Belanjawan 2019 dilaksanakan melalui Zero Based Budgeting.

https://efinancemanagement.com/budgeting/zero-based

Does Joint Management Body Taxable ?

Yes, according to Public Ruling 1/2015

Kawalan modal ? Kembali ke arah dulu atau kita bergerak kehadapan

https://www.thestar.com.my/business/business-news/2018/10/17/bank-negara-governor-wants-options-on-capital-controls/

Upcoming budget 2019 is going forward for digital tax

https://www.thestar.com.my/business/business-news/2018/10/15/no-inheritance-capital-gains-tax-in-budget/

SSM Compound Discounts

SST Taxable Period

CASES INVOLVING CHIEF FINANCIAL OFFICERS IN MALAYSIA AND OTHER JURISDICTIONS

Case

Ooi Boon Leong v. Public Prosecutor [2011] MLJU 1104 

Details

This was an appeal from the decision of the High Court in the case against Tan Yeow Teck, the former Director and Chief Financial Officer of Mems Technology Berhad (“CFO”) and Ooi Boon Leong (“CFO”). Both the Appellants were charged under section 122B(b)(bb) of the Securities Industry Act 1983 for knowingly having authorised the furnishing of a misleading statement to Bursa Malaysia Securities Berhad relating to a listed Company called, Mems Technology Bhd (“Company”). The misleading statement was contained in the Condensed Consolidated Income Statements (“ICCS) relating to the revenue of the Company for the year 2007 as at 31st July, 2007. The said ICCS showed that the Company had revenue of RM73.416 million. The said information was misleading because the figure of RM73.416 million was made of a sum RM30.169 million of sales that did not take place. 

Judgement/Outcomes

Both the CFO and CEO pleaded guilty to the charge brought against them and the Sessions Court judge imposed on each of them a fine of RM300,000 and in default of payment of the fine, 6 months’ imprisonment. Both have paid the fine. However, due to the inadequacy of the sentence, the Public Prosecutor filed an appeal to the High Court against the sentence imposed by the Sessions Court. When the appeal came before the High Court, the High Court Judge enhanced the sentence by imposing a term of 6 months’ imprisonment in addition to the fine of RM300,000 and in default of payment of the fine 2 years imprisonment. Dissatisfied with the decision of the High Court, both the CFO and CEO appealed to the Court of Appeal. Having considered the grounds of the appeal, the Court of Appeal found no reason to interfere with the sentence imposed by the High Court Judge. The appeal was therefore dismissed and the decision of the High Court Judge was affirmed.

SOURCE : MIA

SC puts a halt to LavidaCoin promotional activities

KUALA LUMPUR (Sept 5): The Securities Commission Malaysia (SC) has issued a notice directing the promoter of LavidaCoin to cease all promotional activities effective immediately, pending further review by the regulator into the matter.

In a statement today, the SC said DSV Crypto Club, LUX Galaxies and VI Profit Galaxy, which were found to be promoting LavidaCoin, have been added to the SC’s investor alert list at www.sc.com.my.

"Investors are reminded to be cautious and exercise due diligence before participating in any investment schemes, in particular those involving cryptocurrencies and digital tokens," it added.

On Aug 27, the SC announced that it was in the midst of reviewing all available information in relation to LavidaCoin to determine whether there has been any breach of securities laws.

Two days later, Bank Negara Malaysia reported that it had listed VI Profit Galaxy (DSV Cryptoclub and LUX Galaxies), the operator behind LavidaCoin, in its financial consumer alert list.

This followed a Utusan Malaysia report that cosmetics millionaire Datuk Seri Dr Hasmida Othman – better known as Datuk Seri Vida – was introducing her very own cryptocurrency called LavidaCoin.

SOURCE : THE EDGE

DUTIES AND RESPONSIBILITIES OF TAX AGENT

 (a) The conduct of a tax agent is governed by the Code of Ethics for Tax Agents issued by IRB which is based on principles of integrity, accountability, transparency and efficiency and as prescribed under S. 153 of the ITA;.

 (b) A tax agent is expected to carry out his duties in the following manner:

 • Professional and fully conversant with tax laws and practices;

 • Act with integrity, be honest, trustworthy and transparent, and fully cooperate with the taxpayer and IRB;
 • Give the best advice to the taxpayer and inform the taxpayer of his responsibilities under the tax laws;
 • Give accurate feedback on the progress of the investigation and advise the taxpayer based on the true facts of the case;
 • Safeguard the confidentiality of all information and ensure that information is not disclosed to any unauthorised party; and

 • Notify the IRB immediately upon cessation as tax agent to the taxpayer.

