2017 | Accounting Firm in Malaysia | Malaysia Corporate Service Provider

Malaysia Records 4.5% Economic Growth

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Malaysia records 4.5% economic growth</h2>
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KUALA LUMPUR: Driven by private sector spending and the manufacturing and services sector, Malaysia's economy grew 4.5% in the fourth quarter of 2016 - exceeding economists' survey of 4.4%.</div>
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The nation's central bank, Bank Negara Malaysia (BNM) said this was the strongest expansion compared to a 4.3% growth in the previous three months.</div>
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"On a quarter-on-quarter seasonally-adjusted basis, the economy recorded a sustained growth of 1.4%." it said, adding that the 4.5% growth in the fourth quarter of 2016 and the 4.2% expansion in 2016 were within the range projected by the Treasury.</div>
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While the fourth quarter growth was supported by the continued expansion in private sector expenditure, on the supply side, BNM said growth continues to be driven by the manufacturing and services sectors.</div>
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"Domestic demand expanded at a more moderate pace, as the improvement in private consumption and investment activity was more than offset by the decline in public expenditure.</div>
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“Private consumption is anticipated to remain supported by wage and employment growth, with additional impetus coming from government measures to support disposable income of households,” said BNM.</div>
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Read More: <a href="https://www.3ecpa.com.my/invest-in-malaysia/malaysia-records-economic-growth/" target="_blank">Malaysia Records 4.5% Economic Growth</a></div>
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Malaysia Records 4.5% Economic Growth

Malaysia records 4.5% economic growth KUALA LUMPUR: Driven by private sector spending and the manufacturing and services sector, Malaysia...

Bright Outlook for Malaysian Rubber Industry

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Bright Outlook for Malaysian Rubber Industry</h2>
KUALA LUMPUR: Once a major source of income for the country, the production of rubber was reportedly declining and some investors even labeled it as a sunset industry.<br />
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However, the recovery in the global economy and the shortage of natural rubber have since enhanced prospects for the industry this year and there are positive signs for the future.<br />
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The International Monetary Fund (IMF), in its World Economic Outlook October 2016, said based on the global economic scenario, which was estimated to grow at a faster rate of 3.4% this year, the shortage will be at 350,000 tonnes this year.<br />
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“The expected natural rubber (NR) supply deficit is expected to be more severely felt during the period up to May 2017 as seasonal factors will affect the overall supply,” IMF said.<br />
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According to The Malaysian Rubber Export Promotion Council, Malaysia is still a favoured rubber exporter as the rubber produced is of high quality, while the prices are competitive in the international market.<br />
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In fact, the MREPC is confident that despite stiff competition from Thailand, Indonesia and China, Malaysia is expected to remain a major supplier of rubber gloves.<br />
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Read More: <a href="https://www.3ecpa.com.my/invest-in-malaysia/bright-outlook-for-malaysian-rubber-industry/" target="_blank">Bright Outlook for Malaysian Rubber Industry</a></div>
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Bright Outlook for Malaysian Rubber Industry

Bright Outlook for Malaysian Rubber Industry KUALA LUMPUR: Once a major source of income for the country, the production of rubber was rep...

Tax Filing Programmes for Income Tax Return in the Year 2016

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Tax Filing Programmes for Income Tax Return in the Year 2016</h2>
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The Inland Revenue Board has issued a filing programme for Income Tax Return Forms in the year 2016.</div>
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Here’s some quick information for tax payers.</div>
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What's my deadline for filing taxes? Which form do I fill?</h3>
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<li>30 April 2017 for individuals without business source. You fill up Borang BE.</li>
<li>30 June 2017 for individuals with business source. You fill up Borang B.</li>
<li>30 June 2017 for partnership. You fill up Borang P.</li>
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What do I need to prepare before filing my taxes?</h3>
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<li>Form EA/EC: from your employer which tells you how much you have earned and how much tax they have paid on your behalf.</li>
<li>Borang BE or B? : Your source of income will determine which form you have to fill up. You can now also do this online at <a data-mce-href="http://www.hasil.gov.my" href="http://www.hasil.gov.my/" target="_blank" title="hasil.gov.my">hasil.gov.my</a>.</li>
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Is there any grace period?</h3>
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<span style="background-color: white; color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;">Read More: <a href="https://www.3ecpa.com.my/taxation-and-gst/tax-filing-programmes-income-tax-return-year-2016/" target="_blank">Tax Filing Programmes for Income Tax Return in the Year 2016</a></span></div>
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Tax Filing Programmes for Income Tax Return in the Year 2016

Tax Filing Programmes for Income Tax Return in the Year 2016 The Inland Revenue Board has issued a filing programme for Income Tax Return...

