(Tax Update) A Complete Guide on E-Invoice

Are You Prepared for the Upcoming Changes?

As Malaysia moves towards a more digital economy, the implementation of the e-invoicing system marks a significant step. This change, aimed at improving efficiency, transparency, and compliance in business transactions, is something all businesses must prepare for.

Here’s an overview to help you understand what’s coming and how you can get ready on E-Invoice.

Internal Training on E-Invoice (30-Apr-24)

Stay updated and informed through our active learning sessions and knowledge-sharing articles. Join the learning. https://www.ktp.com.my/blog/active-learning-on-sharing-of-knowledge-e-invoice/30apr2024

E-Invoice Webinar

For those new to e-invoicing, our webinar series on the basics provides a comprehensive overview.

Part 1: Everything You Need to Know (23-Apr-24) :

Watch now https://www.ktp.com.my/blog/e-invoice-basics-everything-you-need-to-know/23apr2024

Part 2: Consolidated and Self-Billed Invoices (29-Apr-24) :

Watch now https://www.ktp.com.my/blog/e-invoice-basic-consolidated-and-self-billed/29apr202

Latest E-Invoice Guidelines

Keeping up-to-date with the latest guidelines is essential. We provide summaries and links to the most recent e-invoice guidelines released by the authorities :

IRBM e-invoice Guideline Version 2.30 (09-Apr-24) :

Read more https://www.ktp.com.my/blog/irbm-e-invoice-guideline-version-230-6april2024/09apr2024

e-Invoice Guideline 2.1 (01-Nov-23) :

Read more https://www.ktp.com.my/blog/tax-update-e-invoice-guideline-2-1/01nov22

e-Invoice Guideline 2.0 (12-Oct-23) :

Read more https://www.ktp.com.my/blog/tax-update-e-invoice-guideline-2/12oct23

Industry-Specific FAQs (24-Nov-23)

Different industries may face unique challenges. Our FAQ for the Healthcare Industry addresses specific concerns and provides tailored advice.

Read the FAQs. https://www.ktp.com.my/blog/e-invoice-faq-for-healthcare-industry/24nov22

Transition Challenges and Strategies (17-Aug-23)

Transitioning to e-invoicing may present several challenges. Our article discusses common issues and offers strategies to overcome them effectively.

Explore transition strategies. https://www.ktp.com.my/blog/e-invoicing-malaysia-transition-challenges-and-strategies/17aug23

Are You Ready? (10-Aug-23)

Preparation is key to a smooth transition. Our guide on readiness checks and essential steps will help your business gear up for the upcoming changes.

Find out if you are ready. https://www.ktp.com.my/blog/e-invoicing-malaysia-are-you-ready/10aug23

Coverage and Scope (03-Aug-23)

Which businesses are required to adopt e-invoicing? Our coverage article explains the scope and the types of transactions that will be affected.

Learn about the coverage.https://www.ktp.com.my/blog/e-invoicing-malaysia-coverage/3aug23

Timeline for Implementation (02-Aug-23)

Understanding the timeline for the e-invoicing rollout is crucial for businesses to plan and transition smoothly. We have outlined the key dates and phases of implementation to keep you informed and prepared.

Check the timeline. https://www.ktp.com.my/blog/e-invoicing-malaysia-timeline/2aug23

The Workflow of E-Invoicing (31-Jul-23)

The e-invoicing workflow involves several key steps to ensure that invoices are issued, received, and processed digitally. Our detailed article on the e-invoicing workflow provides insights into each stage, from creation to approval and archiving.

Read more.https://www.ktp.com.my/blog/e-invoicing-malaysia-the-workflow/31jul23

We encourage all our clients to stay informed and proactive in their preparation for the upcoming e-invoicing system.

For further details, please refer to the linked articles and feel free to contact us for any specific queries.

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What is ESG in simple words?

In today's business landscape, ESG, which stands for Environmental, Social, and Governance, represents a framework of policies or standard operating procedures adopted by companies to amplify positive impacts and mitigate negative effects across these three dimensions.

Socially conscious investors utilize these procedures as screening tools to assess the suitability of potential investments.

The environmental criteria assess how well a company acts as a steward of nature, while the social criteria evaluate its management of relationships with employees, suppliers, customers, and local communities.

Governance criteria focus on aspects such as company leadership, executive compensation, audits, internal controls, and shareholder rights. By considering all these criteria, a company can develop a comprehensive framework to evaluate its impact on society and the environment, as well as its overall sustainability and ethical conduct.

Why is the business world placing significant importance on ESG factors nowadays?

Lately, investors have increasingly recognized the significance of ESG criteria when making investment choices. Consequently, numerous businesses have started incorporating ESG principles into their operations and strategic planning.

ESG investing is also known as sustainable investing, responsible investing, and impact investing. When evaluating ESG criteria, investors consider a wide array of behaviors, policies, and procedures implemented by the company.

ESG investors prioritize companies that demonstrate responsibility towards the environment, act as good corporate citizens, and are led by accountable employees.

What factors do sustainable investors take into account when evaluating potential investments?

In assessing environmental impact, investors scrutinize corporate practices regarding climate impact, energy consumption, pollution mitigation, natural resource preservation, treatment of animals, and waste disposal. This evaluation encompasses aspects such as greenhouse gas emissions, handling of hazardous waste, and adherence to environmental laws.

In examining the social aspect, investors focus on both internal and external stakeholders. They assess whether the company allocates a portion of its profits to the local community and encourages employee involvement in societal welfare initiatives. Furthermore, they consider workplace conditions that prioritize the health and safety of employees.

Finally, in the realm of governance, investors evaluate whether a company employs precise and transparent accounting practices, promotes integrity and diversity in leadership selection, and remains accountable to shareholders.

They seek assurance that companies steer clear of conflicts of interest in appointing board members and senior executives and refrain from leveraging political contributions for preferential treatment or illicit activities.

Final Words on ESG

In essence, ESG serves as an assessment method encompassing environmental, social, and governance concerns. Within the private sector, it comprises a set of standards employed to assess a company’s risks and behaviors. This framework plays a vital role in aiding sustainable investors in gauging a company's alignment with their principles and analyzing its overall value for their investment objectives.

