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Welcome To Our Latest Newsletter

Dear Valued Clients,

   Welcome to our E-Newsletter November 2016

   We are glad to present you our newsletter for November. What’s new and exciting this month?

   Ready to Support

   In this issue of newsletter, we are glad to share with you that we are now one step further into our expansion quest by welcoming our new network member from Thailand, Myanmar and China. Together now we can support anyone who is interested to setup in any countries in ASEAN except Brunei.

   Currently, we have a support network consists of 600 staffs in 38 offices across 27 countries ready to assist new entrepreneurs to start up and grow their businesses.

   Apart from that, with “the World’s leading corporate service provider, offering services beyond excellence” as our Vision, we are happy to present you our first corporate video to introduce us, which you can see at the bottom part of this email.

   We hope you will enjoy it and feel free to share with your friends to know us better in just one minute plus.

   Something New

   We would like to share with you on the Highlights of Malaysia Budget 2017. Please feel free to drop by our website for this at Highlights of Malaysia Budget 2017.

   Estimate of Tax Payable (Form CP204) Submission Deadline

   Last but not least, we would like to remind you that the Form CP204 is required to be submitted to the Inland Revenue Board not later than 30 days before the beginning of the basis period (financial year) for that Year of Assessment.

   For company / limited liability partnership which has a basis period from 1 January 2017 to 31 December 2017 (December Year End), the deadline for submission of Form CP204 for Year of Assessment 2017 is 30 November 2016.

   Please visit Estimate of Tax Payable for more information.

Remember to call us if you require any assistance.

Otherwise, stay tune for any new update and interesting news from us.

Thank you.

Stephanie Chua
Stephanie Chua
Managing Partner



Latest News

  Highlights of Malaysia Budget 2017 in Malaysia
On 21 October 2016, YAB Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak, Malaysia Prime Minister has tabled Budget 2017 themed “Ensuring Unity and Economic Growth, Inclusive Prudent Spending, Wellbeing of the Rakyat”. The following is the summary of Highlights of Malaysia Budget 2017 which were announced in Parliament.
Read More


 
  IRBM Public Ruling No. 7/2016
IRBM Public Ruling No. 7/2016 We are hereby informed that the Inland Revenue Board of Malaysia (IRBM) has, on 7 October 2016, issued Public Ruling (PR) No. 7/2016: Basis Period for Companies Under Liquidation. The objective of this PR is to explain the determination of the basis period for companies under liquidation. 
Read More


 
  Application of Import Duty Exemption on Machinery & Equipment and Raw Materials & Components
Implementation of Online Submission for The Application of Import Duty Exemption on Machinery & Equipment and Raw Materials & Components All applications for import duty exemption which involve PC1, PC Services, PC2, PC2A, PC2-1, SPM1 and SPM2 need to be submitted online with effect from 1 November 2016. With effect from 1 November 2016, all…
Read More


 
  Registrants who fail to make GST payments within a prescribed period
Imposition of Compound on Registrants who fail to make GST payments within a prescribed period Registrants who still have outstanding tax in the year of 2015 will be given until 31 October 2016 to pay the outstanding amount. Failure to do so will be imposed a compound to the maximum amount of RM 20,000. Registrants… Read More


 
  Goods and Services Tax (GST) Audit Framework
GOODS AND SERVICES TAX (GST) AUDIT FRAMEWORK The Royal Malaysian Customs Department (RMCD) has recently issued the GST Audit Framework which can be downloaded from its website at here. Need more insight information? Feel free to contact 3E Accounting for us to assist in getting yourself prepared and ready for the GST audit. Prevention is… 
Read More


 
  RM88.4 Billion Worth of Investments Approved In 1H2016
RM88.4 Billion Worth of Investments Approved In 1H2016 The approved direct investments in the services, manufacturing and primary sectors in the first half of 2016 (1H2016), totalled RM88.4 billion compared with RM125.9 billion in the same period last year. The investments approved in 1H2016 were in 2,499 projects, and are expected to generate more than… Read More


 
  Hire illegals and we will freeze assets, warns Immigration
Hire illegals and we will freeze assets, warns Immigration On 13 September 2016, DG says Immigration Dept will start using full provision of law to punish employers who flout law by hiring and protecting illegal foreign workers. Pointing to a provision under Section 56(1) of the Immigration Act, the department’s director-general Mustafar Ali said the… Read More


 
  Reminder for register online business with SSM
Reminder for register online business with SSM Many people dabble in business online to supplement their income, but did not register company or business with the Companies Commission of Malaysia (SSM) to avoid Inland Revenue Board queries. This is an offence punishable under the Registration of Businesses Act. For those who make use of social… 
Read More




 

3E Accounting


We are an independent member of 3E Accounting International Network

      

