Tuesday 22 December 2015

Christmas is here!

We at Wolters Kluwer would like to take this opportunity to wish all of our customers in both Malaysia and Singapore:

A Very Merry Christmas and a Happy New Year!



Enjoy your holidays, and we'll see you in 2016!

Monday 30 November 2015

Applause for Singapore’s economy and workforce capability

According to the annual "Doing Business" report by the World Bank which was released on 28 October 2015, Singapore emerged as the easiest place to do business globally. Singapore was ranked as the most business-friendly economy in the world for the 10th year in a row.

Wednesday 25 November 2015

Haven't mastered Malaysia GST tax codes and GST reporting yet?

If you haven't, then you shouldn't feel embarrassed.

You are not alone.

There are many in the same boat.

There are many Malaysian companies out there whose personnel are still struggling to understand and apply the correct GST tax codes for different transactions.

There are even more companies out there that still make errors in their GST reporting, whether monthly or quarterly.

Even tax consultants, tax practitioners and auditors still run into these problems themselves when advising their clients.

It doesn't matter if you've bought Customs approved software. It doesn't matter if the tax codes and GST-03 forms are in-built into your software. If your data entry starts wrong, it'll be wrong anyway. There are many scenarios that you'll have to figure out what to do yourself.

So, if you're one of those in the same boat, don't wait for the boat to sink! 

Here's what you can do:

Tuesday 24 November 2015

Malaysia's Response to BEPS

The Government has taken key steps to overcome base erosion and profit shifting (BEPS) and transfer pricing abuse.

In a statement released alongside the Commonwealth Association of Tax Administrators' (CATA's) 36th Annual Technical Conference held on November 16-20, 2015, the Inland Revenue Board (IRB) announced that it is currently reviewing the relevant tax legislation to keep abreast of changes from the BEPS project.

Tuesday 17 November 2015

The importance of a tax diagnostic review

On the 11th of December 2015, we're launching a new workshop for our Singapore-based customers!

Mitigating Tax Risks Through Tax Diagnostic Review




Monday 9 November 2015

New edition of Singapore Employment Act Handbook out soon!

The latest edition of Wolters Kluwer’s Singapore Employment Act (Cap 91) will be available on 25 November 2015!


The handbook includes the following legislation:
  • Employment Act (Cap 91, 2009 Ed)
  • Employment of Foreign Manpower Act (Cap 91A, 2009 Ed), and
  • Child Development Co-Savings Act (Cap 38A, 2002 Ed),
as well as the related regulations, rules, orders and notifications.

The 2015 edition incorporates all amendments up to 7 October 2015. Of particular significance is the Employment (Amendment) Act 2015, gazetted on 21 August 2015.

Tuesday 3 November 2015

Budget 2016: Lights Out


Saga after saga
Gripping the nation
Budget 2016.

Loud opinions proclaimed
From the irked, the downtrodden
To the coasters, the beneficiaries.

Look at the bigger picture, he says
High-income developed nation status
We must achieve.

Thursday 29 October 2015

Permanent Establishments: The Invisible Threat

Setting up some of your business operations in another country has become a common occurrence for businesses in today's world. Whether it's to expand your markets, or to save on infrastructure costs, businesses do it for a variety of reasons. Singapore companies are no exception, as they constantly look to expand their presence beyond Singapore's borders.

In many cases, companies that have operations overseas end up accidentally creating a Permanent Establishment (PE), which inevitably leads to an unintended tax liability. Even companies who have had previous experience still run into this issue. It's an issue that requires constant attention, and companies should always be ready to tackle the issue should the need arise.

Tuesday 20 October 2015

Need to optimise your transfer pricing models?

Are you:

Having your company's bottom line eroded unnecessarily due to poor transfer pricing management?

Struggling to work out your transfer pricing model strategy?

Having challenges understanding the various transfer pricing regimes and its challenges in India, China, Vietnam and Indonesia?

Seeking to learn how to defend your transfer pricing policies during an audit?

Looking to update yourself on recent developments and global trends on transfer pricing?

If you answered yes to most, if not all of these questions, then you have to join us for the following workshop in November:

"Optimising Transfer Pricing Models in Asia
Developing a Balanced Approach to Complex Requirements"

This workshop takes place on the 18th of November, so sign up now and mark the date on your calendar!

