Latest News 最新新闻

Malaysian Budget 2019

By The Star on 2 Nov 2018, PETALING JAYA: Malaysian Cabinet has released the country's new budget on 2 November 2018.

The Budget 2019 carries the theme "Credible Malaysia, Dynamic Economy, Prosperous Rakyat".

It focuses on institutional reforms, the people's wellbeing and promotion of entrepreneurial culture to recapture Malaysia's "Economic Tiger" status.

For more information, please read at:

https://www.thestar.com.my/news/nation/2018/11/02/budget-2019-highlights-live/#8d3rRkEpaIWgMCp8.99

 

Accounting body wants investigative powers to enforce compliance

By The Edge Markets on 9 Oct 2018, KUALA LUMPUR: The Malaysian Institute of Accountants (MIA) is in talks with the Ministry of Finance (MoF) to amend the Accountants Act 1967, which empowers the accounting body as the regulator and developer of the accountancy profession.

"We have asked for stronger sanctions and investigative powers in order to better enforce regulations and good governance in a more complex business environment," MIA president Salihin Abang said in his keynote address at the MIA International Accountants Conference 2018 today.

"In 2018, we have already disposed of our backlog of cases and taken stern action against bogus accountants, and our consistent and just enforcement, backed by balanced education for members and all those offering accounting services in Malaysia will continue in the future," he said.

 

MIA Annual Conference 2018

We have attended the MIA Annual Conference 2018 on 9 - 10 October 2018 and bringing more knowledge back to serve you! This year, MIA is focusing on "Riding the Digital Wave" and encouraged fellow members to transform themselves into a more value-added service providers rather than being a traditional financial reports preparers as these jobs will soon be replaced by Artificial Intelligence (AI) and all other technologies.

 

Mandatory for companies to submit their documents to SSM via new platform

By News Straits Times on 27 Sept 2018, KUALA LUMPUR: Beginning November, it will be mandatory for companies to submit their annual statements, unaudited financial statements and Certificate for Exempt Private Company (EPC) to the Companies Commission of Malaysia (SSM) using the Malaysian Business Reporting System (MBRS) platform.

In the first phase, starting November, it will be mandatory for companies in Kuala Lumpur and Selangor to submit via the MBRS platform.

The second phase will involve companies from the other states; Negri Sembilan, Melaka and Johor from December, followed by Pahang, Kelantan and Terengganu in January.

For Perlis, Perak, Kedah and Penang, it will be from February, and Sabah, Sarawak and Labuan in March.

For more details, please refer to: https://www.nst.com.my/news/nation/2018/09/415468/mandatory-companies-submit-their-documents-ssm-new-platform-soon?fbclid=IwAR27_Zudagn3ZtkGvtH-p37zygK1Uqy3EfX6_V3P-vKD8KL-SmRe6XNPmZE

 

Grill & Chill Session at Borneo 744, MAGIC Sarawak

28 Sept 2018 - Our firm's Partner, Jackie has presented the new idea of transforming our services into more digitalised services to the audience and passed down the knowledge of choosing the right financial advisor to them during the presentation.

 

New Invoice Format for Non-GST and Non-SST Registrants

Following the implementation of SST on 1 September 2018, invoices of non-GST and non-SST registrants shall:

  • Not show GST ID
  • Be printed with the header "Invoice"
  • Not show SR or ZR and any GST information on the invoices

More information shall be updated to you from time to time, you can refer to the link for illustrations of how your invoices should look like after 1 September 2018, good information to share: https://www.facebook.com/SQLEstream/videos/867538086774601/

 

Latest List of Taxable Services

As announced in news earlier, there were changes in the threshold for F&B sector, please take note of the latest list and threshold as follows:

NO. 1975 - MARCH 2015 1st SEPT 2018
ESTABLISHMENT THRESHOLD SERVICE PROVIDER TAXABLE SERVICES THRESHOLD
1. Hotel >25 rooms Accommodation: hotel, inns, lodging house, service apartment, homestay and any other similar establishment. All services including sale of food, drinks and tobacco products RM 500,000
2. Restaurant in hotel >25 rooms
  1. Operator of restaurant, bar, snack bar, canteen, coffee house or any place which provides food and drinks
    • eat-in or take-away
    • Exclude canteen in an educational institution or operated by a religious institution or body.
  2. Caterer
  3. Food court operator
All services including prepared or served food or drinks; and sale of tobacco products, alcoholic and non-alcoholic beverages RM 1,500,000
3. Restaurant in hotel <25 rooms and threshold exceed RM300,000
4. Restaurant outside hotel RM3,000,000
5. Night club No Threshold
  1. Night club, dance hall, cabaret
  2. First, second or third class public house or first or second class beer house
  3. Health or wellness center
  4. Massage parlor or similar places
All services including sale of food, drinks and tobacco products RM 500,000
6. Private club RM300,000 Private club All services including sale of food, drinks and tobacco products RM 500,000
7. Golf club and driving range No Threshold Golf club and driving range All services including sale of food, drinks and tobacco products RM 500,000
8. Private hospital (on ward and food charges only) RM300,000 Not taxable service
9. Insurance (B2B only) No Threshold Insurer or takaful operator
  1. General insurance or takaful B2B and general insurance or takaful B2C excluding medical
  2. Excludes
    1. Insuring or takaful coverage of risks relating to the transport of passengers or goods outside Malaysia
    2. Insuring or takaful coverage of risks incurred on granting credit relating to the export of goods, services or investments outside Malaysia
    3. Insurance contract or takaful certificate to cover risks outside Malaysia
RM 500,000
10. Telecommunication and Paid-TV Telecommunication and paid television service provider
  1. Telecommunication and related services excluding provisions of services to another Telco provider
  2. Paid television broadcasting services
RM 500,000
11. Customs agent Customs agent Services of clearing goods from customs control No Threshold
12. Advocates and solicitors Advocates, solicitors and syarie lawyers Legal services and other charges in connection to such services RM 500,000
13. Public accountant Public accountant Accounting, auditing, book keeping, consultancy or other professional services and other charges in connection to such services RM 500,000
14. Surveyors including registered valuers, appraisers or estate agents Surveyors including registered valuers, appraisers or estate agents Surveying services including valuation, appraisal, estate agency or professional consultancy services and other charges in connection to such services RM 500,000
15. Professional engineer Professional engineer Engineering consultancy or other professional services and other charges in connection to such services RM 500,000
16. Architect Architect Architectural services including professional consultancy services and other charges in connection to such services RM 500,000
17. Management services Management services excluding such services provided by:

  1. The developer, joint management body or management corporation to the owners of a building held under a strata title; or
  2. asset and fund managers
Management services and other charges in connection to the provision of management services including project management or project coordination RM 500,000
18. Consultancy Consultancy services excluding research and development companies Professional consultancy services and other charges in connection to such services excluding:

  1. Consultancy services relating to medical and surgical treatment provided by private clinics or specialist clinics; or
  2. Consultancy services in connection with goods or land outside Malaysia or where the subject matter relates to a country outside Malaysia
RM 500,000
19. Employment agency RM150,000 Employment agency Employment services excluding:

  1. Secondment of employees or supplying employees to work for another person for a period of time; or
  2. Employment outside Malaysia
RM 500,000
20. Private agency Private agency Provision of guards or the protection or security of person, property or business excluding such services to guard or protect the above which is situated outside Malaysia RM 500,000
21. Parking operator Parking operator Provision of parking spaces for motor vehicles where parking charges are imposed RM 500,000
22. Motor vehicles service or repair Operator of motor vehicle service or repair centre or provider of motor vehicle service or repair Provision of general servicing, engine repairs and tuning, changing, adjusting and fixing of parts, wheel balancing, wheel alignment or body repairs including knocking, welding or repainting of motor vehicles. RM 500,000
23. Courier service operator RM150,000 Courier service operator Courier delivery services for documents or parcels not exceeding 30 kilograms each excluding such services for documents or parcels:

  1. from a place outside Malaysia to a place outside Malaysia;
  2. from a place within Malaysia to a place outside Malaysia; or
  3. from a place outside Malaysia to a place within Malaysia and includes the provision of courier delivery services within Malaysia that forms parts of the service referred to in subparagraphs (ii) and (iii) where the service is provided by the same person
RM 500,000
24. Hire and drive car RM300,000 Hire-and-drive passenger motor vehicle and hire-passenger motor vehicle licensed by Land Public Transport Commission, Commercial Vehicles Licensing Board Act 1987 and Tourism Vehicles Licensing Act 1999 Provision of hire-and-drive or hire-passenger motor vehicle services including hire of passenger motor vehicle with or without chauffeur RM 500,000
25. Veterinary Not taxable service
26. Advertising Advertising Provisions of all advertising services excluding provision of such services for promotion outside Malaysia RM 500,000
27. Credit card or charge card services No Threshold Credit card or charge card services provider regulated by Bank Negara Malaysia Provision of credit card or charge card services through the issuance of a principal credit card, principal charge card, supplementary credit card or supplementary charge card, whether or not annual subscription or fee is imposed excluding fuel card and charge card in a closed community e.g. education institution or a sports club by its students or members No Threshold
28. Betting and gaming provider involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  1. Betting and gaming services involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  2. Conducting tournaments involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  3. Conducting or allowing the conduct of a card game or any other game by the casino operator.
RM 500,000
29. Transmission and distribution of electricity provider Provision of electricity to any domestic consumer excluding for the first 600 kWh for a minimum period of twenty-eight days per billing cycle consumed by that consumer RM 500,000
30. Airline operator licensed under section 35 of Malaysian Aviation Commission Act 2015 [Act 771] or air service permit under section 36 of Malaysian Aviation Commission Act 2015 Domestic passenger air transport service and all services in connection with such services excluding the air transport route as specified under the Rural Air Services Agreement RM 500,000
31. Information technology (IT) services provider All types of IT services excluding:

  1. Sale of goods in connection with the provision of IT services;
  2. IT services in connection with goods or land outside Malaysia or where the subject matter relates to a country outside Malaysia.
RM 500,000

For more details, please visit: https://mysst.customs.gov.my/RegisterBussiness

 

Proposed Sales Tax Rates for Various Goods (V2.0)

You may now check to the latest list of sales tax rates for various goods at the official mysst site at https://mysst.customs.gov.my/assets/document/Guide%20On%20Proposed%20Sales%20Tax%20Rates%20%20for%20Various%20Goods%20Version%202.0.pdf.

Government will use soft approach to implement SST

By New Straits Time on 18 August 2018, SUBANG JAYA: Finance Minister Lim Guan Eng said the government will use a 'soft-approach' with traders and businesses in implementing the Sales and Services Tax (SST).

He hoped that retailers and businesses would declare their taxes honestly.

However, he said those who are unsure should refer to the Custom Department on their eligibility.

... For full article, please see: https://www.nst.com.my/business/2018/08/402777/government-will-use-soft-approach-implement-sst

China firms propose RM41bil for Malaysia’s third national car project

By The Star on 17 August 2018, TWO companies from China have proposed to invest US$10bil (RM41bil) in Malaysia’s third national car project and build a regional automobile hub to cater for the region in southern Perak, according to official sources.

Separately, Zhejiang Geely Holding Group has shown interest to participate in the national car project by upgrading its facilities in Malaysia.

The third national car project was mooted by Tun Dr Mahathir Mohamad after he became Prime Minister for the second time on May 10.

... For full article, please see: https://www.thestar.com.my/business/business-news/2018/08/18/china-firms-propose-rm41bil-for-malaysias-third-national-car-project/#JHt8bb72bMfdkYcf.99

SST may hike cost of doing business for several sectors

By The Star on 17 August 2018, PETALING JAYA: The re-introduced sales and services tax (SST) may likely increase the cost of doing business for several industries in Malaysia post-Sept 1, according to KPMG executive director for indirect tax practice Ng Sue Lynn.

Speaking to StarBiz after The Star’s empowerment talk on “Transitioning to SST”, she pointed out that the SST will be an additional cost for businesses in several sectors that are not exempted under the indirect tax regime.

“In comparison, the goods and services tax (GST) is a cost for the end consumers, rather than the businesses.

... For full article, please see: https://www.thestar.com.my/business/business-news/2018/08/17/sst-may-hike-cost-of-doing-business-for-several-sectors/#hEvZyaeB7OgARoKi.99

Registration for EPF's i-Suri starts today

By New Straits Time on 15 August 2018, KUALA LUMPUR: The Employees Provident Fund (EPF) announced that the registration for Caruman Sukarela Insentif Suri (i-Suri) opens today, and those who are eligible may participate in i-Suri by registering as an EPF member at any of the 67 EPF branches nationwide.

Housewives, widows and single mothers whose profiles are enlisted in the National Database on Poverty (eKasih), can register for i-Suri and contribute a minimum of RM5 on a monthly basis into their retirement savings accounts, in order to be eligible to receive the Government incentive of RM40 per month, which will be deposited into their EPF accounts.

... For full article, please see: https://www.nst.com.my/news/nation/2018/08/401622/registration-epfs-i-suri-starts-today-nsttv

EPF partners Grab to promote i-Saraan

By The Star on 9 August 2018, KUALA LUMPUR: The Employees Provident Fund (EPF) and ride-hailing service provider, Grab Malaysia, signed a memorandum of understanding (MoU) to encourage the ride-hailing driver-partners community to participate in EPF's voluntary retirement savings programme, Caruman Sukarela Insentif Persaraan (i-Saraan).

