How To Determine Residence Status?
A couple of weeks ago, I had a client asking about tax residency status for a few of the company’s employees. This would of course depend on the length of their stay in Malaysia 🇲🇾 Why is it important to determine tax residency status? 🤔 📌 It determines whether or not the employee can claim […]
Top 5 Automation Features in Xero
What’s next after digitalisation? 🤔 💻 AUTOMATION! We all know that business and accounting processes can be rather tedious and time-consuming. Now, imagine saying goodbye to mundane data entry and hello to increased productivity! 🤩 If you like the sound of that, you want to check out XERO accounting software. Here is the top 5 […]
Here’s a Quick Check Whether You Should Submit a Form E
All Malaysian businesses – large, medium and small companies have to submit Form E to the Inland Revenue Board (IRB) by the end of this month. Sdn Bhd companies irrespective active or dormant, with or without employees are required to file Form E as well. 🚨 Failure to submit Form E would result in a […]
Guidelines on Tax Treatment on the Income of Medical Practitioners in Private Hospitals
A few years ago, there was a widespread claim on tax evasion by doctors and audits by LHDN 😨 It was mainly due to the formation of private limited companies by doctors – which is entirely legal. But that triggers a whole other dilemma – should the income be assessed under the individual or the […]
[YA 2021] Tax Relief on Medical Expenses
Our recent sharing on tax reliefs and deductions has been well received, so much so that we received even more questions from you. We always welcome your comments and our team are working to proactively share valuable information and insights – especially during this tax season. Today we are focusing on tax relief for medical […]
Guide to Filing Taxes in Malaysia – Tax Deduction for Children
Being a parent is the most rewarding job in the world, but it comes with a “price”. We all know how expensive raising kids can be – which explains the tax deductions parents are entitled to. Pay close attention to the list and tax breaks that can make a significant difference on the amount of […]
List Of Benefits-In-Kind That Are Exempted From Tax
How many of you have received your EA forms from your employers for the Year of Assessment (YA) 2021? 🤚🏼 Before you file your taxes, take some time to understand which part of your monthly remuneration can be exempted from tax 📋 One of the most common one is benefit-in-kind – basically any non-cash benefit […]
Guide to Corporate Bank Account Opening in Malaysia
What’s the next step after successfully registering your company? 🤔 🏦 It would be opening a corporate bank account for your company’s financial transactions 📑 As long as the necessary documentation is complete, foreigners are also permitted to open bank accounts in Malaysia. Of course, do take note of the different rules and regulations set […]
6 Benefits of Digital Accounting For Small Businesses
In this new norm, businesses that aren’t going digital are businesses that are falling behind. We are not just talking about e-commerce platform adoption and social media presence, but more importantly the day-to-day business processes too! Here are the 6 key benefits of digital accounting for small businesses. 1. A Streamlined System A digital accounting […]
5 Common Income Tax Filing Mistakes to Avoid
Tax season is once again upon us 💰 Some of you would have received your EA forms this week and might be anxious about the filing process – wondering where to start or trying to remember everything from the year before. Well, here are some common mistakes that most of us might have done or […]