Thursday 15 October 2015

Concept of exemptions


Do you know the expressions “not liable to tax” and “exempt from tax” are not synonymous? The first refers to receipt that does not have the quality of income and thus not assessable, for example a capital receipt. The second expression refers to income that can have the character of income but is specifically excluded from assessable income.

The case of Australian Mutual Provident Fund Society v I.R. Commrs (1961) 3 All E.R. 1,051 referred to these two categories. In deciding in favour of the Commissioners, Lord Devlin at page 1,057 -1,058 said:

“What the Commissioner contends, and what the stipendiary magistrate and the Supreme Court have held, is that the words ‘exempt from taxation’ do not cover income which is not within the reach of the New Zealand tax laws. The point is succinctly put by the stipendiary magistrate when he says: ‘A company cannot be exempt, unless, but for the exemption, it would have been liable.’

The concept of exemptions and information on exempted income are discussed in the Malaysian Tax Reporter and the Malaysian Master Tax Guide Manual. If you wish to out find more, please contact 1800-181-151(Toll Free line ) or email us at mktg@cch.com.my.

Friday 9 October 2015

Countdown to Budget 2016

The Malaysian Prime Minister Datuk Seri Najib Razak is set to unveil the 2016 Budget on 23 October 2015 with the focus on strengthening growth, expanding inclusiveness and ensuring fiscal sustainability. 

Budget 2016 will be a very important budget for Malaysia due to the drop in demand from emerging markets, weakening ringgit, falling crude oil and commodity prices and it is the first budget under the 11th Malaysia Plan. Datuk Seri Najib Razak had invited people to give their suggestions by submitting them to his website najibrazak.com/bajet2016/ before 15 September 2015. Basically, cost of living, urban housing and livelihood, besides education topped the list of Malaysians' concerns.  

In this current situation, people are waiting for the government to take certain steps for the coming year and do hope that the Prime Minister Datuk Seri Najib Razak will listen to the voice and aspirations of all our Malaysian people, the rakyat, for a better Malaysia for all.

                                      

Friday 2 October 2015

GST – The Good, The Bad and The Ugly



By now, most Malaysians would have contributed to the GST. So how are Malaysians faring with being charged an additional 6% for almost anything they buy? We asked a few Malaysians ranging from accountants, average individuals and low income earners on their take on the GST and how they were impacted by it.

Friday 25 September 2015

When can we claim Capital Allowance and Reinvestment Allowance?

The following case illustrated how the Inland Revenue Board (IRB) in Malaysia looked at the function of assets claimed and their eligibility of claiming capital allowances.I found it very interesting as to how the Special Commissioners looked and allowed the appellant's claim as opposed to how the IRB handled the case in the first place.

In the case of HHM Sdn Bhd v Ketua Pengarah Hasil Dalam Negeri, the appellant had claimed reinvestment allowance for the following projects under appeal:
  • forklifts;
  • ramps;
  • sprocket;
  • oil pump; and
  • crankshaft.

Wednesday 23 September 2015

A day out at the 2015 CPA Australia Congress in Malaysia

I once again had the wonderful opportunity to attend the annual CPA Australia Congress in Malaysia, this time held at One World Hotel on 22 September 2015. Those of you who attended last year will be aware of the rave reviews it received, with a well-rounded programme consisting of speakers from diverse industries and backgrounds.



This year, the theme was "Leadership. Strategy. Business" and it did not disappoint, addressing relevant and up to date issues as well as inspiring takes on leadership and how the profession continues to remain relevant. Although there were a few last minute changes to the line-ups, it did not detract from the overall quality of the sessions.


Monday 14 September 2015

Singapore GE2015 and taxes

Singapore's general election to form its 13th Parliament was held on 11 September 2015. The ruling People's Action Party secured a popular vote share of 69.9%, an almost 10% increase from the 60.1% it got in the 2011 election, reversing a decade-long downward trend in the PAP’s popularity.

GE2015 was the first since 1963 to see the PAP challenged in all the seats. The PAP took 83 of the 89 seats in 29 constituencies, up from 80 in 87 in the last Parliament.