EPF chief executive officer Datuk Shahril Ridza Ridzuan said members of the ride-hailing community participating in the programme would be provided with a secure savings option as the EPF has a proven track record of sustainable, above-inflation returns which will enhance the value of their savings over the long-term.

... For full article, please see: https://www.thestar.com.my/business/business-news/2018/08/09/epf-and-grab-sign-mou-to-promote-isaraan/#BjW74hGiKCRHXhdK.99

GST vs SST. Which is better?

By The Star on 12 August 2018, MALAYSIA’s decision to revert to the Sales and Service Tax (SST) from the Goods and Services Tax (GST) will result in a higher disposable income due to relatively lower prices it will incur in most goods and services.

Consumers will have a choice in their consumption – by paying service taxes based on their affordability and ability.

The coverage of GST was comprehensive and it covered too wide a sector.

... For full article, please see: https://www.thestar.com.my/news/nation/2018/08/12/gst-vs-sst-which-is-better/#kpFRoH0if89HgfpC.99

NO. 1975 - MARCH 2015 1st SEPT 2018
ESTABLISHMENT THRESHOLD SERVICE PROVIDER TAXABLE SERVICES THRESHOLD
1. Hotel >25 rooms Accommodation: hotel, inns, lodging house, service apartment, homestay and any other similar establishment. All services including sale of food, drinks and tobacco products RM 500,000
2. Restaurant in hotel >25 rooms
  1. Operator of restaurant, bar, snack bar, canteen, coffee house or any place which provides food and drinks
    • eat-in or take-away
    • Exclude canteen in an educational institution or operated by a religious institution or body.
  2. Caterer
  3. Food court operator
All services including prepared or served food or drinks; and sale of tobacco products, alcoholic and non-alcoholic beverages RM 1,000,000
3. Restaurant in hotel <25 rooms and threshold exceed RM300,000
4. Restaurant outside hotel RM3,000,000
5. Night club No Threshold
  1. Night club, dance hall, cabaret
  2. First, second or third class public house or first or second class beer house
  3. Health or wellness center
  4. Massage parlor or similar places
All services including sale of food, drinks and tobacco products RM 500,000
6. Private club RM300,000 Private club All services including sale of food, drinks and tobacco products RM 500,000
7. Golf club and driving range No Threshold Golf club and driving range All services including sale of food, drinks and tobacco products RM 500,000
8. Private hospital (on ward and food charges only) RM300,000 Not taxable service
9. Insurance (B2B only) No Threshold Insurer or takaful operator
  1. General insurance or takaful B2B and general insurance or takaful B2C excluding medical
  2. Insurer or takaful operator
    Excludes
    1. Insuring or takaful coverage of risks relating to the transport of passengers or goods outside Malaysia
    2. Insuring or takaful coverage of risks incurred on granting credit relating to the export of goods, services or investments outside Malaysia
    3. Insurance contract or takaful certificate to cover risks outside Malaysia
RM 500,000
10. Telecommunication and Paid-TV Telecommunication and paid television service provider
  1. Telecommunication and related services excluding provisions of services to another telco provider
  2. Paid television broadcasting services
RM 500,000
11. Customs agent Customs agent Services of clearing goods from customs control RM 500,000
12. Advocates and solicitors Advocates, solicitors and syarie lawyers Legal services and other charges in connection to such services RM 500,000
13. Public accountant Public accountant Accounting, auditing, book keeping, consultancy or other professional services and other charges in connection to such services RM 500,000
14. Surveyors including registered valuers, appraisers or estate agents Surveyors including registered valuers, appraisers or estate agents Surveying services including valuation, appraisal, estate agency or professional consultancy services and other charges in connection to such services RM 500,000
15. Professional engineer Professional engineer Engineering consultancy or other professional services and other charges in connection to such services RM 500,000
16. Architect RM150,000 Architect Architectural services including professional consultancy services and other charges in connection to such services RM 500,000
17. Management services Management services excluding such services provided by:

  1. The developer, joint management body or management corporation to the owners of a building held under a strata title; or
  2. SAsset and fund managers
Management services and other charges in connection to the provision of management services including project management or project coordination RM 500,000
18. Consultancy Consultancy services excluding research and development companies Professional consultancy services and other charges in connection to such services excluding:

  1. Consultancy services relating to medical and surgical treatment provided by private clinics or specialist clinics; or
  2. Consultancy services in connection with goods or land outside Malaysia or where the subject matter relates to a country outside Malaysia
RM 500,000
19. Employment agency Employment agency Employment services excluding:

  1. Secondment of employees or supplying employees to work for another person for a period of time; or
  2. Employment outside Malaysia
RM 500,000
20. Private agency Private agency Provision of guards or the protection or security of person, property or business excluding such services to guard or protect the above which is situated outside Malaysia RM 500,000
21. Parking operator Parking operator Provision of parking spaces for motor vehicles where parking charges are imposed RM 500,000
22. Motor vehicles service or repair Operator of motor vehicle service or repair centre or provider of motor vehicle service or repair Provision of general servicing, engine repairs and tuning, changing, adjusting and fixing of parts, wheel balancing, wheel alignment or body repairs including knocking, welding or repainting of motor vehicles. RM 500,000
23. Courier service operator RM150,000 Courier service operator Courier delivery services for documents or parcels not exceeding 30 kilograms each excluding such services for documents or parcels:

  1. from a place outside Malaysia to a place outside Malaysia;
  2. from a place within Malaysia to a place outside Malaysia; or
  3. from a place outside Malaysia to a place within Malaysia and includes the provision of courier delivery services within Malaysia that forms parts of the service referred to in subparagraphs (ii) and (iii) where the service is provided by the same person
RM 500,000
24. Hire and drive car RM300,000 Hire-and-drive passenger motor vehicle and hire-passenger motor vehicle licensed by Land Public Transport Commission, Commercial Vehicles Licensing Board Act 1987 and Tourism Vehicles Licensing Act 1999 Provision of hire-and-drive or hire-passenger motor vehicle services including hire of passenger motor vehicle with or without chauffeur RM 500,000
25. Veterinary Not taxable service
26. Advertising Advertising Provisions of all advertising services excluding provision of such services for promotion outside Malaysia RM 500,000
27. Credit card or charge card services No Threshold Credit card or charge card services provider regulated by Bank Negara Malaysia Provision of credit card or charge card services through the issuance of a principal credit card, principal charge card, supplementary credit card or supplementary charge card, whether or not annual subscription or fee is imposed excluding fuel card and charge card in a closed community e.g. education institution or a sports club by its students or members No Threshold
28. Betting and gaming provider involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  1. Betting and gaming services involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  2. Conducting tournaments involving bettings, sweepstakes, lotteries, gaming machines or games of chance.
  3. Conducting or allowing the conduct of a card game or any other game by the casino operator.
RM 500,000
29. Transmission and distribution of electricity provider Provision of electricity to any domestic consumer excluding for the first 600 kWh for a minimum period of twenty-eight days per billing cycle consumed by that consumer RM 500,000
30. Airline operator licensed under section 35 of Malaysian Aviation Commission Act 2015 [Act 771] or air service permit under section 36 of Malaysian Aviation Commission Act 2015 Domestic passenger air transport service and all services in connection with such services excluding the air transport route as specified under the Rural Air Services Agreement RM 500,000
31. Information technology (IT) services provider All types of IT services excluding:

  1. Sale of goods in connection with the provision of IT services;
  2. IT services in connection with goods or land outside Malaysia or where the subject matter relates to a country outside Malaysia.
RM 500,000

For further details on SST, please check out: https://mysst.customs.gov.my/RegisterBussiness

EPF members can contribute any amount to accounts from July 1

By The Star on 29 June 2018, KUALA LUMPUR: The Employees Provident Fund (EPF) has scrapped the RM50 minimum ruling for members who voluntarily contribute to their accounts with effect from July 1, 2018. 

While they can contribute any amount to the retirement savings fund, the accumulated maximum amount to be contributed into each account, however, remains capped at RM60,000 per annum.

The voluntarily contribution to the EPF accounts is either through the 1Malaysia Retirement Scheme (SP1M), self-contribution or the top-up savings contribution.

... For full article, please see: https://www.thestar.com.my/business/business-news/2018/06/29/epf-members-can-contribute-any-amount-to-accounts-from-july-1/#LlkuBl6wWXO1luJj.99

Acts amended to give spouse Socso coverage

By the Sundaily on 29 June 2018, KUALA LUMPUR: Human Resource Minister M. Kulasegaran has approved the extension of social security protection to the spouse termed 'employee' in a husband-wife business.

Amendments to the Employees' Social Security Act 1969 (Act 4) and Employment Insurance System Act (Act 800) have been recorded in the Government Gazette and will go into effect on July 1, 2018, a statement from the Social Security Organisation (Socso) said.

From this date, failure of an employer (who is either the husband or wife) to register and contribute to Socso as stipulated by the Acts, will result in imprisonment of up to two years, a fine not exceeding RM10,000 or both if convicted.

... For full article, please see: http://www.thesundaily.my/news/2018/06/29/acts-amended-give-spouse-socso-coverage