  Asia
  Singapore | Malaysia
  Indonesia | Cambodia
  Philippines | Vietnam
  Laos | India | Sri Lanka
  Japan | Bhutan | Thailand 
  Myanmar | China

  Europe
  Malta | Cyprus

  North America
  Mexico | Panama
  Cayman Islands

  South America
  Argentina | Chile
  Peru | Colombia
  Brazil

  Oceania
  Australia

  Africa
  Seychelles | Mauritius

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Press Release
Enterprise Services Insights Ranks 3E Accounting among the Top 10 Premium Compliance Service Providers in the APAC Region Read More



3E Accounting PLT Earns Recognition as a Top Industry Player in Malaysia Read More
Notice of Holiday

Deepavali

Our office will be closed on 31 October 2016 for Deepavali Public Holiday Replacement.

We will be operating on
1 November (Tue) onwards.

Dear Clients,

Our directors and staffs will
have no access to the email during these period and all
email will be attended to once we are back to the office on the next working day.

We apologize for any
inconvenience caused.

About 3E Accounting


Why switch to 3E Accounting

3E Accounting is a leading international accounting firm that provides truly one-stop solutions for businesses, committed in helping businesses in the areas of Company incorporation, nominee director, LLP setup, immigration, work pass application, stamp seal maker, accounting, tax, GST, secretarial, human resource, cloud based accounting software support, business advisory, and virtual office services.

Currently, our network group has presence in 27 countries globally, with a total combined staff strength of more than 600 staffs and 38 offices across Asia, North and South America, Africa, Oceania and Europe. We are not just to support you locally in Singapore, but to support you for your business expansion in overseas as well when you are ready.

Find out more: Why switch your service provider to 3E Accounting
Resources
Setting Up Company in Malaysia
Please click here for Complete Guides for setting up company in Malaysia.
Guide to Malaysia Company Registration
Guide to Select Your Malaysia Company Names
Incorporation FAQ
Determining Financial Year End
Sole Proprietor vs LLP vs General Partnership vs Company
Guide to Foreigner Setting Up Company in Malaysia
Foreign Company Setup Options
 

Company Compliance
For more information about Company Compliance, Please click here. (i.e. Obligations under Companies Act, 1965; Directors’ duties and prohibition under the Companies Act, 1965; Responsibilities As Employers; Obligations under Income Tax Act; Obligations under Goods and Services Tax (GST) Act).

Hiring Staff in Malaysia
For Guide to Hiring Staff in Malaysia, please click here.

GST Registration Obligation
Any person who makes a taxable supply for business purposes and the GST exclusive value of the taxable turnover of that supply for a period of 12 months or less exceeds the threshold of RM500,000 is required to be registered for GST. You must apply for GST registration within 28 days from the date the annual taxable turnover exceed RM500,000 (determined based on either the historical or the future method). Please click here for complete guides for GST registration

Reverse Charge for Importation of Services

 A supplier who does not belong in Malaysia and supplies services to a customer in Malaysia does not have to charge GST. However, the customer who receives the services for the purpose of any business carried on by him is required to account for GST by a reverse charge mechanism.
 
When services are imported from outside Malaysia and supplied to a recipient in Malaysia, being taxable supplies if made in Malaysia, the recipient of the supply shall account and pay GST if such imported services are for the business purposes and consumed in Malaysia. He shall account for output tax on the portion of the services consumed in Malaysia. If the recipient is a taxable person, he is entitled to claim input tax on the services if the imported services are used for making taxable supplies.
 
If the recipient is not a taxable person, he is still required to account the GST as output tax and declare the tax in a prescribed form (Form GST-04). The tax has to be paid not later than the last day of the subsequent month from the month in which the payment of supply is made.
 
The time of supply of imported services is due when payment is made by the recipient of that service to the extent covered by the payment made.
 
A recipient does not need to issue any tax invoice when he receives an imported service. But for audit purpose, the recipient should keep the invoice he receives from the overseas supplier.
 
For online submission of Form GST-04, refer to: http://gst.customs.gov.my/en/rg/SiteAssets/specific_guides_pdf/GST%20Guide%20on%20GST-04%20Online%20submission.pdf
 
Click here for more information about Overview of GST in Malaysia
.

Tax Planning
Looking for tax savings method for Personal, please refer to:
Personal Income Tax Planning
Corporate Tax Planning

Click here for more Resources

Awards and Recognition


 
3E Accounting
3E Accounting PLT
Unit No. 20-01, 20-02, 20-03, Level 20, Menara Centara, 
No. 360, Jalan Tuanku Abdul Rahman,
50100 Kuala Lumpur, Malaysia
+603 - 2603 7328
info@3ecpa.com.my
www.3ecpa.com.my
 
 
 
Copyright © 2016 3E Accounting PLT, All rights reserved.


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