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Understanding IRB Tax Audits in Malaysia

Here are the top five common questions taxpayers in Malaysia often raise concerning the Inland Revenue Board (IRB) tax audits:

• Why I kena tax audit?

• What are the consequences of discrepancies found during an audit?

• What documents should I prepare for a tax audit?

• What is the hot issues IRB normally focus in a tax audit?

• Can I appeal an audit decision?

Tax Audit

Join us as we talk seriously the crucial aspects of tax audits conducted by the Inland Revenue Board of Malaysia (IRBM).

Our experts together with Mr Koh Teck Peng (the Group Principal) and Miss Lim Nguan Lian (the Client Relationship Manager) cover everything you need to know to navigate IRB desk and tax audit with confidence.

Key Topics Discussed:

• Introduction to Tax Audits - What exactly is a tax audit, and why is it important?

• Objectives of Tax Audits - Discover the main goals of conducting a tax audit.

• Audit Period - Learn about the coverage period for which your finances may be audited.

• Audit Triggers - Identify what factors might trigger a tax audit.

• Conduct of Tax Audits - Understand the audit process and what taxpayers should expect.

• Preparation for Audits - Find out which documents and records are essential to prepare for an audit.

• Roles and Responsibilities - Clarify the rights and duties of IRB officers, taxpayers, and tax agents during the audit.

• Audit Outcomes - Explore potential outcomes and consequences of a tax audit.

• Handling Penalties - Procedures for the payment of additional taxes and penalties resulting from an audit.

• Dispute Resolution - Options available for taxpayers who are dissatisfied with their assessment notices.

Don’t miss out on expert insights to help you prepare for and respond to IRBM tax audits effectively.

YouTube Video

Watch the 60 minutes webinar on IRB Tax Audit in our YouTube https://youtu.be/muZ_1APeMmU

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• Website www.thks.com.my

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Complying with IRB Requests for Tax Information and Documents in Malaysia

If you have received the notice/letter under Section 81 of the Income Tax Act 1967, it is compulsory to submit the information to LHDNM within 30 days from the date of the notice/letter.

We strongly advise against ignoring any request for tax information and documents from the Inland Revenue Board (IRB) of Malaysia. Such requests are not merely formalities but are a critical aspect of the tax administration process. Here’s what you need to know about these requests and the implications of non-compliance.

What is an IRB Request for Information?

The IRB is responsible for tax collection and ensuring compliance with tax laws. When they issue a request for information, it typically involves asking taxpayers to provide specific documents or details to verify their tax submissions. This can include income statements, receipts, or documentation related to deductions and exemptions.

Legal Obligations

Taxpayers are legally obligated to respond to these requests. The Malaysian Income Tax Act 1967 mandates that taxpayers provide accurate and complete information to the IRB. Failure to comply can be seen as an offense under the tax laws.

Consequences of Non-Compliance

Ignoring a request from the IRB can lead to severe consequences, including:

• Penalties and Fines: The IRB can impose substantial fines and penalties for non-compliance, which might exceed the amount of tax due.

• Audits and Investigations: Non-compliance can trigger a more thorough audit of your financial affairs. An audit can be intrusive, time-consuming, and stressful.

• Legal Action: In extreme cases, the IRB can initiate legal action against individuals or entities that fail to comply with their requests. This can result in criminal charges and potential conviction.

Best Practices for Responding

• Timely Response: Always respond within the timeframe specified in the request. If you need more time, communicate this to the IRB immediately and request an extension.

• Accuracy and Completeness: Ensure that all information and documents provided are accurate and complete. Any discrepancies can lead to further scrutiny.

• Seek Professional Help: If the request is complex or you are unsure about the information required, consider consulting a tax professional. This ensures that you are providing the correct information and mitigates the risk of errors.

Conclusion

While it might be tempting to ignore requests from the IRB hoping they might go away, such an approach can lead to significant legal and financial troubles. It’s crucial to treat these requests with the seriousness they deserve and respond appropriately.

Always remember that maintaining compliance is not just about adhering to legal requirements; it's about contributing responsibly to the nation's fiscal health and integrity.

Past Blog on IRB Profiling Information System (previously known as Information Collection Program)

IRBM Information Collection Program dated 26 May 2022 https://www.ktp.com.my/blog/irbm-information-collection-program/26may2022

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

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(Sec Update) Is Common Seal Required in Malaysia

What Is Common Seal?

In Malaysia, the common seal is a significant component of corporate documentation, representing a stamp or embossing tool used by companies to imprint their official seal on various documents. This seal typically features the company's name and registration number engraved in legible romanised characters, serving as a hallmark of authenticity and authority.

It is commonly utilized to authenticate legal documents such as contracts, agreements, deeds, and share certificates, providing assurance and validity to such transactions.

Is the use of a common seal mandatory for Malaysian companies?

Despite its importance, the use of a common seal is not mandatory under the Companies Act 2016 in Malaysia.

However, it remains a prevalent practice among Malaysian companies due to its perceived value in adding an extra layer of authenticity to their documents.

Official Seal For Use Abroad

Can Malaysian companies use the common seal for transactions abroad?

Regarding international transactions, Malaysian companies may employ an 'official seal' when operating outside the country's borders. The official seal is essentially an authorized version of the common seal, augmented with additional information specifying the location where it is intended for use.

How can Malaysian companies authorize the use of the official seal for international transactions?

Companies may authorize designated individuals, appointed for this purpose and acting under the company's common seal, to affix the official seal to relevant documents. It is imperative that the person affixing the official seal provides written certification on the document, specifying the date and place of sealing.

Are there any limitations or conditions regarding the establishment of an official seal for international use?

It is essential to note that the establishment of an official seal for international use may be subject to specific limitations or conditions outlined in the company's constitution. Therefore, companies must adhere to any relevant provisions governing the use of official seals for transactions conducted outside Malaysia.

Official Seal for Share Certificate

A company that has a common seal may have an official seal to seal securities issued by the company, or documents creating or evidencing securities so issued.

The official seal, as outlined in Section 63(2), bears distinct characteristics. It must replicate the company's common seal precisely, with the additional inclusion of the word ''Securities'' on its face. This distinguishes it from the common seal, signifying its specific application to securities-related matters.

Furthermore, when the official seal is duly affixed to the document in question, it carries the same legal effect as the company's common seal. This underscores the importance and validity of documents sealed with the official seal in the eyes of the law.