Among the key issues raised by opposition parties during the nine days of hustings were: foreigner influx, job displacement by foreign workers, public transport overload, public housing cost and supply, hospital bed crunch, rising costs of living and income inequality.

Wednesday 9 September 2015

Monday 7 September 2015

GST - When you just HAVE to be right...

Let’s face it, 6 months down the road since its implementation, uncertainty still reigns with regards to GST. Businesses continue to struggle with their returns, and you might not even notice those errors that you end up making. Nevertheless, compliance must continue.

We at Wolters Kluwer want to help you. We want to make sure you avoid these errors, and minimise your chances of getting hauled up by the authorities for unnecessary mistakes. That’s why we’ve come up with the following workshop:

"Costly GST Mistakes and Practical Ways to Avoid Them"

Tuesday 1 September 2015

Joy for older employees

Older employees in Singapore who are keen to continue working will be able to benefit more once the new legislation to increase re-employment age from 65 to 67 is passed by year 2017.  Lower birth rates and aging population contribute to the need to retain competent older employees.



Tuesday 25 August 2015

Negaraku

Happy Independence Day, Malaysia.




We are the outlandish statements made by those in power. We are the keyboard warriors, denouncing perceived wrongs, airing our grievances and sprouting our two cents worth. We are the rallies protesting against the injustice in our country. We cry foul about our allegedly corrupt politicians but are dependable benefactors of duit kopi.

Wednesday 19 August 2015

New book on Singapore transfer pricing launched!

The revised Transfer Pricing Guidelines released by the Inland Revenue Authority of Singapore (IRAS) earlier this year introduced, amongst other things, the following key changes:

  1. the new explicit requirement that taxpayers prepare and maintain transfer pricing documention to substantiate that their related party transactions are at arm's length
  2. the concept of contemporaneous documentation.
Together with other changes, the revised guidelines represent a new milestone in Singapore's transfer pricing regime. It also reflects IRAS' continued commitment to ensure taxpayers maintain proper transfer pricing documentation and comply with the arm's length principle.

Meanwhile, the global community continues to weigh in on transfer pricing, with the Organisation for Economic Co-operation and Development (OECD) leading the way. For instance, in June, the OECD released the Country-by-Country Reporting Implementation Package to help facilitate the implementation of the latest transfer pricing standards.

Wolters Kluwer has launched a new book, Transfer Pricing in Singapore, to tackle transfer pricing which is available now!

Friday 14 August 2015

Singapore Golden Jubilee

Singapore celebrated its Golden Jubilee for its 50th Year Independence since 1965 from 7-10 August 2015. The SG50 celebrations were in full swing and the approximately 1.7m crowd joined the SG50 celebrations in Singapore while overseas Singaporeans gathered across the world to celebrate



Tuesday 11 August 2015

Malaysian GST: Cross-border services issues

An article by: Thenesh KannaaPartner of TraTax Malaysia
(Speaker for the upcoming Wolters Kluwer workshop, Getting GST Right for Cross-Border Services held in Kuala Lumpur)

From an economic policy-making perspective, Goods and Services Tax (GST) is a consumption tax and thus the 6% tax should be levied only when the goods or services are consumed in Malaysia. This is known as the destination principle. This may appear to be a straightforward principle, but the application of the principle is an area that requires careful attention to avoid costly mistakes.

Common but difficult practical questions faced by many accountants are:

  (1) Is this service charge to a foreign company zero-rated or should I impose 6% GST?
  (2) Is this payment to a foreign company subject to reverse charge?
  (3) How do I treat cross-border disbursements and reimbursements?

Tuesday 4 August 2015

Happy Golden Jubilee Singapore!!!


Singapore tax filing made easy via e- filing for all companies

The Inland Revenue Authority of Singapore (IRAS) has extended e-Filing to all companies with the launch of e-filing of the Form C. This means all companies and their authorised tax agents can now e-file their Income Tax returns regardless of the type of Form used.

The benefits of e-filing are listed below:

Wednesday 29 July 2015

SMEs – How can we help the Ant-Man of our Economy?