Update on GST and commercial property in Malaysia

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Update on GST and commercial property in Malaysia</h2>
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Do you know that you need to <a data-mce-href="/resources/malaysia-taxation/taxation-and-gst-planning-for-investment-property-in-malaysia/" href="https://www.3ecpa.com.my/resources/malaysia-taxation/taxation-and-gst-planning-for-investment-property-in-malaysia/" title="Taxation and GST Planning for Investment Property">register for GST when investing in commercial property</a>? It is a crucial step in your investment roadmap. However, some investors might forget to include GST into their budget and this is a big mistake- because the figures involved can be significant. In Malaysia, the sale of commercial properties (including land zoned for commercial purposes) is usually subject to 6% GST.</div>
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Many thought that private properties would fall outside of this category. In other words, non-commercial properties are not subject to the 6% GST. However, according to the guidance released by the authorities, the facts show otherwise. The recent guidance shows that if an individual owns more than two commercial properties, more than one acre of commercial land or commercial property, or land with a market value of more than RM2mil and has an intention to sell, they are considered to be in business.</div>
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If you are buying a property, there are a number of specific conditions to adhere to if you want to be eligible to claim back GST. Also, there are some circumstances determine whether you are liable to pay GST when selling a property, and how the tax will be calculated if you are.</div>
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Can I purchase the property and register for GST thereafter and claim back my GST?</h3>
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Read More: <a href="https://www.3ecpa.com.my/taxation-and-gst/gst-and-commercial-property-in-malaysia/" target="_blank">Update on GST and commercial property in Malaysia</a></div>
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Update on GST and commercial property in Malaysia

Update on GST and commercial property in Malaysia Do you know that you need to register for GST when investing in commercial property ? ...

Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016

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Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016</h2>
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The IRB has recently updated the following:</div>
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<li>Filing program for 2017 tax returns</li>
<li>2016 version of Forms EA, EC and CP 8D (employer related)</li>
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With regards to the amendments of Form C.P.8D and Form EA / EC, the improvements are made for the purposes:</div>
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<li>To verify (or as reference) the information of employees who opt for <a data-mce-href="/blog/how-does-monthly-tax-deduction-mtd-pcb-work-in-malaysia/" href="https://www.3ecpa.com.my/blog/how-does-monthly-tax-deduction-mtd-pcb-work-in-malaysia/" title="Monthly Tax Deduction (PCB)">Monthly Tax Deduction (PCB)</a> as final tax.</li>
<li>To standardise information retained by the IRB, be it from the employer (<a data-mce-href="/blog/every-company-needs-to-submit-your-form-e/" href="https://www.3ecpa.com.my/blog/every-company-needs-to-submit-your-form-e/" title="Form E">Form E</a> and C.P.8D) or the employee / taxpayer (Form EA / EC).</li>
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Also, employers are reminded to note that:</div>
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<li>The submission of Form E and C.P.8A will be accepted and considered as complete only if it is received on or before the dateline for submission.</li>
<li>Employers who have submitted the required information via e-Data Praisi do not have to complete and submit Form C.P.8D.</li>
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Tax payers can always check out the latest updates about the forms and schedules from <a data-mce-href="http://www.hasil.gov.my/bt_goindex.php?bt_kump=2&bt_skum=3&bt_posi=1&bt_unit=1&bt_sequ=1" href="http://www.hasil.gov.my/bt_goindex.php?bt_kump=2&bt_skum=3&bt_posi=1&bt_unit=1&bt_sequ=1" target="_blank" title="Latest updates Forms and Schedules">here</a>.</div>
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Read More: <a href="https://www.3ecpa.com.my/taxation-and-gst/amendments-to-form-e-cp8d-ea-ec-in-respect-of-remuneration-for-the-year-2016/" target="_blank">Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016</a></div>
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Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016

Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016 The IRB has recently updated the following: Filing...

MASB issues amendments to several Standards and a new Interpretation (29 December 2016)

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MASB issues amendments to several Standards and a new Interpretation (29 December 2016)</h2>
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The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are:</div>
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(1) Malaysian Financial Reporting Standards (MFRSs)<br />> Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS 4)<br />> Transfers of Investment Property (Amendments to MFRS 140)<br />> Annual Improvements to MFRS Standards 2014–2016 Cycle<br />> IC Interpretation 22 Foreign Currency Transactions and Advance Consideration</div>
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(2) Financial Reporting Standards (FRSs)<br />> Applying FRS 9 Financial Instruments with FRS 4 Insurance Contracts (Amendments to FRS 4)<br />> Transfers of Investment Property (Amendments to FRS 140)<br />> Annual Improvements to FRS Standards 2014–2016 Cycle<br />> IC Interpretation 22 Foreign Currency Transactions and Advance Consideration</div>
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The above pronouncements are word-for-word the respective pronouncements issued by the International Accounting Standards Board (IASB).</div>
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Read More: <a href="https://www.3ecpa.com.my/accounting/masb-issues-amendments-to-several-standards-and-a-new-interpretation-29-december-2016/" target="_blank">MASB issues amendments to several Standards and a new Interpretation (29 December 2016)</a></div>
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MASB issues amendments to several Standards and a new Interpretation (29 December 2016)

MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) h...