Key Takeaways

In conclusion, the common seal holds significant importance in Malaysian corporate documentation, providing authenticity and authority to various legal documents. While not mandatory, its use remains prevalent among Malaysian companies due to its perceived value in enhancing document credibility.

Additionally, for transactions abroad, Malaysian companies may utilize an official seal, authorized for specific international use. The establishment and usage of an official seal, including for sealing securities and related documents, ensure compliance with legal requirements and maintain the integrity of corporate transactions both domestically and internationally.

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Understanding New Company Tax and Secretarial Filing Requirements in Malaysia

Understanding New Company Tax and Secretarial Filing Requirements in Malaysia | KTP & Company Plt

Description:

Welcome to KTP & Company Plt, your trusted accounting firm in Johor Bahru, Malaysia. In this video, we dive deep into the essential tax and secretarial filing requirements for newly incorporated entities in Malaysia. Whether you're a new business owner or looking to ensure compliance, this guide will provide you with crucial insights.

In This Video:

1. Primary Obligations for Newly Incorporated Entities

Learn about the fundamental requirements for filing tax returns, annual return, audited financial statement in Malaysia, ensuring your new business starts on the right foot.

2. Post-Registration Taxpayer Responsibilities

Discover the necessary steps to take after obtaining your income tax file number, including maintaining accurate records and timely submissions.

3. Commonly Overlooked Tax Matters

We highlight the frequent tax issues that new taxpayers often miss and how to avoid these pitfalls.

4. Assessing Tax Estimation and Liabilities

Understand how the Inland Revenue Board of Malaysia (IRBM) evaluates tax liabilities and what you need to prepare for accurate assessments.

5. Administrative Considerations:

Stay informed about the administrative tasks you must handle to ensure smooth and compliant business operations with IRB and SSM

6. Appointing a Tax Agent:

Step-by-step guidance on the process of officially appointing a tax agent to manage your tax-related matters efficiently.

7. Anti-Money Laundering (AMLA) Checklist:

We explain the key objectives of the AMLA checklist, its importance, and why it's crucial for individuals and entities to complete it diligently.

At KTP & Company Plt, we are dedicated to helping businesses navigate the complexities of tax and secretarial requirements. Subscribe to our channel for more expert advice and stay updated with the latest developments in accounting and taxation in Malaysia.

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Understanding Transfer Pricing (TP) : A Basic Guide

Welcome to our KTP channel!

Today's video dives into the essentials of Transfer Pricing (TP), a crucial concept for businesses operating in multiple countries. We'll answer the most common questions about TP in an easy-to-understand manner.

Whether you're a business owner, a student, or just curious about how international transactions work, this video is for you!

Questions We will Explore on TP :

1. What is Transfer Pricing? - Learn what TP is and why it's important.

2. When are TP Rules Applicable? - Find out the situations where TP rules must be followed.

3. Thresholds for TP Documentation - Discover if there are any minimum requirements for creating TP documents.

4. Essential Elements of TP Documents - Understand what you need to include in a full TP document and a minimum report.

5. Exemptions from Preparing TP Documents - Learn when you might not need to prepare these documents.

6. Submission Requirements - Is it necessary to submit TP documents? We'll tell you.

7. Penalties for Not Furnishing TP Documents - Know the consequences of failing to provide required TP documentation.

8. Effective Date of TP Rules - Find out when these rules started to apply.

9. Challenges of TP Documentation - Discuss the difficulties businesses face with TP documentation.

YouTube Video

Watch our 30-minute YouTube video, ''Understanding Transfer Pricing (TP): A Basic Guide,'' featuring Mr. Koh Teck Peng, the Group Principal, and Miss Lim Nguan Lian, the Client Relations Manager of KTP | THK. https://youtu.be/Cu6sxaBLXkc

Don't forget to like, comment, and subscribe for more insightful content. Hit the bell icon to get notifications about our latest videos. Stay tuned and enjoy learning with us!

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THK (Secretarial, Bookkeeping, Payroll, Advisory)

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(Tax Update) E-Invoice Basic - Consolidated and Self-Billed | Part 2

Introduction

Join us for a detailed 20-minute session presented by KTP, a leading auditor and tax agent in Johor Bahru, as We explore the details of e-invoicing, focusing on both consolidated and self-billed e-invoices.

This webinar is designed for businesses and professionals seeking to understand and implement these invoicing methods in compliance with the Inland Revenue Board of Malaysia (IRBM) regulations.

Webinar Details

Part A: Consolidated E-Invoice

1. Understanding Consolidated E-Invoices

* Definition and essential features.

* Appropriate scenarios for issuing a consolidated e-invoice.

2. Regulatory Compliance

* Key deadlines for submitting consolidated e-invoices to the IRBM.

3. Practical Application

* Step-by-step guide on issuing a consolidated e-invoice

* Mandatory data fields required on a consolidated e-invoice.

* Industries and activities where consolidated e-invoices are not applicable.

4. Handling Special Cases

* Procedures for issuing an e-invoice upon a later request by a B2C buyer.

Part B: Self-Billed E-Invoice

1. Introduction to Self-Billed E-Invoices

* What is a self-billed e-invoice?

* Transactions that typically require self-billing.

2. Issuance Process

* Detailed guide on how to issue a self-billed e-invoice.

* Required data fields for self-billed e-invoices.

Conclusion:

This session aims to equip participants with the knowledge to effectively manage e-invoicing requirements, ensuring compliance and efficiency in their business operations. Whether you are new to the topic or looking to refine your practices, this webinar will provide valuable insights into the world of e-invoices.

Video

Watch 20 minutes consolidated and self-bill e-invoice video on our Youtube https://youtu.be/Tj7THcbkaTE

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THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

• Website www.thks.com.my

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(Tax Update) Tax Impact on Director’s Account

When a director provides significant advances to a company, it complicates their tax position.

IRBM will scrutinize the source of these funds, particularly for large advances, to verify tax compliance. Additionally, unrecorded “sales” in a director's account suggest possible underreporting of company income.

These director’s advances may be viewed as investments, with any returns (like interest) taxable as income for the director. IRBM ensure these transactions involve market-rate interest, are well-documented, and reported correctly.

