Director’s Liability – “Will I be accountable for the debts owing by the company?”
One of the popular questions we get from directors usually revolves around the issue of their personal liability when it comes to their company’s debts: Will I be accountable for the debts owing by the company? What happens when the company has outstanding taxes that are not paid within 30 days from the date of […]
Things You Can Use Your EPF For
Here are 8 different things you probably did not know you could use your EPF/KWSP funds for. So you may ask, so how now? There are numerous options for EPF/KWSP withdrawals that aren’t known to many. That said, you must weigh the pros and cons of taking money out of your EPF accounts. The extra […]
Directors and Shareholders, who are they and what do they do?
Being new to the journey of entrepreneurship means there are many business jargons to get used to, especially if you are registering a company for the first time. Besides deciding the amount of paid-up capital and the number of shares for your company, you need to appoint directors and shareholders as well. Who are the […]
Tax Audit and Investigation
Tax audits or tax investigations are becoming increasingly common with the Self Assessment Standard (SAS) system. Tax audits are usually carried within a pre-defined time-frame and scope so that the taxpayer is able to adequately prepare the required information and documentation. On the other hand, tax investigations are often conducted by surprise as a more […]
Do you need a Company Constitution and a Shareholders Agreement?
So you’ve just set up a company and might be asking yourself: what’s next? You might have heard others tell you that you need a Shareholders Agreement and Company Constitution.They are the key foundational documents you’ll need when setting up a company – so you’re on the right track! It is common for shareholders to […]
Tax Treatment for Entertainment Expenses
The objective of this Public Ruling (PR) is to explain the tax treatment of entertainment expense as a deduction against gross income of a business and steps to determine the amount of entertainment expense allowable as a deduction. The process of determining the deductibility of entertainment expenses can be very tedious and often bewildering. Therefore, […]
Types of Industries in Malaysia Foreigners Not Permitted
Kuala Lumpur mayor Datuk Nor Hisham Ahmad Dahlan has just announced that 20 types of businesses have been singled out by Kuala Lumpur City Hall (DBKL) as being off limits to foreigners in the nation’s capital. The rule extends to hawkers and traders operating in markets, food courts, night markets and roadside stalls. Here’s a […]
EPF Employer Contribution Extension
In line with the government’s announcement to extend the Recovery Movement Control Order (RMCO) until 31 December this year, the Employees Provident Fund (EPF) has also announced to extend the due dates for employers to remit their mandatory contributions from the 15th to the 30th of each month from September to December respectively.
Hiring Incentive Programme (PenjanaKerjaya)
YAB Prime Minister Tan Sri Muhyiddin Yassin has announced on National Economic Recovery Plan (PENJANA) that employers may receive hiring incentive from PERKESO starting 1 July 2020 – 31 Dec 2020. The Hiring Incentive Programme (PenjanaKerjaya) is an economic recovery plan designed to promote employer’s job creation while improving job prospects. For more information, please […]
Incentives for Property Sector – Home Ownership Campaign (HOC) and Real Property Gains Tax (RGPT)
The government wants to stimulate the property sector again and it is with this in mind that Home Ownership Campaign (HOC) will be reintroduced while there will also be stamp duty and Real Property Gains Tax (RPGT) exemptions. As a consumer, make sure that you refer to reliable licensed financial planner to figure out whether […]