(c) The tax agent is prohibited from:
• Using information obtained in his position as a tax agent for personal advantage;

 • Delaying the investigation process or failing to perform his responsibility; and

• Giving any gift or payment which may be construed as a bribe to the officer


SOURCE:MIA, BUDGET BOOKLET

KELAYAKAN BAGI EJEN CUKAI SEKSYEN 153(3) (b) dan (c), AKTA CUKAI PENDAPATAN 1967

 1. Mempunyai kelulusan seperti di Jadual Pertama Bahagian I, Akta Akauntan 1967 dan lima (5) tahun pengalaman praktikal (selepas kelulusan) dalam bidang percukaian pendapatan dengan Kerajaan atau swasta; 

2. Ahli kepada mana-mana persatuan akauntan yang diiktiraf oleh Kerajaan Malaysia seperti di bawah Jadual Pertama Bahagian II, Akta Akauntan 1967 dan lima (5) tahun pengalaman praktikal (selepas menjadi ahli persatuan) dalam bidang percukaian pendapatan dengan Kerajaan atau swasta; 

3. Mempunyai kelulusan akademik di peringkat ijazah pertama dalam bidang perniagaan dan ekonomi daripada Institut Pengajian Tinggi Awam (IPTA) atau Institut Pengajian Tinggi Swasta (IPTS) yang diiktiraf oleh Kerajaan Malaysia dan lapan (8) tahun pengalaman (selepas kelulusan) dalam bidang percukaian pendapatan secara praktikal dengan Kerajaan atau swasta;

 4. Lulus dalam peperiksaan Kursus Lanjutan anjuran Lembaga Hasil Dalam Negeri dan lima (5) tahun pengalaman praktikal dalam bidang percukaian pendapatan dengan Kerajaan atau swasta;

 5. Lulus dalam peperiksaan Kursus Permulaan anjuran Lembaga Hasil Dalam Negeri dan semasa bekerja dengan Lembaga Hasil Dalam Negeri berpangkat Pemeriksa ke atas serta 10 tahun pengalaman praktikal dalam bidang percukaian pendapatan dengan Kerajaan atau swasta;

 6. Seseorang yang telah lulus dalam Kursus Ejen Percukaian anjuran Lembaga Hasil Dalam Negeri (Skim Latihan Khas); 

7. Ahli kepada Institut Percukaian Malaysia (MIT) dan lima (5) tahun pengalaman praktikal dalam bidang percukaian pendapatan dengan Kerajaan atau swasta; 

8. Ahli kepada The Malaysian Institute Of Chartered Secretaries and Administrators (MAICSA) dan lima (5) tahun pengalaman praktikal (selepas menjadi ahli persatuan) dalam bidang percukaian pendapatan dengan Kerajaan atau swasta; 

9. Ahli kepada Persatuan Setiausaha Syarikat Malaysia (MACS) yang mempunyai kelulusan akademik di peringkat ijazah pertama dalam bidang undang-undang daripada Institut Pengajian Tinggi Awam (IPTA) atau Institut Pengajian Tinggi Swasta (IPTS) yang diiktiraf oleh kerajaan Malaysia dan lima 5 (5) tahun pengalaman (selepas kelulusan) dalam bidang percukaian pendapatan secara praktikal dengan kerajaan atau swasta; dan 

10. Ahli akademik yang mempunyai 5 tahun pengalaman mengajar dalam bidang percukaian di peringkat diploma dan ke atas di mana-mana Institut Pengajian Tinggi Awam (IPTA) atau Institut Pengajian Tinggi Swasta (IPTS) yang diiktiraf oleh kerajaan Malaysia serta mempunyai syarat kelayakan seperti di Jadual Pertama Bahagian I dan II Akta Akauntan 1967. 

SUMBER : LHDN

Apakah itu XBRL ?

eXtensible Business Reporting Language (XBRL)

Malaysian Business Reporting System

Suruhanjaya Syarikat Malaysia (SSM) akan memperkenalkan platform serah simpan berdasarkan format eXtensible Business Reporting Language (XBRL) pada tahun 2018.

Platform ini akan dikenali sebagai "Malaysian Business Reporting System" (MBRS) yang membolehkan serah simpan khusus bagi pelaporan tahunan dilakukan iaitu: 

• Penyata Kewangan dan Laporan (FS);
• PenyataTahunan (AR); dan
• Permohonan Pengecualian (EA) yang berkaitan dengan FS dan AR.

Prinsip pembangunan sistem tersebut adalah berdasarkan peruntukkan akta atau piawaian berikut:

1. Akta Syarikat 2016 (AS 2016); 

2. Penggunaan piawaian perakaunan yang bersesuaian sama ada :

a. Malaysian Private Entities Reporting Standards (MPERS) untuk syarikat persendirian iaitu -

• tidak dikehendaki untuk menyediakan atau menyerahkan apa-apa penyata kewangan di bawah mana-mana undang-undang yang ditadbir oleh Suruhanjaya Sekuriti Malaysia atau Bank Negara Malaysia; dan
• bukan anak syarikat atau syarikat bersekutu, atau dikawal bersama oleh, syarikat yang dikehendaki menyediakan atau menyerahkan apa-apa penyata kewangan di mana-mana undang-undang yang ditadbir oleh Suruhanjaya Sekuriti Malaysia atau Bank Negara Malaysia; atau 

b. Malaysian Financial Reporting Standards (MFRS) untuk syarikat awam. 