In Malaysia, the tax implications of advances to and from directors are primarily governed by the Income Tax Act 1967 and the relevant Public Rulings issued by the Inland Revenue Board Malaysia (IRBM)

Here's a concise overview of the tax impacts and the corresponding legal references:

Tax Impact of Advance to Director

Benefit in Kind

Any interest-free or low-interest loans provided to a director are considered a benefit in kind and are taxable. The difference between the market rate of interest and the rate charged, if any, is deemed interest and must be included in the director's taxable income.

Reference: Public Ruling No. 11/2006, “Benefits in Kind”.

Deemed Interest

If the loan is interest-free or granted at an interest rate below the market rate, the company must calculate deemed interest, which is considered income of the company and a taxable benefit to the director.

Reference: Income Tax Act 1967, Section 39(1)(h).

Tax Impact of Advance from Director

Interest Income

If a director lends money to the company and charges interest, the interest income received by the director is taxable under his personal income tax.

Reference: Income Tax Act 1967, Section 4(a) which covers the taxability of income from sources of a revenue nature.

Documentation and Reporting

The company must ensure proper documentation of the loan, including the interest rate, terms of repayment, and use of the loan funds. These loans must be reported in both the company’s and the director’s tax filings.

Reference: Public Ruling No. 3/2010, “Director’s Remuneration”.

General Provisions

Arm's Length Standard

Any transaction between the company and its directors should meet the arm's length standard, particularly in the case of multinational corporations to avoid issues of transfer pricing.

Reference: Public Ruling No. 11/2006.

Disclosure and Record Keeping

Companies are required to maintain records of all transactions with directors, including loans and advances, to provide evidence of the nature and purpose of such transactions during audits.

Reference: Income Tax Act 1967, Section 82.

These points provide a structured look at how tax implications are handled regarding advances to and from directors in Malaysia, adhering to the provisions laid out in the Income Tax Act and the relevant Public Rulings.

Always consult with a tax professional or directly refer to the specific legal and tax documents for detailed applications and any updates to the tax ruling and guidelines.

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(Tax Update) E-Invoice Basics: Everything You Need to Know | Part 1 Overview

Welcome to Day 1 of our in-depth series on e-invoicing! Whether you're a business owner, finance professional, or just curious about digital transformation, this video is your starting point for understanding e-invoices.

Here's what we cover:

🔹 Introduction to E-Invoice - Learn what e-invoices are and how they differ from traditional invoicing methods.

🔹 Mandatory Implementation - Discover which businesses are required to implement e-invoicing and the deadlines to be aware of.

🔹 Exemptions Explained - Find out if your business could be exempt from the mandatory e-invoice requirements.

🔹 Sending Mechanisms - We explain the various methods available for sending e-invoices and how to choose the best one for your business.

🔹 Effective Dates & Timeline - Key dates you need to mark on your calendar regarding the rollout of e-invoicing.

🔹 Types & Formats - Overview of different types of e-invoices and the standard formats you should use.

🔹 Process Flow - A step-by-step guide to the process flow of issuing and managing e-invoices.

🔹 Compliance Consequences - Understand the penalties and consequences of failing to comply with e-invoicing regulations.

Don't miss this comprehensive guide to getting started with e-invoicing. Subscribe for more insights and updates on e-invoicing and stay ahead in your business!

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(Sec Update) Understanding the Role of Directors under the Companies Act 2016

Under The Companies Act 2016, directors have very important duties and can face severe penalties if they don't follow the rules. This includes big fines or even jail time if they misuse their role or cause financial harm to their company.

A key court case, known as ''Delta-Pelita Sebakong Sdn Bhd v. Wong Hou Lianq & Ors And Other Appeals [2020] MLRAU 41,'' showed how important it is for directors to be open about any personal interests they might have in deals the company is considering. This openness is crucial to avoid conflicts of interest and to make sure directors are looking out for the best interests of the company.

Therefore, directors play important roles in steering the course of a company. The Companies Act 2016 outlines the duties, powers, and responsibilities of directors within Malaysian companies. Understanding these provisions is essential for directors to fulfill their obligations effectively and ensure the sustainable growth and success of their organizations.

Duties of Directors

Directors owe fiduciary duties to the company, including:

1. Duty of Care, Skill, and Diligence

Directors must act with reasonable care, skill, and diligence in the performance of their duties. This involves making informed decisions, staying informed about the company's affairs, and thinking carefully before making decisions.

2. Duty to Act in Good Faith:

Directors must act honestly and in the best interests of the company, prioritizing its success over personal interests or relationships.

3. Duty to Avoid Conflicts of Interest:

Directors must avoid situations where their interests conflict with those of the company. If a conflict arises, directors must disclose it and refrain from participating in related decisions.

4. Duty to Not Misuse Information or Position:

Directors must not misuse confidential information or their position for personal gain or to the detriment of the company.

Powers of Directors

Directors are empowered to manage the company's business and exercise its powers, subject to the company's constitution and any restrictions imposed by shareholders through resolutions passed at general meetings. These powers include:

1. Power to Manage:

Directors are responsible for managing the company's day-to-day affairs and strategic direction.

2. Power to Delegate:

While directors can delegate certain tasks, they remain ultimately responsible for the company's actions and decisions.

3. Power to Enter Contracts:

Directors have the authority to enter into contracts on behalf of the company, subject to any limits set by the company's constitution or shareholders.

Conclusion

Directors play a crucial role in the governance and success of companies, and their responsibilities are outlined in detail under the Companies Act 2016.

By understanding and fulfilling their duties, directors can contribute to the long-term viability and growth of their organizations while upholding the principles of good corporate governance.

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(Tax Update) Capital Gain Tax Malaysia

Effective 1 January 2024, Malaysia introduced a capital gains tax (CGT) through the Finance (No. 2) Act 2023 under which gains or profits from the disposal of capital assets are treated as income chargeable to income tax under the Income Tax Act 1967 (ITA).

Welcome to our guide on Capital Gains Tax (CGT)! If you're new to taxes or finding CGT confusing, don't worry. We, #ktp, here to help you understand everything easily.

In this video, we'll explain CGT basics in simple terms. We'll cover when CGT starts, who has to pay it, what it applies to, and more.