Trader are only allowed to organise four (4) special sales a year starting in 2017

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Trader are only allowed to organise four (4) special sales a year starting in 2017</h2>
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Under the new rules starting from January 1, 2017, traders and retailers are allowed to hold just four mega sales a year, compared to five times previously. Three of the new sales dates are to be set by the Government while another on a date of their choice. The purpose of making this change is to draw more tourists to the country by standardising the sales periods.</div>
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Three of the four annual sales will be determined by the Government which are the:</div>
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a) early year sale from March 1 to 30</div>
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b) 1Malaysia mega sale carnival from June 15 to August 31</div>
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c) 1Malaysia year-end sale from November 1 to December 31</div>
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d) Traders can determine the fourth sale period themselves.</div>
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Under the new rules, the maximum penalty for non-compliance includes fines up to RM100,000 for body corporate and organisation and RM50,000 (or imprisonment up to 3 years) for individual. For second or subsequent offence, the penalties include fines up to RM200,000 for body corporate and organisation and RM100,000 (or imprisonment up to 5 years) for individual.</div>
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Though there will be lesser sales in a year, the new rules also states that discounts must be a minimum of 10% based on the lowest price of the item over a three month period. Furthermore, a minimum of 50 percent of all items available at the premises must be offered for sale.</div>
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Read More: <a href="https://www.3ecpa.com.my/sme/trader-are-only-allowed-to-organise-four-4-special-sales-a-year-starting-in-2017/" target="_blank">Trader are only allowed to organise four (4) special sales a year starting in 2017</a></div>
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Trader are only allowed to organise four (4) special sales a year starting in 2017

Trader are only allowed to organise four (4) special sales a year starting in 2017 Under the new rules starting from January 1, 2017, tra...

Price Control and Anti-Profiteering Regulations 2017

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Price Control and Anti-Profiteering Regulations 2017</h2>
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In a bid to protect the rights and interests of consumers as well as to curb profitering, the Domestic Trade, Cooperatives and Consumerism (KPDNKK) ministry announced the enforcement of the Price Control and Anti-Profiteering Regulations 2016 (Mechanism To Determine Unreasonably High Profits for Goods) which came into force on Jan 1, 2017.</div>
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Gazetted on 22 December 2016, it replaces the Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) (Net Profit Margin) Regulations 2014 which expired on Dec 31, 2016. One key aspect of price control legislation is the mechanism used to work out what was “unreasonably high.”</div>
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The 2017 Regulations apply but certain categories of goods, which include food and beverages, and household goods. Household goods have been specifically defined to include non-durable household goods and personal care products purchased for personal, family or household purposes, but cosmetic products are excluded.</div>
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Also, there are changes in the mechanism to determine unreasonably high profit. Under the 2017 Regulations, the determination of unreasonably high profit is done through the mark-up percentage or the margin percentage of the goods sold or offered using the prescribed formulas.</div>
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Read More: <a href="https://www.3ecpa.com.my/sme/price-control-and-anti-profiteering-regulations-2017/" target="_blank">Price Control and Anti-Profiteering Regulations 2017</a></div>
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Price Control and Anti-Profiteering Regulations 2017

Price Control and Anti-Profiteering Regulations 2017 In a bid to protect the rights and interests of consumers as well as to curb profite...

Students are exempted from business registration fees from Jan 1, 2017

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Students are exempted from business registration fees from Jan 1, 2017</h2>
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In a bid to encourage more young people especially students to join the workforce as entrepreneurs, the Malaysian government has announced an initiative of exemption of business registration fees, starting from Jan 1, 2017. The main reason why is to encourage more young people to become entrepreneurs while they are still studying. The student’s business plan will equip them with more soft skills and entrepreneurship, which will in turn make them a better employee.</div>
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According to the Prime Minister, Datuk Seri Najib Tun Razak, students from public and private institutions of higher learning who intend to venture in new business will be exempted from business registration fees with the Companies Commission of Malaysia (SSM) starting from Jan 1, this year. The Prime Minister said the exemption under the Registration of Businesses Act was aimed at encouraging more young entrepreneurs to take advantage of the RM10mil grant allocated by the SSM. The grant is planned to be reimbursed over the next ten years or RM 1 million per year.</div>
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The Malaysian government has rolled out the plan to boost the development of digital economy especially in the year 2017. In the new Budget, Malaysia will launch the world’s first Digital Free Zone where the agenda will empower the digital world in Malaysia and is expected to boost the digital economy sector to a greater height. The improved high-speed broadband is the other initiative being introduced to encourage more people to try out online business.</div>
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As such, the government hopes that young people could adopt the online business platform or venture into the world of e-commerce because this will help them to outreach more customers and market their business better. The business registration cost, either under a sole proprietorship (business name in their own name as per identity card or a trade name) or partnership using a trade name for a period of one year only. The cost for sole proprietorship registration using personal name costs RM30 while registering using trade name costs RM60 per annum. With the recently-announced initiatives, students are exempted from the business registration cost.</div>
Read More: <a href="https://www.3ecpa.com.my/sme/students-are-exempted-from-business-registration-fees-from-jan-1-2017/" target="_blank">Students are exempted from business registration fees from Jan 1, 2017</a><br />
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Students are exempted from business registration fees from Jan 1, 2017

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Students are exempted from business registration fees from Jan 1, 2017

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