February 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>
</ul>
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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>
</ul>
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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...

Malaysia Records 4.5% Economic Growth

Bright Outlook for Malaysian Rubber Industry

Tax Filing Programmes for Income Tax Return in the Year 2016

Update on GST and commercial property in Malaysia

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

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