Lembaga Hasil Dalam Negeri Malaysia (LHDNM, Inland Revenue Board Malaysia) has announced that all its payment counters will use new payment receipts effective from 18 February 2013. (Source: hasil website)
You do your audit with only one testing tecnique: vouching?
What about techniques involving TOC, SAP and OSP?….
None has caught your eyes at the Budget 2013 announced recently?
That means you have overlooked those financial assitance given under various types of funds allocated for business to apply!
Seven characteristics of companies that went “from good to great”:
1. Level 5 Leadership: Leaders who are humble, but driven to do what’s best for the company.
2. First Who, Then What: Get the right people on the bus, then figure out where to go. Finding the right people and trying them out in different positions.
3. Confront the Brutal Facts: The Stockdale paradox -Confront the brutal truth of the situation, yet at the same time, never give up hope.
4. Hedgehog Concept: Three overlapping circles: What lights your fire (“passion”)? What could you be best in the world at (“best at”) What makes you money (“driving resource”)?
5. Culture of Discipline: Rinsing the cottage cheese.
6. Technology Accelerators: Using technology to accelerate growth, within the three circles of the hedgehog concept.
7. The Flywheel: The additive effect of many small initiatives; they act on each other like compound interest.
Copyright and Source: http://en.wikipedia.org/wiki/Good_to_Great
With effect from YA 2010, the employment income of a resident individual who is a knowledge worker in Iskandar Malaysia, employed in qualifying activities, is taxed at 15%.
Whether Director’s fees would be given the tax rate of 15% flat, for all Malaysia tax resident company directors, too in the coming Budget 2013 and also, will individual tax rates be reduced by 2 – 3%?
Further, will corporate tax rate be reduced by 1 – 2% in the abovementioned Budget?
Wait and see the Malaysia Budget 2013 which will be tabled on 28 September, 2012.
好的愿景须具有:
1. 核心理念,和
2. 展望的未来
核心理念定义了组织恒久不变的特质。它包含了两个独特的要素:”核心价值”与”核心目的”。
展望的未来包含两个部分:”胆大包天的目标”以及”生动描绘公司达到胆大包天目标后的景象”。
设立愿景,需要确保它的完整性,最好盖括所有完整所必需的要素整合在一起。
— 柯林斯, 薄乐斯
Heavy penalties of a fine of up to RM5m or jail for up to five years or both will be imposed if the taxpayers are found committing any of the three specified tax offences under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, warned by the IRB Malaysia.
to fool around the accounting in order to overstate or understate net income with reasons to cause effect on.
an intentional misrepresentation of a material point or issue on which a victim relies, and results in victim(s) suffering damages.
If cash incentive paid to staff and agents are regarded as entertainment expenses, its tax deductibility will immediately become questionable. That is the argument which the tax authority holds on to not allowing the said cash incentives as tax deductible.
In tax reporting, a wise businessman will not blindly follow so called expert advise but will ensure his tax benefits are not in vain in advance as to avoid unnecessary doubts raised during the tax audit. He knows well that only himself but no one, even the tax consultant, will pay the additional tax plus relevant penalty arising from the wrong treatment of income and expense items in his tax reporting.
(On the tax deductibility of Cash Incentives, one may like to make a reference to the latest case laws, NV Alliance Sdn Bhd v Ketua Pengarah Hasil Dalam Negeri, 2012.)
The Inland Revenue Board is not authorised to take legal action against taxpayers who neglect to remit their income tax or commit other offences under the Income Tax Act 1967. The Court of Appeal established a landmark ruling that revenue counsel is not empowered to act against those who fail to pay income tax. They further ruled that if the board did so, without first obtaining permission from the public prosecutor, the legal action would be unconstitutional, null and void.
A three men bench, led by Datuk Abu Samah Noordin, made the landmark ruling in allowing an appeal by taxpayers who were charged in a Penang magistrate’s court for failing to declare their combined income amounting to RM700,000 for YAs 2003 and 2004.
The unanimous ruling would be a precedent as the judgment of the Court of Appeal was final.