Business

Recommended Audit Fee in Malaysia

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Recommended Audit Fee in Malaysia

Recommended Audit Fee in Malaysia 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. Purpose The MIA issued this Practice Guide because of the following reasons:- Increased in compliance burden due to higher auditing standards requirements Increased in operating costs, mainly salaries To ensure auditors professionalism are not affected due to “price wars” among...

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Malaysia’s Budget 2011

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Following KLM’s extremely popular article, Malaysia’s Budget 2010, we’re bringing you new highlights of Malaysia’s 2011 Budget this year. For the year 2011, there are some notable changes that the Rakyat should look at. Personal & People’s Budget 2011 Exemption on sales tax for all Mobile Phones Service tax raised from 5% to 6% Service tax imposed on paid television broadcasting services (e.g. Astro) Excise duty exemption on National Vehicles, purchased by the disabled, to be raised from 50% to 100% Tax relief of RM5,000 to be extended for employ caretakers...

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Property Investment via Company Ownership

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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. In the recent 10 years, there have been many investment gurus who came to teach, especially employees and young individuals, how to invest in properties to create retirement income, or more...

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Real Property Gains Tax (RPGT) in Malaysia

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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? Prior to 1 April 2007, Real Property Gains Tax (RPGT) has been in effect for quite some time already, and during that time, the RPGT rates are as follows: Duration between Year of disposal and Year of Acquisition RPGT Rates For Companies RPGT Rates For Individuals 2 years and below 30% 30% 3 years 20% 20% 4 years 15% 15% 5 years 5% 5% Above 5 years 5% 0% Real Property Gains Tax (RPGT) rates in Malaysia prior to 1st April 2007...

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Corporate Governance – Nominating and Remuneration Committee

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Corporate Governance – Committees Nominating Committee 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. General duties and responsibilities Recommend candidacy for directorship filled by shareholders, taking into consideration their knowledge,...

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Corporate Governance – Audit Committee

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Corporate Governance The Audit Committee The third part of our Corporate Governance series, we will be covering the functions and responsibilities of an Audit Committee within an organization, which is fundamentally about accountability and good governance. 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. While the Board is...

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