Let's get started on CGT

1. What is Capital Gain Tax (CGT)?

2. What is the effective date of CGT?

3. Who is liable/ chargeable to CGT?

4. What is the scope of CGT imposition?

5. How are the disposal and acquisition dates be determined?

6. How is the disposal price determined?

7. What constitutes a gain arise from disposal of CG?

8. How are losses treated under CGT?

9. What is the rate of tax?

10. When are returns required to be filed and taxes paid?

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(Sec Update) The Amended Occupational Safety and Health Act

The Minister of Human Resources in exercise of the powers conferred by subsection 1(2) of the Occupational Safety and Health (Amendment) Act 2022 – Act A1648 and subsection 1(2) of the Factories and Machinery (Repeal) Act 2022 – Act 835, appoints 1st June 2024 as the date on which the Act A1648 and Act 835 comes into operation.

The Act A1648 and Act 835 will affect all organizations (exemption is given to domestic workers, the Malaysian army, and workers on board ships) regardless of risk level and nature of business. With effect from 1st June 2024, some provisions under the Factories and Machinery Act 1967 (FMA 1967) [Act 139] will be migrated as new regulations under the Occupational Safety and Health (OSHA 1994) [Act 514].

We set out below the key changes under the Amended OSHA as below

Implementation and Scope:

Effective Date

The new amendments, Acts A1648 and Act 835, will be enforced starting 1st June 2024.

Affected Legislation

Provisions from the Factories and Machinery Act 1967 are integrated into the Occupational Safety and Health Act 1994.

Coverage

The updated legislation applies to all workplaces across Malaysia, including public services and statutory authorities, but excludes domestic workers, the Malaysian army, and maritime workers.

New Regulations and Provisions

Risk Assessments and Emergency Procedures

Employers are required to conduct thorough risk assessments and develop procedures to handle emergencies at the workplace.

Principal's Responsibilities

A new duty for principals to ensure the safety of contractors and subcontractors, emphasizing the safety of workers under their directive control.

Workers' Safety Rights

Workers now have the right to remove themselves from situations of imminent danger without repercussions.

Occupational Health Services

Mandatory health services and the designation of an OSH Coordinator in organizations with five or more employees.

Training and Licensing

Specific training is mandated for certain classes of persons, along with integrity and licensing requirements for machinery.

Penalties

The penalty structure is revised with significant increases, including fines up to RM500,000 and/or imprisonment for severe violations.

Appointment of occupational safety and health coordinator

The new provision mandates that employers who operate workplaces not specifically classified under existing regulations, and who have five or more employees, must appoint an Occupational Safety and Health Coordinator (OSH Coordinator).

The primary responsibility of the OSH Coordinator is to manage and coordinate safety and health issues at the workplace. This role is distinct from that of a Safety and Health Officer (SHO), who is tasked with ensuring compliance with the Occupational Safety and Health Act (OSHA) and its regulations across different workplaces.

Specific Regulatory Updates

Plant Certification and Licensing

New regulations under the Occupational Safety and Health (Plant Requiring Certificate of Fitness) Regulations 2024 and the Occupational Safety and Health (Licensed Person) Order 2024 detail requirements for plant operations and certifications.

Director and Officer Liability

Directors and specified office bearers are made jointly and severally liable for safety breaches, with provisions for defense in cases of unknowing violations.

Enhanced Notification and Inspection

Notification Requirements

Expanded obligations for reporting the usage of workplace premises and activities, focusing on proactive enforcement.

Certification of Fitness

Stringent standards for the certification and inspection of plants, ensuring their operational safety and compliance.

Overall Impact

These amendments aim to enhance workplace safety across all sectors in Malaysia, increasing accountability, broadening the scope of coverage, and reinforcing the regulatory framework for occupational safety and health. The increased penalties and comprehensive coverage intend to foster a safer working environment nationwide.

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(Tax Update) IRBM e-invoice Guideline Version 2.30 (published on 6/4/24)

The Inland Revenue Board of Malaysia (IRBM) recently updated its Software Development Kit (SDK) and guidelines for e-invoice on 6 April 2024. With important deadlines approaching for businesses of different sizes, it's crucial for taxpayers to understand these changes and how they affect their operations.

Here's a simpler breakdown of the updates:

Self-Billed e-Invoice for Importation

Malaysian businesses involved in importing goods and services must now issue a self-billed e-Invoice within a specific timeframe after receiving their Customs import declaration. This requirement aims to streamline tax documentation and compliance for imports, with deadlines tailored to the date of receiving the Customs declaration.

To be more specific, for importation of goods, the self-billed e-Invoice is required to be raised by the end of the month following the month in which Customs declaration (K1) is obtained. As an example, if K1 is obtained anytime during the month of August, the self-billed e-Invoice is required to be raised by 30th September.

As for importation of services, self-billed e-Invoice is required to be issued latest by the end of the month following the month in which the rule for timing of imported service tax is satisfied, i.e. earlier of payment and receipt of invoice. For avoidance of doubt, the requirement for self-billed e-Invoice applies regardless of whether imported service tax is required to be accounted on the invoice.

FOREX Clarification

The recent updates provide clarity on handling foreign exchange (FOREX) rates in transactions involving foreign currencies. Businesses have the flexibility to choose the FOREX rate based on their internal policy unless specific regulatory requirements dictate otherwise.

This clarification helps businesses in accurately reporting their financial transactions involving foreign currencies.

Non-Monetary Transactions

The IRBM has clarified that e-Invoicing requirements extend to non-monetary transactions, such as incentive trips and gift vouchers given to dealers. This update ensures that all forms of transactions, whether monetary or non-monetary, are appropriately documented and compliant with e-Invoicing regulations.

Credit Notes for Multiple e-Invoices

It's now confirmed that businesses can issue a single credit note that adjusts the transaction values of multiple e-Invoices. This flexibility is particularly useful for businesses dealing with returns or adjustments across several invoices, simplifying the process without being constrained by character limits.

Consolidated e-Invoices for Individuals

Businesses can issue consolidated e-Invoices for payments made to individuals, simplifying documentation and reporting.

However, payments to individuals acting as agents, dealers, or distributors require individual transactional self-billed e-Invoices, addressing tax compliance more rigorously.

