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(TAX UPDATE) Director’s Personal Car Placed “Under Trust” in a Sdn Bhd
Boss, your personal car “put under trust” in Sdn Bhd is NOT a magic tax hack. This is one of the most common tax traps we see. Many directors think:“Put company as trustee, company pay petrol, road tax, insurance, servicing… then can claim CA and deduction.” Reality check : LHDN looks at substance, not paperwork.…
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150 Accountants in One Room and I Felt Grateful
Yesterday morning, in the middle of January peak season, more than 150 accountants still chose to show up for the MIA Members Update and Networking session. By 9am, the room was already full. That itself says a lot about this profession. First, a sincere thank you. Kudos to MIA, especially MIA Southern Chairman Mr Wen…
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(Tax Alert) Pioneer Status and ITA Are Now Under Closer IRB Review
SME taxpayers should be aware that the Inland Revenue Board (IRB) is now paying much closer attention to companies enjoying tax incentives such as Pioneer Status and Investment Tax Allowance (ITA). In the past, many companies treated these incentives as a one-time approval. Once MIDA granted the incentive, they assumed the tax benefit would automatically…
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(TAX UPDATE) Can a Sdn Bhd Use Cash Basis Accounting in Malaysia?
Last month, a new Sdn Bhd director called me and said: “Can I prepare my accounts on cash basis?”“Very unfair to pay tax when customers not pay yet!”“Government untung. We suffer!” I almost fainted. Not because it’s a common question from directors but because this thinking is what quietly gets many SME directors into audit,…
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Why Law-Abiding Businesses Feel the Most Pain in Malaysia
Doing the right thing is getting more susah in Malaysia. Yesterday, just before a Hash run, I bumped into an old hasher friend. Quick small talk.He asked, “How’s business?”I asked back, “How’s yours?” He runs an optical shop in Johor Bahru.More than 40 years already. A seasoned businessman. And his answer was simple and heavy.…
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