This book is intended to give solicitors, accountants, lecturers, and law students an insight into the fundamental accounting theories and principles involved in the proper maintainence of office and clients' accounts.
In accordance with the introduction of Section 82B of the Income Tax Act 1967 (ITA 1967), the Inland Revenue Board of Malaysia (IRB) has upgraded the MITRS application on the myTax Portal for the purpose of submitting information and tax documents for the purpose of determining taxable income and tax payable by taxpayers.
E-invoicing is a digital version of traditional paper invoices. Instead of sending a physical invoice, businesses send an electronic invoice (e-invoice) that contains the same information, such as the supplier's and buyer's details, item descriptions, quantities, prices, taxes, and the total amount....
Starting from January 1, 2025, the Malaysian government has introduced a new tax measure where individuals receiving annual dividend income exceeding RM 100,000 will be subject to a 2% tax on the excess amount. This means that if your total dividend income for the year is more than RM 100,000...
The implementation of MBRS affects various types of financial statements and reports, including:
1. Annual Returns (AR): Companies must submit their annual returns digitally through MBRS.
2. Unaudited Financial Statements (UFS): Companies must prepare and submit their unaudited financial statements using the MBRS platform. …
Audit exemption means that certain companies are not required to have their financial statements audited by an external auditor. This can help reduce costs and administrative burdens for small and micro businesses.
Personal tax reliefs are deductions that individuals can claim to reduce their taxable income. By claiming these reliefs, you can lower the amount of tax you owe or even get a tax refund.