What are the Fundamental Principles of Professional Ethics?
The ethical conduct of professional accountants and auditors is controlled by a set of criteria they must conform to. Auditors have a direct responsibility to the shareholders of a reporting entity (because auditors are appointed by the shareholders, not by management), but it is generally accepted that the fundamental principles of professional ethics do not […]
What gives rise to a threat to an Auditor’s Independence and Objectivity, and how to deal with it?
Professional accountants and auditors must comply with a Code of Ethics (such as the IESBA’s Code of Ethics for Professional Accountants) (the Code). Many professional bodies worldwide have adopted the IESBA’s Code and made certain amendments to it to be country-specific. But, for the most part, the IESBA Code applies to most professional bodies and […]
Who can be an Auditor and sign the Auditor’s Report?
Certain Information Taken from MIA’s Website [https://mia.org.my/] In Malaysia, only an approved company auditor can be appointed as a company auditor. To act as an approved company auditor, the individuals signing the auditor’s report must be a member of a professional regulatory body (Malaysian Institute of Accountants) with a practising certificate who has passed an […]
IRBM’s Response to CTIM on the Tax Corporate Governance Framework (TCGF) & TCGF Guidelines
The new Tax Corporate Governance Framework (“TCGF“), dated April 11, 2022, as well as the Guidelines for the TCG Framework (Guidelines), has been published on the website of the Inland Revenue Board of Malaysia (“IRBM”). The TCG Framework and these Guidelines are intended to be read in conjunction with one another. For further information, see […]
IRBM’s Response to Clarification Sought on Item F9 of the Form e-C 2022
The income tax exemption on FSI received by any person (other than a resident company engaging in banking, insurance, or sea or air transport) was removed for all Malaysian-resident taxpayers from January 1, 2022, following the Finance Act 2021. As a result, the Inland Revenue Board (IRB) has amended the Corporate Income Tax Return (Form C) […]
Declaration Section of Form C Y/A 2022
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. CTIM comments: PEs not registered with the Companies Commission of Malaysia are also required to select […]
Submission of CP 204B
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. Change of Accounting Date From the Year of Assessment 2019, the provision of subsection 21A (3A) […]
Late Payment due to implementation of e-TT System for TT, EFT, and IBG Payment Methods
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. The e-TT system was introduced by the Inland Revenue Board of Malaysia (IRBM) to facilitate tax […]
Identifying the Right Branch for the Taxpayer
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. Currently, by typing the SSM incorporation number of a company, the tax agent will be able […]
Electronic Submission of Information requested by the IRB during an Audit
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. It is noted that while submitting the information requested to the IRB via e-mail is preferred, […]