We have big expectations for small and medium enterprises (SMEs) in Malaysia.  SMEs are estimated to contribute the following to the economy by 2020, if the implementation of the SME Masterplan 2012-2020 is successful:
  • Share of GDP will increase to 41%
  • Share of employment will increase to 62%; and
  • Share of exports will increase to 25%.
Just because we’re small doesn’t mean that we don’t pack a punch.
Image Credit: www.geeksofdoom.com


However, a recent statement made by SME Corporation Malaysia chief executive Datuk Hafsah Hashim on SMEs not registering due to fear of high registration costs and attracting higher tax rates[1] highlights the need for extra aid for these smaller businesses. As such, this article attempts to shed some light on some of the bodies/organisations that are involved in development of SMEs in Malaysia.

Monday 27 July 2015

Equity Crowdfunding – Cautious Optimism for Start-ups & the SME Industry

Blanche DuBois famously proclaimed in A Streetcar Named Desire, “I have always depended on the kindness of strangers.”

What is crowdfunding?

Crowdfunding is defined as the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Popular crowdfunding sites include ArtistShare, Kickstarter and Indiegogo. They provide a platform to fund creative projects ranging from films, games, and music to art, design, technology and cause/charity-based projects.

These platforms are usually donation-based or reward-based, where individuals donate a financial amount in return for a product or service gift from the recipient.


  • A British shoe shop worker launched a crowdfunding campaign to help Greece pay back its $1.8 billion IMF loan – he raised €1.9m.
  • Singaporean blogger, Roy Ngerng, turned to crowdfunding to raise funds for his court case against the Prime Minister of Singapore, Lee Hsien Loong – he raised about SGD90,000.
  • A woman attempted to raise SGD1.7m for her toddler to seek specialised medical treatment – she raised around SGD500,000 in 3 weeks.[1]

Monday 20 July 2015

Commercial Applications of Company Law in Singapore (5th Edition since 2011)!

The long anticipated 5th edition of Commercial Applications of Company Law in Singapore will be available on 27 July 2015!



Published a full four years after the last edition, this 5th edition has been extensively revised and updated for the latest company law cases as well as significant changes and developments arising from the Companies (Amendment) Act 2014 as at 1 July 2015. In this 5th edition, a new subchapter has been included in Chapter 12 (Conflicts of interest) discussing directors’ duties on taking corporate property, information and opportunities. In addition, a number of new cases have been discussed, particularly in Chapter 14 (Members’ remedies).

Monday 13 July 2015

Scenes from the Malaysia GST Compliance Conference at Prince Hotel (8-9 July 2015)

Our library of books at the sales booth
Some of our Wolters Kluwer Sales staff, always ready to help!
Michael Hendroff of KPMG discusses the grey areas

Thursday 9 July 2015

Indonesia considers tax amnesty to boost tax revenue?

It was recently reported in the press that the Indonesian tax office is considering a tax amnesty in an effort to bring back overseas funds to Indonesia. The proposal is to allow the perpetrators of financial crimes to pay 10 to 15 percent of tax on the assets they bring back into Indonesia in return for pardon from criminal prosecution. A significant amount of the Indonesian assets are believed to be ‘parked’ in Singapore.

According to Wikipedia, a tax amnesty refers to ‘a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution’. There have been instances of tax amnesty granted by other governments such as Italy, Spain and the United States.

Tuesday 30 June 2015

Increase in demand for women technology professionals in Singapore

Based on a report published by specialist recruitment firm Robert Half on 18 June 2015, their survey found that 49% of companies have recruited more women professionals into technology related positions during the last five years.

The major contributor in appointing women professionals in technological roles are the mid-sized firms with between 150 and 499 employees, with 62% of firms increasing the number of women in technology roles. Around 44% of small organisations with around 50 to 150 employees have recruited more women professionals in positions related to technology while 40% of large companies with more than 500 workers have cited an increase in female technology professionals within their ranks.

Monday 29 June 2015

The Wolters Kluwer Malaysia GST Compliance Conference

We are just over a week away from arguably the most important conference on GST post-implementation. The Malaysia GST Compliance Conference, aptly subtitled Unraveling Post-Implementation Complexities is on the horizon!

