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What Is Form B, Form Be & Form P!?
January 13, 2023
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Form B
The income tax return for individual with business income (income other than employment income)
The penalty imposed will be from RM200 to RM20,000 or imprisonment for not more than 6 months or both.
The Form B can get at any branch of the IRBM or you may submit the Form B via e-filing.
You are not allowed to submit income tax form for any year of assessment more than once. However, you are advised to send a letter of appeal (which states that a mistake has been made) and supporting documents to the IRBM branch which handles your income tax file.
Form Be
Resident individual (live in Malaysia over 182 days) who does not carry on the business and only have the employment income.
The penalty increased in tax of 10% of the total payment amount, under subsection 103(3) of the ITA 1967 shall be imposed.
Form P
Form P in order to show all income earned and business expenses deducted by the partnership during the year. excluding limited liability partnerships
Failure to furnish Form P on or before 30 June 2021 is an offence under paragraph 120(1)(d) of the Income Tax Act 1967 (ITA 1967)
什么是管理会计？
January 6, 2023
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什么是管理会计？
管理会计是识别、衡量、分析、解释和向管理者传达财务信息以实现组织目标的实践。
为什么管理会计很重要？
深入了解您的公司财务和资源流的细节
根据实际数据及时做出决策
提供形成长期扩展业务的方法
管理会计包括什麽？
关键绩效指标 (KPI)
收益与损失
现金状况
资产负债表
誰應該準備管理会计？
合格的会计师可以帮助您处理您的管理帐户。 他们可以帮助您检查您的财务报表并提取对决策有用的数据、模式或危险信号。 但是，您也应该在制定管理报告中发挥关键作用，因为您最了解您的业务及其目标。 与您的会计师分享您的 KPI，以便他们了解需要分析和帮助预测的有用数据
管理会计的功能
• 提供数据
• 修改数据
• 沟通
• 分析和解释数据
• 作为一种交流方式
• 便于控制
• 使用定性信息
• 协助规划
• 协助组织
• 做决定
管理会计的重要性
协助决策
提高公司的效率
提高盈利
提供可靠性
What Is Management Accounting?
December 30, 2022
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What Is Management Accounting?
Managerial accounting is identifying, measuring, analyzing, interpreting, and communicating financial information to organization’s goals
Why Management Accounting Is Importance?
Provides deep insight into details of your company finance and resource flow
Reach a timely decision based on actual data
Provides means to form long-term strategies to scale your business
What Should Include in Management Account
Key performance indicators (KPIs)
Profit and loss
Cash position
Balance sheet
Who Should Prepare Management Account
A qualified accountant can help you with your management accounts. They can help you examine your financial statements and pull out data, patterns or red flags useful for decision making. However, you should also play a key role in formulating the management report, since you know your business and its goals best. Share your KPIs with your accountant, so they know what useful figures to analyses and help forecast
Functions of Management Accounting
• Provides data
• Modifies data
• Communication
• Analyses and interprets data
• Serves as a means of communicating
• Facilitates control
• Uses qualitative information
• To assist in planning
• To assist in organizing
• Decision-Making
Importance of Management Accounting
Assist in decision making
Increases the efficiency
Raises the profitability
Provides reliability
Annual Return (AR)
December 16, 2022
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ANNUAL RETURN (AR)
Under Section 68 of the Companies Act 2016, all incorporation of companies under Suruhanjaya Syarikat Malaysia are compulsory to lodge annual return.
OVERVIEW OF ANNUAL RETURN
Annual Return (AR) is a summary of all company’s information such as business activities, business address, registered office, particulars of Board of Company (Director(s) and Shareholder(s), company secretary(ies) and shareholders with its shareholding details in the company.
OBJECTIVE OF ANNUAL RETURN
By submitting Annual Return (AR), the stakeholders or investor of the Company aware that the company is doing operation at the anniversary or registered date for the year submitted. The information provided will usually assist the company’s stakeholders to form a general understanding about the company status and condition.
SUBMISSION OF ANNUAL RETURN
Appointed licensed Company Secretary or Company’s Agent are responsible to lodge the annual documents to the Registrar through MBRS platform. In addition, Companies must submit Annual Return (AR) for each calendar year due within 30 days from the anniversary of its registration or incorporation date in Malaysia.
FINE FOR NON-COMPLIANCE
Each Board of Company will be liable to a fine not exceeding RM 50,000. In the case of a continuing offence, a further fine not exceeding RM 1,000.00 for each day during which the offence continues after conviction.
Under Section 549 of the Companies Act 2016, failure to lodge Annual Return (AR) for three or more consecutive years, the Registrar have authority to strike off the company registration.
