Now You Know Automatic Exchange of Information

Welcome to series of Tax educational posts -->Now You Know Automatic Exchange of Information  Short name AEOI As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. What is AEOI Under the Foreign Account tax Compliance Act's (FATCA), and to counter tax evasion, the AEOI drew up common rules for reporting clients assets and income. These information will be report back to client's home country authorities Scope. Request Financial Institutions (FI)  report new and existing account holders, whether local
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Do You Know GST Common Problem But Uncommon Risk

Welcome to series of GST educational posts -->Do You Know GST Common Problem But Uncommon Risk As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. Do You Know GST Common Problem But Uncommon Risk Wrong Tax Code & Key Entry Error Wrong Tax Code used & key entry problem --> Understated tax liability Capital goods – Should account as TX or TX – CG (6%) wrongly account as NR (0%) TX (6%, Ex – petty cash purchased; handphone
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Now You Know Taxpayer and Preparer Responsibilities

Welcome to series of Tax educational posts -->Now You Know Taxpayer and Preparer Responsibilities As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. This posts focus on Income Tax Act (ITA) Subsection on Wilful Evasion S 114 - Wilful Evasion What constitutes Wilful Evasion or intend to evade Assist any other person to evade S.114 (1) Nature of assistant / advice given by any person or tax preparer --> offence under S.114 (1A) Consequences of such Wilful Evasion action Wilful
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Now You Know Tax Penalties and Offences

Welcome to series of Tax educational posts --> Now You Know Tax Penalties and Offences As usual, this 5 minutes posts explain WHAT, WHY,  and HOW. The following Income Tax Act (ITA) Subsection focus on Now You Know Tax Penalties and Offences S 112(1) - Failure to Furnish Return - a Single Tax Return A person default in furnishing a complete return under S.77 (1) & S.77A(1) without reasonable excuse A person default in giving a notice of chargeability under S.77
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Now You Know Tax Top 15 Disallowed Expenditures

Welcome to a new series of TAX educational posts -->Now You Know Tax Top 15 Disallowed Expenditures. As usual, this 5 minutes educational posts explain WHAT, WHY,  and HOW. Income Tax Act S. 39 (1) Listed revenue expenditures specifically disallowed to deduct against business revenue. Disallowed expenditure increased taxpayer  net taxable profit, therefore higher tax liability to taxpayer   Now You Know Tax Top 15 Disallowed Expenditures (Sorted from Latest to Earliest) S39(1)(Q) Failure to Deduct tax from payment to Non
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Do You Know GST Risk Based Audit

Welcome to series of GST educational posts --> Do You Know GST Risk Based Audit. As usual, this 5 minutes educational posts explain WHAT, WHY,  and HOW. Do You Know GST Risk Based Audit? Risk based audit approach leveraging on technology and matematical formula to identify audit target. This audit approach targeted on :- Companies traded with entity with significant ''audit exception" ; Companies with regular trading losses; Companies identified with errornous record (during audit); Conpanies with frequent Return Amendment Do
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Do You Know GST Duty To Keep Records

Welcome to series of GST educational posts -->Do You Know GST Duty to Keep Records. As usual, this 5 minutes posts explain WHAT, WHY,  and HOW.以下的普通話版 GST regulation Section 36(2)(a) require --> All electronic & manual records (in BM / English) related to GST must be kept in location in Malaysia; and --> for 7 years, from the latest date to which the records relates EXAMPLE In financial year 2015, latest date records in Dec 2015 --> Year 0 Keep records
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Do You Know GST Reimbursement & Disbursement

Welcome to series of GST educational posts --> Do You Know  GST Reimbursement & Disbursement. As always, this is a 5 minutes education posts to explain WHAT, WHY,  and HOW.  Do You Know GST Reimbursement & Disbursement In REIMBURSEMENT  scenario When agent / service provider purchased goods / services, on behalf of clients, in the course of furtherance of business. Such expenditure is regarding as Reimbursement, if it has the following characteristics:- (1) Agent / Service Provider purchased goods / service; and is responsible
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Do You Know About GST Return Amendment

Welcome to series of GST educational posts --> Do You Know About GST Return Amendment. As usual, this 5 minutes education posts explain WHAT, WHY,  and HOW.  Do You Know About GST Return Amendment - What If amendment increased net payable amount to Custom i.e. --> Increased output tax; and / or --> Decreased input tax claimed Permitted unlimited amendment;  and No prior approval from Custom is required.   If amendment increased net receivablle / claimed  amount from Custom i.e. --> Decreased output tax; and
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Do You Know What Trigger GST Audit

Welcome to another series of GST educational posts --> Do You Know What Trigger GST audit. As always, this is a 5 minutes education posts to explain WHAT, WHY,  and HOW.  The 7 Reasons Trigger GST Audit? (1) Your revenue trend is < or > industry average? (2) Your input and output tax ratio to Supplies Value is < or > industry average (3) Your CAPEX ratio to supplies value  is < or > industry average (4) Previous GST filling exception, especially repeat cases Late
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