As the name goes, Withholding tax means an amount, representing the tax portion of an income of a non-resident recipient, withheld by the payer in Malaysia, and paid directly to the Inland Revenue Board of Malaysia. Find out more here..
The Malaysian Institute of Accountants (“MIA”), had in 2010, issued a Recommended Practice Guide 7 (Revised) on the charging of audit fees. This is a replacement to the earlier practice guide issue in 2007. All auditors in Malaysia are required to abide by this practice guide.
This article is merely to assist the readers to understand a little bit more about the legal aspects of an offshore company, especially their benefits: Assets protection, Protection from lawsuits, Privacy, Simplicity, Minimising taxation
Malaysia’s Budget 2011 brought a lot of interesting facts Malaysians would want to look into and read: Particularly on tax issues, public service and allocations for human resources. Find out more about the latest news on Budget 2011 here.
With the recent trend in rising property prices, many people have started investing in properties, mainly residential, for rental and/or capital appreciation. Property investments were previously accessible to the richer and older individuals who have substantial savings, but now, with innovative financing packages offered by banks and developers, buying properties by young adults are made possible.
The Malaysian Accounting Standards Board (“MASB”) has announced the accounting standards relating to financial instruments shall be implemented and applicable for financial periods beginning on or after 1 January 2010. What has changed? Find out more here.
Do you understand how GST (Goods and Services Tax) in Malaysia works? Remember – All of the cost is passed on to the consumer, which is you. See an explicit explanation of GST here, and a very good example of how GST’s mechanism is.
Recently, Malaysia’s Budget 2010 has created quite a bit of negative reactions within the public, especially the property people. What has caused this reaction?
The nominating committee is responsible to identify, nominate and orientate new directors, both executive and non-executive. The main reason for delegating such responsibility is to ensure recruitment matters relating to directors are addressed in detail, allowing the Board to spend time on strategic matters. It is, however, the Board’s responsibility to appoint a candidate to be a director. Find out more here.
Pursuant to Paragraph 15.10 of the Listing Requirements, all listed companies in Malaysia must have an Audit Committee. This committee will provide the Board of Directors with assurance on the reliability and quality of the financial statements, which certain information shall also be made available to the public.