Interest Payments

The updates outline specific requirements for issuing e-Invoices or self-billed e-Invoices for interest payments. The responsibility for issuing these documents depends on the nature of the transaction and the parties involved, aiming to close tax compliance gaps effectively.

Flexibility for Statements as e-Invoices

There's now greater flexibility in using statements as e-Invoices. Businesses can include adjustments and rebates within these documents, facilitating a more streamlined approach to e-Invoicing and compliance.

Size Limitation

New size limitations for e-Invoice submissions to the IRBM have been introduced, including a maximum submission size of 5MB, a cap of 100 e-Invoices per submission, and a maximum size of 300KB per e-Invoice. These limits are crucial for managing the data flow to the IRBM efficiently.

Digital Signature

Businesses can utilize the digital signature of their service provider for e-Invoice submission to the IRBM. This provision allows for a seamless integration and submission process, ensuring the authenticity and integrity of the e-Invoices submitted.

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(Tax Update) How to Pay Withholding Tax Online

Paying and submitting withholding tax in Malaysia under the Electronic Transmission of Tax (eTT) system involves several steps, generally centered around using the Malaysian Inland Revenue Board's (LHDN) online platforms.

The eTT system is designed to streamline the process of declaring and paying taxes, including withholding tax, which is a tax deducted at source on certain types of payments made to non-residents in Malaysia.

Here’s a step-by-step guides :

Start at the MyTax Website

• Access the MyTax website and head over to ''ezHasil Services.''

• Select the ''e-TT'' option, followed by ''Electronic Telegraphic Transfer.''

Proceed Through the Steps

• Click ''Next'' to move forward.

• Enter your identification details and click ''Next'' again.

• Provide your email address and proceed to the next step.

• Input the One-Time Password (OTP) code you receive for verification.

Enter Payment Details

• Navigate to the ''Payment Details'' section.

• Choose ''Withholding Tax (WHT)'' as the payment type.

• Fill in your tax number, address, and select the applicable tax section.

Submission and Virtual Account Number

• Review all the information you've entered to ensure accuracy.

• Submit your information.

• Upon submission, you'll receive a Virtual Account (VA) Number. Print this out for your records.

Complete the Payment

• Use the provided VA number to make your payment. This can be done via online banking, at a bank counter, or through an ATM.

Email Supporting Documents

• After payment, email the necessary supporting documents. This includes the Withholding Tax form, a copy of the invoice, proof of payment, the VA number, and the bank transfer slip.

This guide provides a general overview. The specific steps, forms, and procedures may vary slightly depending on various factors, including changes in the e-Filing system or updates in tax laws.

For the most current and detailed instructions, it’s best to consult the LHDN’s official website or contact your trusted tax agent directly.

Past Blog on Withholding Tax

• Tax Update on Withholding Tax on Royalties dated on 06.12.2023

  https://www.ktp.com.my/blog/tax-treatment-on-copyright-and-software-payments-by-distributor-reseller-to-non-resident/06dec23

   

• Tax Update: Use Of e-WHT For WHT Payment dated on 08.09.2023

  https://www.ktp.com.my/blog/use-of-e-wht-for-wht-payment/08sept23

   

• Tax Update - Form E-107D : 2% Tax Deduction For Commission to Agents, Dealers or Distributors dated on 29.06.2023

  https://www.ktp.com.my/blog/2percent-tax-deduction-for-commission-/29june23

   

• Tax Update on Withholding Tax dated 07.11.2022

  https://www.ktp.com.my/blog/tax-update-on-withholding-tax/07nov22

   

• Small Value Withholding Tax Payment (update) dated 07.10.2022

  https://www.ktp.com.my/blog/small-value-withholding-tax-payment-update/07oct22

   

• Small Value Withholding Tax Payment dated 19.08.2022

  https://www.ktp.com.my/blog/small-value-withholding-tax-payment/19aug22

   

• (Update) 2% Withholding Tax on Commission to Agents dated on 12.07.2022

  https://www.ktp.com.my/blog/2percent-withholding-tax-on-payments-to-agents/12july22

   

• (Latest update) Withholding Tax on Payments to Agents dated 21.04.2022

  https://www.ktp.com.my/blog/2percent-withholding-tax-on-payments-to-agents/21apr22

   

• Withholding Tax on Payments to Agents dated 17.03.2022

  https://www.ktp.com.my/blog/2percent-withholding-tax-on-payments-to-agents/17mar22

   

• Top 5 Withholding Tax Questions dated 28.01.2022

  https://www.ktp.com.my/blog/top-5-withholding-tax-questions/28jan22

   

• 2% withholding tax on commission dated 30.12.2021

  https://www.ktp.com.my/blog/2-withholding-tax-on-commission/30dec21

   

• (English Version) Do you know how to reduce withholding tax with the certificate of residence (COR)? Dated 23.11.2021

  https://www.ktp.com.my/blog/certificate-of-residence-lhdn/22nov21

   

• (Chinese Version) 您知道如何使用居住证 (COR) 减少预扣税吗？dated 23.11.2021

  https://www.ktp.com.my/blog/certificate-of-residence-lhdn-chinese/22nov21

   

• (English Version) Budget 2022 – SME edition dated 18.11.2021

  https://www.ktp.com.my/blog/tax-budget-2022-sme-edition/18nov21

   

• (Chinese Version) 2022 年预算摘要 - 中小企业版dated 19.11.2021

  https://www.ktp.com.my/blog/tax-budget-2022-sme-edition-chinese/19nov21

   

• 两个重要改变 - 预扣税（withholding tax）dated 11.11.2021

  https://www.ktp.com.my/blog/withholding-tax-malaysia/11nov21

   

• Purpose and usage of certificate of residence under withholding tax in Malaysia dated 23.04.2021

  https://www.ktp.com.my/blog/certificate-of-residence/23april2021

   

• 马来西亚预扣税 (𝐖𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐭𝐚𝐱)的规则概述(第3篇) dated 21.09.2020

  https://www.ktp.com.my/blog/fwwses3ezyrg9gf-7r8xl-aaa5d-739bg-8lcep-c266s-s32bd-wf736-e4xsk-x3fp4-gj5z8-mwgzk-m3696-gw4b5-mmmbe

   

