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排场 — The Day I Learned I Had “No Show”
Years ago, I collaborated with an insurance agency to conduct a tax seminar. It was a simple sharing session, free of charge, held at my office with about 50 participants. It seemed straightforward—share knowledge, add value, keep things professional. To me, that’s what mattered. But after the seminar, the insurance guy came to me, shook…
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年度汉字… 升
2024 has been a eventful year for the accounting industry, and if I had to choose one word to sum it all up, it would be “升”—meaning “rise” in Chinese. But this rise hasn’t been all about progress; it also carries a heavier side of life that we cannot ignore. ❌ The rise of stress…
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A Personal Experience with Donations
Recently, I made a donation to an approved donation centre (name withheld out of respect). To my surprise, the receipt I received completely failed to comply with the Inland Revenue Board (IRB) guidelines under Section 44(6) of the Income Tax Act 1967. The receipt lacked critical details such as a proper declaration of approval under…
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Tax Paid by Employers: What You Need to Know
Did you know that when an employer agrees to pay an employee’s income tax, this “benefit” is considered part of the employee’s taxable income? While this might seem like a generous gesture, it comes with tax implications for both the employer and the employee. I will break down the essentials of the new guidelines under…
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When Ex-Clients Seek Free Advice
Last week, a former client who had switched to a cheaper service provider called me. He inquired about tax planning for a company car registered under an employee’s name. Specifically, he asked if the employee should charge car rental to the company!!! I explained that, according to the Inland Revenue Board’s Public Ruling, the company…
Koh Teck Peng Blog 