invoice Guideline Version 2.2：Acquiring Goods or Services from Individuals who are not conducting Business
Here is a brief overview of the e-invoice impact when acquiring goods or services from individuals who are not conducting business: 1）Self-billed e-invoice needs to be issued by the business acquiring goods/services from the individual 2）For example, if Company XYZ buys used furniture from John, an individual selling some household items, Company XYZ has to […]
e-invoice’s Total Payable Amount: Full Payment Breakdown
Today, let’s talk about the differences between these terms with examples: 36. Subtotal: Example: 37. Total Excluding Tax: Example: 38. Total Including Tax: Example: 39. Total Net Amount: Example: 40. Total Payable Amount: Example: 41. Rounding Amount: Example: 今天，让我们结合实例来谈谈这些术语之间的区别： 36. 小计 – 这表示发票中每个单个项目或服务的金额。 – 它不包括任何税费或折扣。 – 仅适用于细列项目层面。 例如 – 发票： – 项目 1：RM50 – 项目 […]
Draft Guide on Transitional Change of Service Tax Rate
The Royal Malaysian Customs Department (RMCD) has uploaded Draft Guide on Transitional Change of Service Tax Rate dated 7 February 2024. This Draft Guide on Transitional Change of Service Tax Rate is available only in Bahasa Malaysia version. For your convenience, CCS has translated the Malaysian version of the draft guidelines into English. INTRODUCTION 8. […]
e-Invoice Guideline Version 2.2：Essential Data Fields for E-Invoice Issuance
As per e-Invoice Guideline Version 2.2 (published on 9 February 2024): There are 55 data fields that are required to issue an e-invoice. These fields are grouped into eight categories: 1. Address 2. Business Details 3. Contact Number 4. Invoice Details 5. Parties 6. Party Details 7. Payment Info 8. Products / Services 根据电子发票指南 2.2 […]
Tax Prep 2024: Tax Relief, Tax Deduction and Tax Rates for Resident Individual
Great news, everyone! The much-awaited Tax Prep 2024: Tax Relief, Tax Deduction, and Tax Rates for Resident Individuals, prepared by CCS, is now available! Whether navigating tax relief options, seeking deductions, or understanding tax rates for resident individuals, this comprehensive guide covers you. 好消息，各位！大家期待已久的《2024 年税务准备》： 由 CCS 编写的《居民个人减税、税务扣除和税率》现已面世！ 无论您是在选择减税方案、寻求扣除额，还是了解居民个人的税率，这本全面的指南都能为您提供帮助。 Download your copy today by clicking […]
