Syarikat Ong’s Post

Tax season is upon us, Malaysians! 📅 It's that time of the year to ensure our financial affairs are in order, and understanding income tax plays a crucial role in that process. Let's dive into the essentials of Malaysia's income tax system: 1️⃣ Tax Residency: Are you a tax resident in Malaysia? If you've been in the country for 182 days or more in a calendar year, you're considered a tax resident. This status determines the scope of your tax obligations. 2️⃣ Types of Income Tax: In Malaysia, there are several types of income tax, including: Employment Income: Salaries, wages, bonuses, allowances, and benefits are subject to tax. Business Income: Profits from businesses, professions, or vocations are taxable. Investment Income: Gains from investments such as dividends, interest, and rental income are taxable. Other Income: This includes royalties, pensions, annuities, and more. 3️⃣ Tax Deductions and Reliefs: Take advantage of deductions and reliefs to reduce your taxable income. These may include: Education expenses Medical expenses EPF/CPF contributions Lifestyle relief Zakat, fitrah, or similar payments 4️⃣ Filing and Payment: Taxpayers must file their income tax returns annually. Electronic filing (e-Filing) is the most convenient method, offering a user-friendly platform for submission. 5️⃣ Stay Informed: Keep abreast of tax updates, changes in regulations, and deadlines. The Inland Revenue Board of Malaysia (LHDN) is your go-to resource for official information and guidance. Remember, paying taxes is not just a legal obligation; it's also a civic responsibility that contributes to nation-building. By understanding and fulfilling our tax obligations, we ensure the continued development and prosperity of our beloved Malaysia. 💪🇲🇾ASQ Consulting Group Malaysia #happyenterprise #taxexperts #asqconsultinggroup #unitylove

𝐈𝐧𝐯𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐌𝐲 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 – 𝐌𝐚𝐥𝐚𝐲𝐬𝐢𝐚𝐧 𝐓𝐚𝐱 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 💡 Did you know that tax compliance from individual taxpayers in Malaysia contributes over 50% of our federal income? 💡 Yet, Malaysia's tax base remains relatively low at 11.2% of the GDP, compared to neighboring countries. Prime Minister Anwar emphasized the importance of tax compliance during the Tax Conference 2024, stressing the need for stricter efforts to ensure those obligated to pay do so. I am conducting a research on “𝐓𝐚𝐱 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐁𝐞𝐡𝐚𝐯𝐢𝐨𝐫 𝐚𝐦𝐨𝐧𝐠 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐌𝐚𝐥𝐚𝐲𝐬𝐢𝐚” to investigate the reason underlying taxpayers's non-compliance, and am inviting you to participate in my survey. Your insights will be instrumental in shaping effective tax policies for Malaysia's future. 𝐒𝐮𝐫𝐯𝐞𝐲 𝐋𝐢𝐧𝐤: https://lnkd.in/g3M5yGeX Rest assured, all responses will be confidential and used solely for academic purposes. Your support is crucial in building a brighter, more sustainable tax system for Malaysia! P.S. Please help me to spread the survey and make wider awareness on tax compliance in Malaysia! Photo credit: Malay Mail #taxcompliance #malaysia #incometax #taxconference #research #survey

𝐓𝐚𝐱 𝐂𝐚𝐬𝐞 𝐒𝐭𝐮𝐝𝐲 : 𝐌𝐞𝐫𝐢𝐦𝐞𝐧 𝐎𝐧𝐥𝐢𝐧𝐞 𝐒𝐝𝐧 𝐁𝐡𝐝 𝐯. 𝐊𝐞𝐭𝐮𝐚 𝐏𝐞𝐧𝐠𝐚𝐫𝐚𝐡 𝐇𝐚𝐬𝐢𝐥 𝐃𝐚𝐥𝐚𝐦 𝐍𝐞𝐠𝐞𝐫𝐢 (𝐊𝐏𝐇𝐃𝐍) Brief Facts The Taxpayer, Merimen Online Sdn Bhd, was granted Multimedia Super Corridor (“MSC“) Malaysia pioneer status tax incentive under Section 6 (1AB) of the Promotion of Investments Act 1986 (“PIA”). Subsequently, the Taxpayer was issued a pioneer certificate, and accorded pioneer status for an initial period of five years, which was subsequently extended a further five years. The Taxpayer took the position that 100% of its statutory income was exempted from income tax during the pioneer period pursuant to Section 21C of the PIA. The Taxpayer requested a ruling from the Inland Revenue Board (“IRB“) to confirm the same. However, two years later, the IRB responded that under the proviso to Section 21C, the difference between the Taxpayer’s statutory income and value-added income was taxable. No further reasons were provided for the ruling. The IRB subsequently issued assessments against the Taxpayer, along with penalties.   Link to Case Study :- https://lnkd.in/gmzP4z7K #Tax #TaxLaw ** ‎Follow the Richard Wee Chambers (A member of Grandall Law Firm) channel on WhatsApp: https://lnkd.in/gkMkWvZw

At the fourth Malaysia Tax Policy Forum, Deputy Finance Minister YB. Lim Hui Ying emphasised the critical role of effective tax policies in supporting economic growth, public services, and infrastructure development. She highlighted the challenges of developing a fair and efficient tax system in Malaysia's informal economy and the necessity of digital tax administration for sustainable development. Malaysia's economy grew by 4.2% in Q1 2024, driven by private expenditure and exports. ISI honorary advisor Datuk Seri Dr. Mohd Nizom Sairi discussed the importance of e-invoicing and the increase in service tax on digital services from 6% to 8% to enhance tax transparency and efficiency in the evolving digital economy. We at JS Partners can help you seamlessly transition to e-invoicing, ensuring compliance and efficiency. Our team of experts will guide you through the implementation process, offering personalized support to optimize your invoicing system. WhatsApp us at 014-324-8237 to get started today. #jspartners #shivajiniseelan #einvoicing #digitaltax #taxtransparency #economicgrowth #taxationspecialists #businessefficiency #taxpolicy #malaysiaeconomy #financialgrowth #digitaleconomy