Three months into GST, your company is probably facing real life GST challenges that you may not have thought you'd encounter pre-implementation, with many grey areas and the need to understand the differences between theory and practice. New issues continue to turn up, but are you sure the way you're tackling them is the best way?


Wednesday 24 June 2015

EU's new tax blacklist: Hong Kong's displeasure

A statement has been issued by the Government of Hong Kong on 18 June 2015 expressing disappointment on being included in the European Union’s tax blacklist. It claimed that Hong Kong has always been supportive of international efforts to enhance tax transparency and they are bewildered that the EU has regarded the territory as non-tax cooperative.

The European Commission's new Corporate Tax Reform Action Plan included the EU tax blacklist which features those territories that are included on 10 or more EU member state blacklists.

Monday 22 June 2015

Need Intelliconnect training?

How's it going, valued subscribers? It's been about a month since our Intelliconnect portal was given a stylish refresh. I'm sure most of you welcomed the new look in our efforts to have a cleaner, clearer and easier to use interface.

However, we acknowledge that even with these improvements, some of you would still appreciate some assistance in learning how to make the most out of our Intelliconnect services. It's important to us that you are able to make optimal use of Intelliconnect to fulfill your research needs and assist you in your decision-making.


While we have the online support such as those shown above, we would like to highlight that web-based training with an actual Wolters Kluwer trainer is also available not just for our new subscribers, but existing ones too. Some of you might just need a refresher, or maybe your company has hired new employees that will be using Intelliconnect significantly.

Thursday 18 June 2015

Ramadan Mubarak!

To all our Muslim customers and friends in Malaysia and Singapore, Wolters Kluwer South East Asia wishes you a blessed and sparkling Ramadan!


Friday 12 June 2015

Editor's Review – MyKira GST App

With the implementation of GST, most of us are afraid that we might be overcharged by unscrupulous traders. Fear not!  The Domestic Trade, Cooperatives and Consumerism Ministry is here to help! (well, sort of). The Ministry has introduced a phone app that enables consumers to check the price of goods before they purchase, the app is called MyKira and it is available in Google Play.

Here’s the low-down of the app after trying it out myself.

The home screen is pretty straightforward, you have to key in compulsory information such as product name, weight or unit numbers, price and store name. There is an option to key in the old price of the item, which is optional. There is another option for location, which automatically detects your location. Finally, there's also a mostly unnecessary map.

The app’s home screen


Malaysia Master GST Guide 2015 2nd edition hot off the press!

The eagerly anticipated second edition of the Malaysia Master GST Guide 2015 is finally here!

As one of the first books in the market to be published post-GST implementation, this book has been extensively revised and updated for the 2nd edition as a result of significant changes and developments to the law, guidelines and announcements that have occurred since the 1st edition was published.

Friday 5 June 2015

Treading the fine line between tax planning and tax avoidance

Recently in Australia, the world's biggest technology, accounting, media and mining companies – from Google, Apple and Microsoft to BHP Billiton, Glencore and News Corp – have come under fire for their tax avoidance strategies, which involved transferring revenue to offshore countries that provide more generous tax rates. It is believed the multinationals involved transferred AU$31.4 billion offshore in 2011–12 to avoid taxes, costing the Government millions of dollars in tax revenue. This has led to the Government trying to impose a tighter leash on these corporations by proposing a law that requires corporations to disclose their Effective Tax Rates using a formula based on total income derived in Australia, regardless of where it is recorded.

Now, why have these corporations been forced to face the firing squad despite engaging in legal methods to minimise their tax liability?


Monday 1 June 2015

GST in Malaysia : So How?

An article by: Dr Veerinderjeet SinghChairman of Taxand Malaysia Sdn Bhd
(Chairman for the upcoming WK Malaysia GST Compliance Conferences held in both Malaysia and Singapore)

So we saw that the introduction of the GST on 1 April 2015 was not an April Fool’s joke after all. It is here and as usual, there were some hiccups and uncertainty that some businesses faced and that was to be expected.


Thursday 28 May 2015

The few silver linings of GST

One of the best positives to come out of the GST implementation in Malaysia is that Malaysians are more aware of their consumer rights than ever before. When you have sites set up like http://check-service-charge.herokuapp.com/, which was mentioned in a previous post, it goes to show the amount of effort that Malaysians will now go to to ensure their consumer rights are protected.