REMINDER FOR ANNUAL RETURN (AR) DATE
In BP Strategy Secretarial Sdn. Bhd., we will automatically remind our client on Annual Return (AR) due date. Our duty as Company Secretary to ensure that our client can have enough time to review and submit on time for company’s Annual Return (AR).
Sales & Service Tax (SST)
December 9, 2022
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Sales & Service Tax (SST)
What is sales tax?
Service tax are charged by registered manufacturers of taxable goods and on the importation of taxable goods into Malaysia.
General rate: goods are subject to sales tax at a rate of 10%
Specific rate: some goods are taxed at the reduced rate of 5%
What is service tax?
The rate for service tax is 6% for all taxable services. Services that are imported or exported are exempted from service tax.
Which businesses must apply for sales & service tax registration in Malaysia?
SALES TAX
Taxable goods manufacturers are required / liable to be registered when SALES VALUE OF TAXABLE GOODS has exceeded RM500,000 for 12 months period.
Manufacturers who carry out sub-contract work on taxable goods where the VALUE of work performed exceeds RM500,000 for 12 months period.
Exempted Goods from Sales Tax
Books, magazines, newspapers, and journals
Cereals
Coffee and tea
Fertilizers
Goods manufactured for export
Insecticides and disinfectants
Live animals, fish and seafood, and eggs
Meat and edible meat offal
Pharmaceutical products
Spices
Wood pulp and waste of paper
SERVICE TAX
List of Type of Taxable Services and Threshold
Any person with total amount of taxable services provided in 12 months exceed threshold below is liable to register.
Taxable Service
Threshold
Group A: Accommodation
RM500,000.00
Group B: Food & Beverages
RM1,500,000.00
Group C: Night Club, Dance Halls, Health Centres, Massage Parlours, Public Houses, Beer House
RM500,000.00
Group D: Private Clubs
RM500,000.00
Group E: Gold Club & Golf Driving Range
RM500,000.00
Group F: Betting & Gaming
RM500,000.00
Group G: Professionals
RM500,000.00
Group H: Credit Card/ Charge Card
RM500,000.00
Group I: Other Service Providers
RM500,000.00
WHAT IS COMPANY REGISTRATION NUMBER?
December 2, 2022
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WHAT IS COMPANY REGISTRATION NUMBER?
Company Registration is a set of unique number that acts as an identification for a company. Company registration number is provided by the Company Commission of Malaysia widely known as Suruhanjaya Syarikat Malaysia (SSM) upon a successful incorporation of a company.
FORMAT OF NEW COMPANY’S REGISTRATION NUMBER
In October 2019, a new format of company registration number was introduced by SSM. A new set of number containing company information is added in front of the old format. This approach was introduced to standardize registration number for company, business and Limited Liability Partnership incorporated in Malaysia.
202201123456
–
123456-A
(New format)
(Old format )
The current format contains 12 digits with each sequence signify certain company information such year of incorporation, type of entities and the last 6 digits refers to the registration number sequence. The sequence follow certain format as explained below:
First four digits represent the year the company incorporated.
The next two digits represent type of business entity using these codes,
Code
Entity’s Code
01
–
Local Companies
02
–
Foreign Companies
03
–
Business
04
–
Local LLPs
05
–
Foreign LLPs
06
–
LLPs for Professional Practice
The last six digits represent the sequence of the business entity.
2022
01
123456
Year of incorporation
Entity’s Code
Sequence number
PURPOSES OF COMPANY’S REGISTRATION NUMBER
The main purpose of the company registration number is to identify business incorporated in Malaysia. In addition to that, it is also important when it comes to formal affairs such as filling for application and other administration affairs. Instance when company registration number are needed:
Opening company bank account in Malaysia
Registering for licenses and permits
Register company profile with government agencies such as Employee Provident Fund (EPF)
Apart from that, business registration acts as a legal proof of the company incorporation. This is because only those registered with SSM will be provided with the registration number and the number only unique to that particular entity only. There will be no other duplicates and this set of number cannot be forged as everything is recorded in database and everyone have access to that information.
Having company registration number also boosts and reinforces business reputation because customer or client can discern between legal entities and illegal entities to avoid from being a victim to a fraud or scam.
WHERE TO CHECK COMPANY REGISTRATION NUMBER?
Incorporated After October 2019 – Can be found on the Superform (Section 14), Notice of Registration (Section 15) and Certificate of Incorporation (Section 17).
Incorporated Prior to October 2019 – Can be check on SSM’s portal through e-search, e-info and MyData.
HOW TO OBTAIN THE BUSINESS REGISTRATION NUMBER?
To obtain business registration number, the company or entity need to be registered with the SSM. Upon incorporation, directors will receive the company number.
We at BP-AST can help you with the registration. For more details and assistance, you can contact our company secretary department.