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Expansion of Taxable Services – Repair & Maintenance
Royal Malaysian Custom Departments released the Service Tax guidance for repair & maintenance services in Malaysia, as of February 26, 2024. Key points include: 1. Introduction of service tax on maintenance or repair services under the Service Tax Act 2018 from September 1, 2018.2. Mandatory registration for providers exceeding a threshold, with a focus on…
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Read The E-Myth if you are in an accounting firm!
I just re-finished the “E-Myth revisted” (there is an E-myth for hashtag#accountants too, but I didn’t read that version). Here are the main points you can learn: 1. Balance Your RolesAccountants should not just focus on doing accounting work. They also need to think like bosses who plan for the future and managers who organize…
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Training KTP Group of Companies
I worked at a place where they didn’t focus much on training because they were worried trained employees would leave for other jobs. I think training is really important to help everyone grow. Our team had over 45 people. I set up a rule that everyone from new starters to managers had to complete some…
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Unresolved Question on Capital Gain Tax (CGT)
With the new CGT beginning on March 1, 2024, the lack of clear instructions has left taxpayers and businesses unsure about how to proceed. On January 15, 2024, the Inland Revenue Board of Malaysia (IRBM) published the filing process for the Capital Gains Tax Return Form (CGTRF) but didn’t provide further guidance. 1. The Exemption…
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How I Review Audit Planning Memorandum (APM)
Excited to share how we at hashtag#ktp approach the crucial phase of audit preparation with our Audit Planning Memorandum (APM). Think of the APM as our detailed guide for conducting thorough and effective audits. In my role as audit partner, alongside our dedicated managers and seniors, I delve deep into the APM. Our main focus?…