Monday 25 May 2015

WK Malaysia GST Compliance Conference in Singapore

Ever since the Malaysia Goods and Services Tax Act 2014 was gazetted in June 2014, there has been a lot of hype, both in Singapore and Malaysia, over the implementation of GST in Malaysia.

Now that the implementation date of 1 April 2015 is over, your business should already have a proper system in place to manage Malaysia GST. However, you may continue to face questions in the following areas:
  • are your Malaysian business partners charging you GST correctly? what recourse is available to you if your Malaysian business partners use GST to profiteer through indiscriminate price hikes?
  • when you enter into a new business contract, when do you need to charge GST and when should you exempt the transaction? what if the transaction is a composite or mixed supply?
  • have you prepared your GST return correctly? what are the potential areas for errors? when and how do you make adjustments to your GST return for debit notes and credit notes?
  • what types of records do you need to maintain for audit trail?
  • are there any GST schemes that you can take advantage of to improve your business' cash flow? should you consider GST group registration? can you apply for a ruling for your business supplies?

Friday 22 May 2015

Good news for social service professionals

Are you a new social worker looking to enter the workforce, or advance your career?


Guess what, social service professionals can now look forward to a pay increase of between three and 19% depending on their level of professional competency and skill levels, making it a more feasible career option!

Tuesday 19 May 2015

Veerinder on Malaysian Tax Theory and Practice launched!

The 3rd Edition of the WK book Veerinder on Malaysian Tax Theory and Practice is now available for purchase!

  
This latest 3rd Edition includes all the relevant legislative and administrative changes since the previous edition, up to 1 May 2015. It also includes a new chapter on Indirect Taxation, which details the pertinent aspects of the newly implemented Goods and Services Tax (GST), as well as an expanded collection of worked examples throughout the commentary.

Wednesday 13 May 2015
















Be met with a stylish new platform of smart, clean design, intuitive functionality and the same powerful results.

Work faster with the new, updated IntelliConnect® interface.

Get what you need, when you need it in style – will all the same customisation and functionality, without new structural amendments.

THE UPSHOT: Increased efficiency through easier, more intuitive and instant access to reliable and accurate content developed by subject-matter experts.




Monday 11 May 2015

WK Executive Events turns 15!

WK Executive Events is 15! Since its inception, WK Executive Events has gained increasing popularity and credibility among business professionals, and in fact, has developed its own fan base. The essence of WK Executive Events lies in:

  • relevant top-of-the-mind topics impacting businesses
  • reputable speakers who are experts in their respective fields
  • impartation of in-depth understanding of the issues
  • expert advice on dealing with the challenges
  • on-the-spot clarification by experts on specific issues 
  • real-life examples and case studies
  • networking and sharing opportunity with representatives from other businesses facing the same questions.


The Singapore Withholding Tax Masterclass: Compliance & Planning Explained, conducted by Sivakumar Saravan, Crowe Horwath First Trust Tax Pte Ltd

Friday 8 May 2015

Wolters Kluwer’s KL Appreciation Night

As part of its culture of appreciating staff contributions to its rapid growth, Wolters Kluwer KL recently rewarded some of its long serving staff. Some of the long serving staff include those who had worked more than 15 Years!


Wednesday 6 May 2015

Editor's Pick - How to save from GST

It has already been more than one month since the implementation of GST, what does this mean to consumers? Extra 6% tax on whatever we purchase (well... most of it). Here are the top 5 editor's picks on how to save from GST.

1. Avoid outlets with service charge



Being Malaysian, we love to eat. There are so many great food and beverage (F&B) outlets out there. But with the recent GST implementation, many of the  F&B outlets are required to charge the 6%. However, there are some restaurants out there that charge an additional 10% service charge.

Wednesday 29 April 2015

One month of GST, some reminders for companies!

By tomorrow, it will be 30 days of the implementation of GST in Malaysia. We've seen a lot of discussions and outcries, from the general increase in prices, GST equipment not working properly, the prepaid phone credit outcry and the ongoing service charge saga. Whatever the case, regardless of the respective resolutions and ignoring the political impact, the GST story rumbles on and procedures need to be followed.

