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(Tax Update) Mr Koh, You Got Lubang with MIDA Right?
The call came in with no greeting.Just one sentence straight into my ear: “Mr Koh, you got lubang with MIDA right?” A tax prospect wanted to apply Pioneer Status tax incentive from MIDA after THREE years in operation. Then he asked the famous Malaysian question: “You can kautim everything?” I laughed.Not because he was funny.But…
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(TAX UPDATE) We Got Sacked for Asking Too Many Questions on Tax Incentives
Last year, a new transferred client told me something many SME bosses will recognise : Then they placed the past year tax incentive form Claim for Reinvestment Allowance (RA) under Schedule 7A, Income Tax Act 1967 on the table with confidence. “Boss, our previous tax agent not so troublesome. This Reinvestment Allowance (RA) claim is…
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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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