#malaysia

Feb 8
2 min

Guide on filling Form-E

Did you know that in 2014, over 65,000 employers were found to violate the law by failing to file Form E? Employers should be better at remembering to complete and submit tax forms on time. It is Form E in this instance. To avoid a fine of RM 200 to RM 20,000 and/or a possible 6-month jail sentence under Section 120(1)(b) of the Income Tax Act as a business in Malaysia. Additionally, you need to be sure you submit the form online. That’s because this procedure was mandated fo

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Feb 3
4 min

Best moisturizers for sensitive skin

As we step into 2023, one of our main resolutions this year is to have healthy skin. We put a lot of effort into eating healthy foods for our gut health but what about our skin health? It is very crucial to have a proper skincare routine to make sure our skin is getting all the essentials it needs. Now, when we talk about skincare the first thing that may pop into most of our minds is how celebrities do it. The long, 10-step routine! Even though that may work, it does consume

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Jan 27
4 min

Best places in the world and why they are popular

It’s traveling season and looking for the perfect destination can be time-consuming amidst getting all the travel documents ready and packing for the trip. So, we bring you 5 of the world’s best places and why they are popular. PARIS, FRANCE No list of places would be complete if it did not include Paris – the city of lights and love! It is that place that is on almost every traveler’s bucket list and is every couple’s honeymoon destination. It has some internationally renown

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Jan 26
3 min

Tax Update: Guide to Crypto Taxation

We can all agree that COVID-19 has wreaked havoc on businesses and the global, economy, making 2020 and 2021 extremely difficult. However, for some people, the difficult time presented an unexpected chance. The investing industry is a prime illustration of this. Many people turned to invest as a secondary source of income or as a strategy to increase the security of their financial future because they were plagued by financial anxieties. The retail average daily trading value

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Jan 20
1 min

Happy Chinese New Year!

As this year we celebrate the Year of the Rabbit, it is customary that we greet others with positive phrases, usually related to wealth, health, happiness, success, and peace. Here are some Chinese New Year greetings that you could use to improve your relationships with others: 新年进步 (xīn nián jìn bù) - Wish you a good year ahead 恭喜发财 (gōng xǐ fā cái) - Wish you prosperity and wealth 财源广进 (cái yuán guǎng jìn) - May you have plentiful of money and wealth 生意兴隆 (shēng yì xīng lón

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Jan 18
4 min

GST Trade Debts

Goods & Services Tax (GST) was a consumption tax in Malaysia that was in effect from April 2015 to May 2018. While it was short-lived, it has many interesting aspects to its design that are worth discussing, especially as talks of GST’s return heat up. One of those interesting aspects of GST is the handling of trade debts. In this blog post, we will look into how GST from trade debts is handled, along with any possible adjustments, to better understand GST’s inner workings. A

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Jan 13
4 min

How Technology Affects Small Businesses

Ever since the invention of technology almost two million years ago, everything has changed. The invention and the development of technology over the years have brought about drastic changes in the way we live our lives today. The first ever technological invention was a chopping tool made from stone, and the latest inventions are robots that can act almost like humans themselves. Therefore, it is safe to say that technology affects all things around us. In the same way, it a

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Jan 11
3 min

Tax Update: Statutory Income Exemption on Shipping Profits

The Income Tax Act of 1957 (ITA) was changed on 9th February 2012 by the Finance Act of 2012, which reduced Section 54A’s 100% income tax exemption on statutory income earned from the operation of Malaysia ships to 70%. Regarding the taxes on Malaysia Ships, additional regulations were also made such as the necessity of treating each ship as a separate business source. The Ministry of Finance (MoF) decided to postpone the elimination of the tax exemption and the implementatio

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Jan 6
3 min

Top 5 visa-free places to visit for Malaysian passport holders

As stated in the Visa Guide Passport Index, the Malaysian passport ranks 41st in the world, meaning Malaysian passport holders can travel to 179 countries in the world without applying for a visa. This holiday season is a perfect time to pack your bags and head out to these 5 top visa free countries to get the most benefits of being a Malaysian passport holder. Iceland Iceland is home to the Aurora Borealis or better known as the Northern Lights. This incredible natural pheno

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Jan 4
4 min

Guidelines of Transfer Pricing

The 2012-established Malaysia Transfer Pricing Guidelines define "transfer pricing" as "intercompany pricing arrangements for the transfer of products, services, and intangibles between related individuals." The transfer price should, in a perfect world, be the same as the market value that would be represented in a deal between two independent parties. On the other hand, business dealings involving connected parties may not always represent market dynamics. The Organization

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Feb 8, 2022
3 min

RM 20K Rebate on Newly Set Up Companies: Conditions Apply

Taxation Techie Series 3 On 31st December 2021, Ministry of Finance added a new subsection 6D (4) of the Income Tax 1967 and P.U. (A) has been gazette. The Income Act of 1967 to insert a new section 6D into Act 53 to provide for tax refund of RM20,000, it is applicable for company or Limited Liability Partnership if they meet conditions and requirements listed in the new section 6D (Condition for the Grand of Rebate). Following the above, on December 31,2021, the Income Tax (

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Feb 8, 2022
2 min

Finance Act 2021 has been gazetted on Schedule 6, Para 28

Taxation Technie Series 2 🤦‍♂Dec 31, 2021 Latest Update Finance Act 2021 has been gazette on Schedule 6, Para 28 The Federal Gazette published the Finance Act 2021 on 31st December 2021. On 1st January 2022, the majority of the Act’s provisions went into effect. Some of the policies such as Schedule 6, Para 28 of Income Tax Act 1967 are included in Malaysian budget for 2022 were specifically prescribed by the Act. Background The law on Foreign Source Income up until 31st Dec

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Feb 8, 2022
2 min

The Latest Announcement From MOE: Foreign Source Income

Taxation Techie Series 1 With the latest announcement from MOF, tax residents are now being exempted from tax on Foreign source income until Dec 31, 2026. On 31st December 2021, Ministry of Finance has made an announcement on tax exemption on foreign source income for resident taxpayer in Malaysia to ensure smooth implementation of the tax initiative. The tax exemption has been effective form 1st January 2022 to 31st December 2026. The removal of the foreign source of income