As most of you know, the deadline for GST return submission for companies whose annual taxable supplies is RM5 million or more is one month after the taxable period. Does your company fall into this category?

Tuesday 28 April 2015

Cheers for maintaining status quo on EPF savings withdrawal age

The recent controversy on the proposal by Employees Provident Fund (EPF) to increase the retirement savings withdrawal age from 55 to 60 ended with a welcomed announcement by Prime Minister Najib Razak for members to retain the right to make the withdrawal at the age of 55. Any new enhancement by EPF will affect new contributions, if members decide to work beyond the age of 55.

Wednesday 22 April 2015

Singapore Master Tax Guide Handbook 2015/16 (34th Edition) launching soon!

The long anticipated 2015 edition of the WK Singapore Master Tax Guide Handbook will be available for purchase on 25 May 2015!




Monday 20 April 2015

Incentives to be replaced by MITI

If you have been keeping track of the Malaysian Budget, you may recall that Budget 2015 had announced several incentives under the strategy ‘Strengthening Economic Growth’. One of the incentives announced is the incentive for the establishment of principal hub.

Back then in the Budget announcement, there was little information of the incentive apart from being a continuous effort of the Government to increase the number of multinational companies’ global operational centres in Malaysia.

More information has since been provided following the announcement by the Ministry of International Trade and Industry (MITI) on 6 April 2015 and 8 April 2015.

Friday 17 April 2015

Are feasibility studies tax deductible?

This is a good and valid question to consider when incurring such costs. This may be answered in the following case by the Special Commissioners of Income Tax in Ketua Pengarah Hasil Dalam Negeri v Shell Refining Company (FOM) Sdn Bhd.

In this case the taxpayer carried on the business of refining and manufacturing of petroleum products. In the course of its business, it engaged the services of Shell Global Solutions International (SGSI), a related company incorporated in the Netherlands, to study its refinery operations in order to assist the taxpayer in complying with the new emission standards introduced by the Government.

Thursday 16 April 2015

Industrial Building Allowance: School building

The question of who can claim for Industrial Building Allowance (IBA) on school buildings was brought forward in the case of TSD  Sdn Bhd v Ketua Pengarah Hasil Dalam Negeri [(2014):

The appellant’s principal activities were property development, investment in real properties, renting and leasing of real estate. The appellant specifically constructed and owned a building rented out to a private school approved by the Minister of Education. The appellant subjected the annual rental received from the school as its business income under s 4(a) of the Income Tax Act 1967 (the Act).

Wednesday 15 April 2015

Thornton’s Malaysian Tax Commentaries launching soon!

The 6th edition of the popular WK Thornton’s Malaysian Tax Commentaries will be available for purchase on 22 April 2015!


Thornton’s Malaysian Tax Commentaries is an in-depth and up-to-date commentary on the Income Tax Act 1967, Promotion of Investments Act 1986 and Real Property Gains Tax Act 1976. It provides the full text of the law side by side with a detailed commentary on the most important sections. With a wealth of details to help with the interpretation of both straightforward and obscure issues, the book is an invaluable guide for tax practitioners, accountants, lawyers, lecturers and students, and in fact, anybody who needs to understand more about these taxes.

Thursday 9 April 2015

Service charge certs for restaurants and hotels?

Latest news in is that service charge certificates will be issued to restaurants and hotels in the near future.

Apparently the certificate would be somewhat alike to the halal certificate to inform consumers about the specifics of the service charge imposed.

“You can’t say you don’t want to pay if you know (beforehand) the restaurant is charging a 10% service charge on top of the goods and services tax of 6%,” remarked Minister Datuk Seri Hasan Malek from the Domestic Trade, Cooperative and Consumerism Ministry.

The 10% ser­vice charge must be stipulated in the collective agreement between employers and employees before businesses can impose it.

With the backlash over service charges at restaurants following the Goods and Services Tax (GST), a website listing outlets that impose both items on their bills has also been started!


The website, http://check-service-charge.herokuapp.com/ , allows consumers to know beforehand whether a particular restaurant charges service charge, in order to decide whether they would like to eat at that restaurant instead of finding out about it after they receive the bill.