On 21 November, RSM Singapore, in collaboration with RSM Vietnam, RSM Malaysia & RSM Indonesia, organized a webinar, “Being Prepared to Engage with Tax Authorities on Transfer Pricing”. This webinar provided a comprehensive overview of the regional tax authority’s risk assessment practices, trends in the global transfer pricing landscape and strategies for effective engagement with tax authorities. Ms. Ngoc Nguyen, the Partner at RSM Vietnam and other partners shared their expertise and best practices specific to their respective countries. Here are some images from the webinar. #RSMVietnam #RSMSingapore #RSMMalaysia #RSMIndonesia #TransferPricing #TaxAuthority

Rising global prices due to geopolitical tensions are increasing concerns over energy costs, inflation, and living expenses. To address this without overburdening compliant taxpayers, the Malaysian Government has introduced e-Invoicing as part of the Income Tax Act 1967. E-Invoicing implementation begins August 1, 2024, for larger businesses with annual turnovers exceeding RM100 million, followed by January 1, 2025, for businesses with turnovers between RM25 million and RM50 million. Finally, on July 1, 2025, all taxpayers, including micro-enterprises like sole proprietors and freelancers, will be required to comply. This system requires businesses to electronically submit invoice data to the Inland Revenue Board of Malaysia (IRBM) for validation, ensuring real-time digital transaction records. The initiative aims to improve tax compliance, efficiency, and Malaysia's tax-to-GDP ratio, potentially avoiding new taxes amid global economic challenges. However, businesses need to adapt to the new system, emphasizing a multidisciplinary approach and continuous improvement. This initiative promises better tax compliance and fiscal sustainability for Malaysia. At JS Partners, we are ready to help your business navigate the transition to e-Invoicing seamlessly. WhatsApp us at 0143248237 today to ensure your business stays compliant and efficient with the new regulations. #jspartners #shivajiniseelan #malaysia #einvoicing #taxcompliance #globaleconomy #businessinnovation #jspartners #digitaltransformation #taxsolutions Source: The Edge Malaysia

🚨 Proud to share my latest article in Berita Harian! 🚨 In this article, I dive into how the new tax framework is projected to add RM16 billion to Malaysia’s revenue in the next three years. I explore: ✅ The expected revenue impact from the updated tax system, including measures like the Global Minimum Tax (GMT) and indirect taxation. ✅ The importance of balancing increased revenue with fair exemptions to support businesses and individuals. ✅ How Malaysia can stay competitive globally by offering non-tax incentives, such as better infrastructure and logistics. Special thanks to Berita Harian for the opportunity to contribute to the conversation on fiscal policy and its role in shaping the nation’s economic growth. 👉 https://lnkd.in/gX5tuGdN #TAXATION #MATA #Drfar #BH

Heads Up, Malaysia! 🇲🇾 Global Minimum Tax Takes Effect 1st January 2025. Just a friendly reminder that the global minimum tax is now being implemented in Malaysia. This means businesses with global revenue exceeding €750 million will be subject to a minimum 15% tax rate on their profits generated in the country. It's crucial for businesses to be aware of this change and ensure they are compliant. This could impact your tax obligations and financial planning. Let's stay informed and navigate this new landscape together! 💪 #GlobalMinimumTax #Malaysia #TaxCompliance #BusinessUpdates #FinancialPlanning

The Malaysian government recently released their 2025 budget. MNRB Group and KWAP Malaysia spoke about their predictions at a panel during Asian Investor’s 3rd Malaysia Global Investment Forum in Kuala Lumpar. Amongst them, they emphasize the need for tax optimization policies for corporate tax, strategic investments, and overall economic growth through tax reforms -> https://lnkd.in/eyr6g-26 We’ll be interested to see how these predictions pan out in the 2025 budget, and whether they will leverage governance technology to support transparency, streamlined administration, and improved revenue mobilization. #TaxOptimization

The Indonesian Ministry of Finance has issued Regulation No. 172/2023, which updates the guidelines for transfer pricing in the country. This regulation consolidates existing rules to ensure compliance with the arm's length principle and business norms in related-party transactions. It also introduces detailed requirements for transfer pricing documentation, transfer price adjustments, and the procedures for resolving disputes through Mutual Agreement Procedures (MAP) or Advance Pricing Agreements (APA). The updated regulation reflects Indonesia’s commitment to aligning with global best practices while addressing local tax challenges. These revised guidelines aim to provide greater clarity and legal certainty for multinational corporations conducting cross-border transactions. By integrating these measures, the Ministry seeks to enhance tax compliance, minimize disputes, and promote a fair taxation system. With the implementation of PMK-172/2023, businesses operating in Indonesia are encouraged to review their transfer pricing policies to ensure adherence to the new standards. This will help mitigate compliance risks and strengthen their positions during audits or dispute resolution processes. RDJ ADVISORY Tax and Advocate Tax, Transfer Pricing and Legal Services www.rdj-advisory.com #RDJAdvisory #TaxandAdvocate #TransferPricing