Vacancy: Company Secretarial Senior Assistant.

CompanySecretarialSeniorAssistant

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Individual Income Tax Filing Deadline For Year 2012

 

Year 2012 income tax filing deadline falls on the following dates:-

Form BE (Employment income): 30 April 2013.
Form B (Business income): 30 June 2013.

15 days grace period is allowed for tax forms submitted via e-filing.

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Gong Xi Fa Cai! Happy Chinese New Year!

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Year 2013 starts with work, wishes and worries!

Happy new year mood is over. Everybody come back to work.

The harder or smarter we work, the more we get in return – that’s what we wish.

For people who are not aware of the anticipated Perfect Storm, they worry about their income in this year 2013. For people who realize the fact and the feeble global economy ahead, they worry about their living.

Wish for the best and ready for the worst!

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Malaysian income tax payment is hitting RM120 billion

 

Up to October 2012, IRB has collected RM98 billion tax. They are targetting RM120 billion until the end of this year.

However, economic is not getting better but the skill and scale of collection is getting better.

The better trained and more experienced tax officers and the change of tax law (for instance, higher tax penalties) have contributed to the better-then-expectation tax collection.

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Limited Liability Partnership – FAQ

 

What’s this FAQ for?

We start to roll this post up for Limited Liability Partnership (“LLP”). This post will be updated from time to time as more information is available.

What is LLP?

Starting year 2012, LLP becomes a new form of business in Malaysia besides the Company and the conventional Partnership. It’s alike form of Company without shares but, unlike a conventional partnership, the partners of LLP has limited liability.

Perhaps, the best way to understand what LLP is, is to compare LLP with the nature of a Company (“Sdn Bhd”) as follows:-

Is LLP a separate legal entity?
Yes. LLP is a separate legal entity. Like a Company, a LLP is a business entity separates from its partners and it can sue and be sued.

Is LLP governed by the Companies’ Act, 1965?
No. LLP is governed by the Limited Liability Partnership Act 2012 (641).

Who can form a LLP?
LLP may be formed by any two or more individuals and/or corporates. Even professional individuals, like doctors, accountants and lawyers, can form LLP for their professional practice.

What LLP can do?
LLP can carry out any lawful business with a profit motive.

Is LLP required to file documents with the SSM?
Yes. LLP is required to file certain statutory forms to the SSM, including the Annual Declaration and other forms that are yet to be confirmed by SSM as todate (28/02/2013).

Reference:
1. Limited Liability Partnership.
2. Understanding Limited Liability Partnership and its tax facets.
3. Limited Liability Partnership Regulations 2012.

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Transfer Pricing

 

Malaysians are entering a red alert zone of doing inter-company business. Be caution and aware!

The TRANSFER PRICING rules are hitting every business in Malaysia. While similar rules in other countries usually applicable on cross border (international) transactions, in Malaysia it is applicable even on  local transactions.

You could gain some insight knowledge about Transfer Pricing from this article.

The latest Transfer Pricing Rules 2012 was gazetted on 11 May 2012.

You may also read this Advance Pricing Arrangement Rules 2012 which was also gazetted on 11 May 2012.

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Vacancy: Internship and practical training in accounting firm

 

Internship in accounting firm located at Menglembu, Ipoh.
Polytechnic students may apply for practical / internship.
Period: December/January – June 2013.
Please send your application/inquiry to admin@cco.my

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Experienced marketing officer looking for job

 

A female marketing officer with 5 years related experience is offering herself for marketing position. She has been dealing with online / on-call sales orders. She is about 30 years old.

She is looking for jobs located at Ipoh and Menglembu area.

Contact: Please email admin@cco.my.

 

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Tax Calculator v20121011 beta

 

Tax Calculator v20121011 beta is replacing the previous v20121008 beta.

What’s new: Summation error fixed, bigger fonts.

Tax Calculator is for use to calculate income tax for Malaysian individual resident (most tax payers fall in this category) for YA2011-2013.

Download Tax Calculator (67) v20121011 beta.

Screenshot

 

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