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(Tax Update) E-Invoicing: Grace Period for 6 Months
The IRB has announced key concessions on e-invoicing to support taxpayers. Highlights include: ✅Consolidated E-Invoicing Allowed: All industries can issue consolidated e-invoices, even for importation of goods and services. ✅Flexible Descriptions: Any description can be used in the product/service field. ✅Grace Period: No prosecution for non-compliance from August 2024 to January 2025 if consolidated e-invoicing…
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What Is The First Question Clients Ask?
Last month, during a routine onboarding session at KTP, I posed a question to our newest team members – experienced professionals who had joined us from other firms. “What is the first question most clients ask at the first meeting?” The room fell silent, filled with thoughtful nods but no spoken answers. I clarified for…
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🌱 Big News for Agri-Business Owners! 🌾
Exciting times for those in Malaysia’s agricultural sector! The government, through Public Ruling No. 5/2023, is rolling out impressive tax incentives for approved food production projects. This initiative covers a spectrum of activities from crop planting to livestock rearing and even high seas fishing. Who’s Eligible?Companies and cooperatives focused on agriculture.Agricultural associations and individuals in…
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TIN under E-Invoice
Hey everyone, Guess what? The IRB’s TIN isn’t what you might think—it’s not your grandma’s old tin can for cookies or Milo tin can. Nope, this TIN (Taxpayer Identification Number) is all about keeping things tidy and tax-compliant in our e-invoicing world! Starting 1st August 2024, Malaysia is stepping into a new era with the…
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Why Dormant Company Audits Aren’t as Simple as They Seem!
Join me on a journey through the unexpected “complexities” of auditing dormant companies and discover why continuous learning and attention to detail are essential for every auditor. Last week, I received a dormant company for signing from a newcomer in our company. The person in charge (PIC) assured me, “Nothing, Sir. This is a dormant…
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