In any case folks, let us hope that with the issuing of the service charge certificates there will be less confusion.

FRSs, the ASC and Wolters Kluwer seminars

As Financial Reporting Standards (FRSs) in Singapore continue to evolve, the Accounting Standards Council (ASC) has been fairly active on the international stage to assist in the development of accounting standards.

 In the past month, as has previously been done, the ASC submitted comment letters to the International Accounting Standards Board (IASB) in respect of two exposure drafts, indicating that Singapore is clearly not content to be a mere follower and just adopt whatever international standards are released. The decision to delay the implementation of IFRS 9 Financial Instruments is another clear example of the ASC keeping the interests of Singapore companies close to its heart.

Wolters Kluwer continues to be involved in assisting accountants in navigating the changing financial reporting landscape. Aside from our online subscriptions and books, we regularly hold accounting seminars to meet accountants’ needs, featuring such well known speakers as Ng Eng Juan and Francis Rowland.



In April alone, we have FOUR workshops to meet the needs of accountants nationwide.

Tuesday 7 April 2015

Book on Financial Instruments launching soon!

If you have always found financial instruments to be a complex and difficult topic, you need a copy of WK's Financial Instruments: Recognition, Measurement, Presentation and Disclosures. The newest edition of the book, written once again by the ever reliable Professor Tan Liong Tong, will be available for purchase on 15 April 2015!



This book addresses the various Standards regarding accounting for financial instruments in Malaysia. The Standards that this book focuses on are MFRS 139 Financial Instruments: Recognition and Measurement, MFRS 132 Presentation, MFRS 7 Financial Instruments: Disclosures and the latest MFRS 9(2014) Financial Instruments (issued in November 2014).

Friday 3 April 2015

Spotlight on Malaysia GST Reporter

We're into the third day of GST implementation in Malaysia, how is your company coming along? If you are a subscriber to our online Malaysia GST Reporter, hope you are making full use of the information and commentary there to optimise your company's operations!

For instance, did you know that since its initial launch, we now have improved Roadmaps at the start of each chapter to help you find what you're looking for?  These Roadmaps are another way of finding the information you're looking for, they contain issues and key questions asked together with the links to find the relevant answers. Check out the following Roadmap under our Input Tax and Output Tax chapter:




Monday 30 March 2015

Leading up to GST in Malaysia

The incoming Goods and Services Tax (GST) made its presence known on Saturday and Sunday, the last weekend before 1 April 2015. I went out on Saturday morning to buy milk and some vegetables from the week, and was startled by the amount of people already up and about at the local supermarket. Of course, one could argue that it just happens to be a weekend where most people would have received their salaries, but any regular weekend shopper will have observed that the numbers were far more than is the norm.  

Let’s be realistic, whenever a new tax is introduced, the default position of the public as a whole is that prices will go up. You can argue it however you want, but new tax typically equals to likely price increase. The cost of the implementation alone has had significant impact for companies, and it’ll be a tough time to be convinced otherwise, so the safest way is to adopt a ‘play it safe’, ’just in case’ attitude and do some stocking up.


Naturally, there are of course businesses out to exploit the situation. Pre-GST sales have been on a rampage, and very little has been done by the authorities to clamp down on this. Whether the businesses are hypermarkets, pharmacies or sporting goods, most of the sales conveniently end on 31 March 2015. I confess to succumbing to a few arguably good deals myself, such is the lure of sales.

Thursday 19 March 2015

Singapore Tax Workbook 2015/16 (18th Edition) launching soon!

Replete with the Association of Chartered Certified Accountants’ (ACCA) taxation examination questions and model answers, the Wolters Kluwer Singapore Tax Workbook is an indispensable reference for students preparing for taxation examinations. The latest edition of Singapore tax students’ favourite textbook will be available for purchase on 25 March 2015!


The Singapore Tax Workbook is a practical guide to Singapore tax specially written for professional taxation examination candidates, undergraduate and post-graduate students, as well as tax professionals.

Special features of this Workbook include:

One month extension for SST returns and payment of tax

The Royal Malaysian Customs Department (RMCD) has announced a one month extension (until 31 July 2021) for the submission of SST-02 forms an...