• 马来西亚预扣税 (𝐖𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐭𝐚𝐱)的规则概述(第2️⃣篇) dated 21.09.2020

  https://www.ktp.com.my/blog/fwwses3ezyrg9gf-7r8xl-aaa5d-739bg-8lcep-c266s-s32bd-wf736-e4xsk-x3fp4-gj5z8-mwgzk-m3696-gw4b5

   

• 马来西亚预扣税(withholding tax)的规则概述 (第1️⃣篇) dated 15.09.2020

  https://www.ktp.com.my/blog/fwwses3ezyrg9gf-7r8xl-aaa5d-739bg-8lcep-c266s-s32bd-wf736-e4xsk-x3fp4-gj5z8-mwgzk-m3696

   

• Withholding Tax In Malaysia Part 2 of 2 dated 28.06.2019 (eKTP 114)

  https://www.ktp.com.my/blog/withholding-tax-in-malaysia-part-2-of-2

   

• Withholding Tax In Malaysia Part 1 of 2 dated 28.06.2019 (eKTP 113)

  https://www.ktp.com.my/blog/withholding-tax-in-malaysia-part-1-of-2

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The Role of Company Secretaries on Money Laundering

Company Secretaries stand at the forefront of efforts to combat money laundering and terrorism financing. As key figures within organizations, their responsibilities extend to implementing preventive measures outlined in regulatory frameworks like the Anti-Money Laundering Act. In this article, we'll explore the pivotal role company secretaries play in safeguarding financial systems against illicit activities and the essential steps they must take to mitigate risks effectively.

Understanding Money Laundering:

Money laundering is a complex process where cash obtained from illegal activities is integrated into the financial system to make it appear legitimate. This process involves three key stages:

Placement

This is the initial stage where cash proceeds from illegal activities are physically placed into the financial system. This could involve depositing cash into bank accounts or using it to purchase assets.

Layering

The illegally obtained funds are moved through a series of transactions to obscure their origin. This could involve transferring funds between accounts, converting them into different currencies, or making complex financial transactions to create layers of complexity. Until the funds look clean and from legal sources.

Integration

The final stage involves integrating the laundered funds back into the economy in such a way that they appear to be from a legitimate source. This could involve investing in businesses, purchasing real estate, or making other high-value transactions.

Company Secretaries as Reporting Institutions:

Company Secretaries play a crucial role in preventing money laundering activities. Under Part IV of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA), Company Secretaries are considered Reporting Institutions (RIs) and have obligations both as individuals and at the firm level to combat or prevent money laundering activities.

Preventive Measures Taken by RIs:

To prevent their institutions from being used for money laundering or terrorism financing, RIs must undertake various preventive measures, including:

Risk Assessments

Conduct thorough assessments of the risks associated with their clients, products/services, geographical locations, and delivery channels.

Customer Due Diligence (CDD)

Verifying the identity of clients using reliable and independent sources and conducting enhanced due diligence for higher-risk clients.

Screening Against Sanctions Lists

Checking client names against relevant sanctions lists to prevent dealings with individuals or entities involved in terrorism or proliferation activities.

Submitting Suspicious Transaction Reports (STRs)

Reporting any suspicious activities to the appropriate authorities, such as Bank Negara Malaysia (BNM).

Record Keeping

Maintaining records of transactions, KYC information, and analysis of STRs for at least seven years.

Keeping Information Updated: Regularly updating client information and conducting ongoing monitoring for any suspicious activities.

Furthermore, company secretaries must adopt a Risk-Based Approach (RBA) to identify, assess, and mitigate money laundering and terrorism financing risks. This involves documenting risk assessments, considering relevant risk factors, and keeping assessments up-to-date through periodic reviews.

In conclusion, Company Secretaries play a crucial role in combating money laundering and terrorism financing by implementing robust preventive measures, conducting thorough due diligence, and adhering to regulatory requirements outlined in the AMLA. By taking a proactive approach to risk management, they contribute to maintaining the integrity of the financial system and preventing illicit activities.

PS : Authored by Mr Syazwan, our THK secretary associate, in his personal LinkedIn.

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(Tax Update) Investing in Kids' Future: Tax Incentives on Child Care and Kindergartens

Investing in child care and kindergartens isn't just good for kids; it's a smart choice for investors too. With more parents working, there's a growing need for quality places where children can learn and grow.

The government is stepping up, offering tax breaks to encourage investment in this important area. This means investing in child care and kindergartens can be financially rewarding and help shape the future of our children.

Let's dive into why putting your money into early education is a win-win for everyone involved.

Public Ruling 4/2016 Tax Incentive for Child Care Centre and Kindergarten Operators

Public Ruling No. 4/2016 by the Inland Revenue Board of Malaysia, we draft out a compelling case study highlighting the significant tax incentives and their impact on the financial performance and sustainability of child care centres and kindergartens.

This case study aims to provide potential investors with a comprehensive understanding of the financial benefits of investing in these operations, underscored by real-world examples and legislative support.

Tax Incentives Overview:

Registration Requirement

Must be registered with the relevant authority: Department of Social Welfare for child care centres or the State Education Department under the Ministry of Education for kindergartens.

Exemption of Statutory Income

The tax exemption applies to business statutory income for a period of five consecutive years.

For existing operators, the exemption commences from the Year of Assessment (YA) 2013.

For new operators, the exemption starts from the YA during which the first invoice is issued.

Industrial Building Allowance

Operators who incur qualifying building expenditure on construction or purchase of a building used in their operations can claim a 10% industrial building allowance annually for ten years.

This incentive is aimed at reducing operating costs and enhancing service quality.

Non-Applicability

The tax incentives do not apply to operators of private pre-schools whose activities are integrated with private primary schools.

Separate Business Sources

If an operator of a child care centre or kindergarten carries on another business, the income from that other business must be treated as a separate source of income, and separate accounts must be maintained.

Adjusted Losses

Adjusted losses incurred from the start of the business until the year before the exemption period, and during the exemption period, can be carried forward and deducted from the statutory income of the business in the post-exempt YAs until fully utilized.

Discontinuation

If the business ceases operation, any unutilized brought forward adjusted loss will be disregarded.

Real-Case Examples:

Situation

ABC is an established child care centre that has been operating since 2020.

For the year of assessment 2020, ABC reported an adjusted income of RM80,000.

