We Don’t Need The GST To Boost Revenue (24 December 2009)

by kclim on January 5, 2010

Interesting points raised in the Star Newspaper (VIEWS section,  N53) on 24 December 2009 opposing the implementation of the Goods and Services Tax (GST) in Malaysia:- “We don’t need the GST to boost revenue The additional RM1bil revenue said to be derived from the proposed GST is not enough to cover the shortfall in government [...]

News Report On Moves To Curb Abuse Of GST (24 December 2009)

by kclim on January 4, 2010

Reported in the Star Newspaper (NATION section, N6) on the Government’s move to introduce measures to curb abuse of Goods and Services Tax (GST) that is to be implemented in Malaysia on 24 December 2009:- “Moves to curb abuse of GST By: FINTAN NG fintan@thestar.com.my PUTRAJAYA: The Government will introduce a raft of measures to [...]

Property Tax Only For Sales Within 5 Years Of Purchase (24 December 2009)

December 30, 2009

The Prime Minister of Malaysia said last night that Real Property Gains Tax (RPGT) of 5% announced during the 2010 Budget will only apply to property sold less than 5 years from its purchase. The Prime Minister also announced that hotels undertaking additional investments to renovate, refurbish and expand their property would enjoy 60% re-investment [...]

Article – Raising Revenue Via Real Property Gains Tax (22 December 2009)

December 22, 2009

An article I read from The Star, Tuesday December 22, 2009:- “Tax Insights – By Kang Beng Hoe WHEN the Finance Minister introduced Budget 2010 in October, he surprised many and disappointed some with his tax measures. Those who were expecting an announcement on a firm date for the implementation of the goods & services [...]

A Good Article On Main Compliance Requirments Of GST In Malaysia (15 December 2009)

December 15, 2009

A very useful article I have read from Biznews section, New Straits Times, Saturday, December 12, 2009 on implementation of Goods and Services Tax (GST) in Malaysia:- “GST – main compliance requirements By Chew Theam Hock and Tan Eng Yew BASED on recent announcements, the Government has indicated that it plans to implement Goods and [...]

Article On Windfall Tax Imposed On Palm Oil In Malaysia (15 December 2009)

December 15, 2009

A good article on Windfall Tax Imposed On Palm Oil in Malaysia: #url#

Article On How To Cut Entertainment Tax (8 December 2009)

December 9, 2009

A good article I have read today on how to determine tax deductibility of entertainment expenses in Malaysia on the Star newspaper ”Tuesday December 8, 2009 How to deduct entertainment tax from income tax RSM EYE – By Lee Voon Siong To determine deductibility of expenses incurred can be very tedious and bewildering FOR income [...]

Sample Disclosure – Change In Accounting Policy, Measurement Of Stage Of Completion Of Contract Work (8 December 2009)

December 8, 2009

CHANGE IN ACCOUNTING POLICY – MEASUREMENT OF STAGE OF COMPLETION FOR CONTRACT WORK Prior to 1 July 2008, where the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by [...]

Sample Auditors’ Report To Controller Of Housing Pursuant To Section 9(3) Of Housing Developers (Control of Licensing) Act 1966 (3 December 2009)

December 3, 2009

INDEPENDENT AUDITORS’ REPORT TO THE CONTROLLER OF HOUSING PURSUANT TO SECTION 9(3) OF THE HOUSING DEVELOPMENT (CONTROL OF LICENSING) ACT 1966         ABC SDN. BHD. (123456-X)  (Incorporated in Malaysia) Report on the Financial Statements We have audited the financial statements of ABC SDN. BHD. which comprise the balance sheets as at 31 March 2009 of the [...]

Various Types of Transactions – Part 5, Disbursement or Release of Principal Sum of Loans or Borrowings from Third Parties

December 1, 2009

Business entities may apply for loans or borrow money from third parties (usually financial institutions; sometimes in the form of short term loans or advances from owners, directors & etc.). THIS IS NOT A SOURCE OF REVENUE OR OTHER INCOME. This is because the principal sum borrowed is a liability (resource – money that you [...]

An Article From Inland Revenue Board On Single Tier Tax System (26 November 2009)

November 26, 2009

SINGLE TIER TAX SYSTEM 1) INTRODUCTION Prior to 1 January 2008, Malaysia adopted the imputation system which required the imposition of tax on the profit at corporate level and again at shareholders level. The principle behind the imputation system is to overcome the double taxation of income. Under the imputation system, companies resident in Malaysia [...]

Sample Disclosure – Share Based Employee Compensation Scheme, ESOS (25 November 2009)

November 25, 2009

Share-based Employee Compensation Scheme – ESOS The Company’s Employee Share Options Scheme (“ESOS”) is a share-based, equity-settled employee compensation scheme. The ESOS allows the employees of the Company acquiring the shares of the Company upon fulfilling certain conditions. The total fair value of share options granted employees is recognised as an employee costs in the [...]

Sample Disclosure – Accounting Policy Of Employee Equity Compensation Benefits (ESOS) (24 November 2009)

November 24, 2009

EMPLOYEE EQUITY COMPENSATION BENEFITS The Employees’ Share Option Schemes (“ESOSs”) of the Company and a subsidiary grant the Group’s eligible employees options to subscribe for shares in the Company and the subsidiary at pre-determined subscription prices. These equity compensation benefits are recognised as an expense with a corresponding increase in equity over the vesting period [...]

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