Wednesday 27 July 2016

Predictive Intelligence - A New Era

In today's business environment of intense competition, every professional accounting firm is always angling for an advantage over rival firms. If you're one of the top personnel of such a firm, that means you're always on the lookout for new business opportunities.

For every external event that pops up, whether it's new tax legislation, new guidelines on financial reporting standards, the results of a court case, or new listed company requirements, you'll want to see how you can make use of these events to find opportunities to serve both existing and potential clients.

Such a process could take ages, because, let's face it, every customer is different. You'd have to go through your client database to determine whether any of them are impacted from these latest developments and decide how best you can help your client. It's a time-consuming task.

Credit: aboutmodafinil.com 
Wouldn't it be great if there was a way that you could simplify that decision-making? Where you could have a system that could match those events to the customers impacted from the events and help narrow down those options?

Monday 18 July 2016

Costly GST Mistakes that Businesses should Avoid - Part 4 - Services Invoiced to Foreign Customers

This is the final instalment of a 4 part series on GST written by Thenesh Kannaa, Partner of TraTax Malaysia
(Speaker for the upcoming Wolters Kluwer workshop, GST Health Check: Ensure Compliance - Avoid Costly Mistakes held in Kuala Lumpur on the 21st of July 2016)

The previous three instalments can be viewed here:


Services invoiced to foreign customers

When a GST-registered business invoices a foreign customer for a service, the structure of the GST Act 2014 suggests that the fee would be subject to GST at the standard rate of 6% unless the criteria to apply the rate of zero is met. There are 27 different provisions pursuant to which a service fee may be zero-rated. One such provision is paragraph 12, Second Schedule, GST (Zero-Rated Supply) Order 2014. Para 12 allows a service fee to be zero-rated where all of the following criteria are met:

Wednesday 13 July 2016

4 Costly GST Mistakes that Businesses should Avoid - Part 3 - Property Investors

This is the third of a 4 part series on GST written by Thenesh Kannaa, Partner of TraTax Malaysia
(Speaker for the upcoming Wolters Kluwer workshop, GST Health Check: Ensure Compliance - Avoid Costly Mistakes held in Kuala Lumpur on the 21st of July 2016)

The previous two instalments can be viewed here:


For our third instalment today, we discuss GST implications with regards to property investors. 

Property Investors

GST applies only when a person makes a taxable supply in the course or furtherance of a business carried on by him. It is vital for property investors to determine whether their property-related activities constitute a business. Often property investors do not occupy premises, employ staff or register themselves with the Companies Commission of Malaysia as carrying on a business. Nevertheless, they may be treated as carrying on a business for the purposes of GST.



Friday 8 July 2016

4 Costly GST Mistakes that Businesses should Avoid - Part 2

This is the second of a 4 part series on GST written by Thenesh Kannaa, Partner of TraTax Malaysia
(the first part can be accessed here).

(Speaker for the upcoming Wolters Kluwer workshop, GST Health Check: Ensure Compliance - Avoid Costly Mistakes held in Kuala Lumpur on the 21st of July 2016)

For today's Part 2 instalment, we discuss GST implications with regards to contacts. 

Contractual Terms

Where contracts are entered into, GST implications must be taken into account. The primary consideration is who bears the GST. The general principle is that the price agreed is treated as inclusive of GST, unless the contract clearly states otherwise. This principle applies to contracts entered into before 1st April 2015 as well as those entered into from and after that date.




Thursday 7 July 2016

New Website. Not Just a Makeover.


http://www.wolterskluwer.com.sg/




Our newly redesigned website has a clean uncluttered design, enhanced content and improved search functionality to allow you connect better with us online.
 

Key features of the website include:
  • Interactive & Mobile-Friendly – We want to encourage more use of the online platform to deliver efficient, friendly and responsive service to you. With our interactive website you can reach us and access information and services easily and quickly on any mobile device.
  • Integrated – From software solutions to online subscription services to authoritative and accurate content, you will find it a breeze to browse through our offerings and what you need.
  • User-Friendly eStore – We present a new online store so that you can purchase books, ebooks and make bookings for our popular seminars and workshops easily.
Visit us at:
Malaysia l  www.wolterskluwer.com.my    
Singapore  l  www.wolterskluwer.com.sg

Friday 1 July 2016

Tax moods: Now you see me, now you don’t

Singapore has recently announced that it will be joining the inclusive framework for the global implementation of the Base Erosion and Profit-Shifting (BEPS) Project. The general idea behind BEPS is to shift profits away from high-tax jurisdictions to low-tax jurisdictions using mechanisms such as hybrid mismatches, special purpose entities (SPE), and transfer pricing. As such, the key principle underlying the BEPS Project is that profits should be taxed where the real economic activities generating the profits are performed and where value is created.

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...