Impact of Tax Incentives

Under the tax exemption incentive, ABCs' statutory income of RM80,000 is exempt from tax for five consecutive years, starting from the year of assessment 2020.

This exemption translates into direct tax savings, enhancing the centre's cash flow and providing additional funds that could be redirected towards improving facilities, staff training, or further expansion.

Benefit Analysis

The immediate financial benefit is the preservation of cash that would otherwise be paid as tax. Assuming a corporate tax rate of 15% (concessionary SME rate), the savings amount to approximately RM12,000 for that year alone.

Over the five-year exemption period, assuming steady income, the total tax savings could be significant, providing a substantial financial cushion that can be reinvested into the business.

Conclusion

The government's tax incentives for child care centre and kindergarten operators present a lucrative opportunity for potential investors. By reducing tax liabilities and aiding in the recovery of capital expenditures, these incentives enhance the financial attractiveness and sustainability of investments in the early childhood education sector.

Investors are encouraged to leverage these benefits to contribute to the development of quality child care and education facilities, supporting societal needs and generating substantial returns on investment.

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(Tax Update) Buy Property Under Company or Individual

Buying property under your personal name or through a Sdn Bhd (Sendirian Berhad, which is similar to a Private Limited Company) in Malaysia involves several considerations, including tax implications, liability, financing, and estate planning.

As an approved tax agent, we would guide you through the pros and cons of each approach, tailored to your specific circumstances. It's important to remember that the right choice depends on your financial situation, investment goals, and personal preferences.

Personal Name Purchase

Pros:

• Simpler process: Generally more straightforward than company purchase.

• Tax Benefits: Eligible for RPGT exemptions and potentially lower stamp duties, especially for first-time buyers.

• Better Financing Rates: Often lower mortgage interest rates than those available to companies.

• Stamp duty : Residential properties purchased worth between RM500,001 to RM1 million will get a 75% stamp duty exemption only up until 31st December 2023.

Cons:

• Personal Liability: You're personally liable for debts and legal issues.

• Limited Tax Deductions: Fewer opportunities for deductions on rental income-related expenses.

Sdn Bhd Purchase

Pros:

• Limited Liability: Shareholders' liability is capped, protecting personal assets.

• Tax Advantages: Can benefit from tax deductions on property expenses and potentially favorable corporate tax rates. Eligible for Investment Building Allowance (IBA) when leasing as industrial buildings. Watch out S60F Income Tax Act 1967 tax restriction on expenses.

• Estate Planning: Easier transfer of ownership through shares.

• Asset Management: Suited for managing multiple properties.

Cons:

• Higher Costs: Involves setup, annual compliance, and accounting fees.

• Complex Tax Filings: Must file audited accounts and annual returns.

• Less Favorable Financing: Lower loan margins compared to individual purchases.

Tax Considerations

• Rental Income: Non-SME Investment Holding Companies face a 24% tax on rental income.

• RPGT: Individuals benefit from no RPGT from the sixth year, whereas companies face up to 30% depending on the sale timing.

• Tax Audit Risks: High-risk profiles may trigger LHDN audits.

• Industry Building Allowance: Potential tax reduction for property used as industrial buildings.

• Capital Gain Tax : Be cautious of the new tax implications associated with the transfer of shares.

Loan Considerations

• Financing: Individuals can secure up to 90% financing for residential properties, while Sdn Bhds may only get up to 60%.

Administrative Expenses

• Setup and Maintenance: Sdn Bhd entails initial and ongoing costs, whereas personal purchases incur no extra administrative expenses.

Conclusion

Your decision should be informed by a comprehensive analysis considering your financial situation, investment strategy, and goals.

While personal purchases offer simplicity and certain tax benefits, Sdn Bhds provide liability protection and estate planning advantages but come with higher costs and stricter tax treatment on rental income.

Consulting a tax professional or financial advisor is crucial for personalized advice, ensuring your choice aligns with financial goals and legal requirements.

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(Tax Update) Is bad debt tax deductible?

Non-trade debts that are written off as bad, or provisions made in respect of non-trade debts that are doubtful, either specific or general, are not deductible in the computation of adjusted income. Similarly, recoveries relating to non- trade debts written off earlier are not taxable.

This tax question has become increasingly common “Should taxpayers use legal action to recover any debts for tax purposes?”.

Let’s talk about the bad debts written off in a tax perspective :

What Is Bad Debts

Debts that are allowed as a deduction in ascertaining the adjusted income of a business is a trade debt that is irrecoverable either wholly or partly. Such debt is written off as bad. Trade debt is a debt that arises from the sales of goods or services and has been included in the gross income of the business.

1. Issue

What is the tax treatment for bad debts?

2. Conclusion

If reasonable steps have been taken to recover the irrecoverable debts but showing there is no

way to recover the debt, the amount of irrecoverable debts is tax deductible.

However, if there are still any other reasonable steps for recovery, such debt cannot be written off

as irrecoverable. Thus, it is not tax deductible.

3. Reasons

For a trade debt to be written off as bad and allowed as a deduction, generally two conditions

are to be fulfilled.

1. The debt shall be an amount that has been included in the gross income of a person for the

basis period for a YA before the relevant YA.

2. The debt is irrecoverable.

To support a claim for deduction of a bad debt written off for tax purposes, there should be

sufficient evidence of such steps taken, including one or more of the following:

a) issuing reminder notices;

b) debt restructuring scheme;

c) rescheduling of debt settlement;

d) negotiation or arbitration of a disputed debt; or

e) legal action (filing of a civil suit, obtaining judgement from the court, and execution of the judgement).

After reasonable steps for recovery have been taken, debt can be considered wholly irrecoverable on the occurrence of any one of the following :

a) the debtor has died without leaving any assets from which the debt can be recovered;

b) the debtor is bankrupt or under liquidation and there are no assets from which the debt can be recovered;

c) the debt is statute-barred;

d) the debtor cannot be traced despite various attempts and there are no known assets from which the debt can be recovered;

e) attempts at negotiation or arbitration of a disputed debt have failed and the anticipated cost of litigation is prohibitive; or

f) any other circumstances where there is no likelihood of cost-effective recovery.

4. Sources

Public ruling no. 4/2019 Tax treatment of wholly & partly irrecoverable debts and bad debts

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