SUMBER : SSM, MIA

PROFESSIONAL INDEMNITY INSURANCE

Prerequisite for a Professional to Carry On or to Practise a Profession

Certain professions require a person to be a member of the professional body which represents the profession to enable the person to practise and maintain his profession. Examples of these professions are accountants, lawyers and engineers.

A professional, due to the nature of his work, may be exposed to the likelihood of lawsuits for professional negligence for what he had done or what he had said in the course of carrying out his work.

Tax Treatment on Professional Indemnity Insurance Premium 

A practising professional is allowed a tax deduction for PII premium if the professional carries on a business related to his profession.

Tax Treatment on Insurance Proceeds and Compensation 

Where a professional has been allowed a deduction for the PII premium paid, any proceeds received in connection with the PII will be subject to tax. The proceeds are taxed under subsection 22(2) of the ITA.


SOURCE : LHDN

AUDIT EXEMPTION FOR CERTAIN CATEGORIES OF PRIVATE COMPANIES

The Companies Commission of Malaysia (SSM) has issued Practice Directive regarding the exemption.

Followings criteria are shall effect immediately:

1. Dormant company,

• incorporated on or after 31 January 2017, the financial statements with annual periods commencing on or after 31 January 2017: and
• where the company is incorporated on or before 30 January 2017, the financial statements with annual periods commencing on or after 1 September 2017.

2. Zero revenue companies, for financial statements with annual periods commencing on or after 1 January 2018.

3. Threshold qualified companies, for financial statements with annual periods commencing on or after  1 July 2018.

SOURCE :MIA

Directors' Report, Statement by Directors, Statutory Declaration and Auditors' Report effects after Companies Act 2016

SSM informed that for financial statements for the period/year ended on or before 30 January 2017, it will accept the accompanying  reports dated on or before 31 July 2017 that comply  with either :

(a) the requirements under the Companies Act 1965; or

(b) the requirements under the Companies 2016

SSM takes the position that after 31 July 2017, the accompanying reports should comply with requirements under the Companies Act 2016.

Akta Syarikat 2016 - Pembahagian dividen / keuntungan

Tertakluk seksyen 132, syarikat boleh membuat pengagihan keuntungan kepada pemegang syer, jika syarikat dalam keadaan solven.

Syarikat dianggap solven sekiranya mampu membayar hutang dalam masa 12 bulan selepas pengagihan keuntungan dibuat. 

Uber and Grab drivers liable to pay income tax

The Inland Revenue Board (IRB) has confirmed that individuals operating the Uber and Grabcar car-ride services are not exempted from paying tax.

Its CEO Sabin Samitah said the drivers must include information on their earnings in their income tax forms and those who have an annual income of at least RM30,000 each are liable to pay tax.

He warned that the board could check on their incomes easily.

“We can get information on the list of drivers from Uber itself and can get details on the amounts the drivers have been paid,” he said at a press conference here.

PERS transition to MPERS

Please clarify if the entire Companies Act 2016 will be effected on 31 January 2017 or only the six services in MyCoid 2016 will be effected on 31 January 2017?

Once enforced on 31 January 2017, all provisions in the Companies Act 2016 will take effect except section 241 and Division 8 of Part III.

The six services under MyCoID is to facilitate the incorporation of companies under the new Act and related matters.

Apakah tanggungjawab pengarah setelah menerima notis peletakkan jawatan sebagai juruaudit syarikat?

Pengarah hendaklah:

1. Memanggil mesyuarat agung syarikat secepat mungkin yang praktikal untuk melantik juruaudit baru
2. Mendapatkan kebenaran secara bertulis daripada juruaudit yang dicalonkan
3. Memanggil dan mengadakan mesyuarat agung syarikat untuk melantik juruaudit baru

Audit brings financial discipline 

Audit necessitates the need to prepare proper accounts. This could save you money as the new Companies Act 2016 has imposed increased liabilities to company directors for failing to prepare adequate financial statements.

On conviction, the new Act imposes a fine not exceeding five hundred thousand ringgit or imprisonment for a term not exceeding three years or both. Audit is a major deterrent against fraud, money laundering and other illegal activities. 

Although the audit process is not designed to detect fraud, there is no doubt that in the absence of an audit, fraud and errors are more likely to occur and go undetected without any independent examination. 

"SMEs are generally without in-house financial and managerial expertise.

The accountants’ role in providing the necessary financial and management advice fills this gap.

 An independent audit also builds public confidence towards the integrity of financial statements and in nurturing the right corporate behaviour of SMEs. "

Datuk Dr Hafsah Hashim Chief Executive Officer SME Corp Malaysia

SOURCES : MIA