Tax by Chai Ming Jun

Tax by Chai Ming Jun https://padlet.com/i18015062/ACC5218 Made with everyone en-us 2021-03-27 05:05:41 UTC 2026-03-14 13:17:42 UTC hello@padlet.com Finance i18015769 https://padlet.com/i18015062/ACC5218/wish/1359438070 2021-03-27 05:14:03 UTC https://padlet.com/i18015062/ACC5218/wish/1359438070 1. PENJANA SME Financing (PSF) i18015062 https://padlet.com/i18015062/ACC5218/wish/1359489464 2021-03-27 06:45:24 UTC https://padlet.com/i18015062/ACC5218/wish/1359489464 Business Income Tax i18015062 https://padlet.com/i18015062/ACC5218/wish/1359490974 2021-03-27 06:47:53 UTC https://padlet.com/i18015062/ACC5218/wish/1359490974 Expenses Accrued i18015062 https://padlet.com/i18015062/ACC5218/wish/1359492045 2021-03-27 06:49:52 UTC https://padlet.com/i18015062/ACC5218/wish/1359492045 All Industries i18015062 https://padlet.com/i18015062/ACC5218/wish/1359492412 A 100% capital allowance on “small value assets” (assets having a value of up to RM2,000), but subject to a ceiling of qualifying capital allowance of RM20,000 per year]]> 2021-03-27 06:50:37 UTC https://padlet.com/i18015062/ACC5218/wish/1359492412 Digitalization and E-commerce i18015062 https://padlet.com/i18015062/ACC5218/wish/1359493342 2021-03-27 06:52:20 UTC https://padlet.com/i18015062/ACC5218/wish/1359493342 4. Electricity Bill Discounts i18015062 https://padlet.com/i18015062/ACC5218/wish/1359529639 2021-03-27 07:51:07 UTC https://padlet.com/i18015062/ACC5218/wish/1359529639 Advise the company: i18015769 https://padlet.com/i18015062/ACC5218/wish/1367097910

Therefore before 30 June 2021, we have chance to think about the hiring plan , due to our company exactly need more workers too.

The tax incentive period will be within 6 months, and although it can help our company in short term hiring benefit , we cannot simply hire worker due to the high tax incentive because Incentives for the subsequent months WILL NOT BE PAID if the employee resigns and For contract staffs, the contract period in the offer letter has to be at least 1 year.

For my perspective, I will suggest to hire new worker, especially hiring a local employee to substitute the job usually done by foreign worker. Because it is a good chance to provide training for them and increase the quality of workers in long term perspective.

]]> 2021-03-30 07:44:55 UTC https://padlet.com/i18015062/ACC5218/wish/1367097910 5 areas of Company can leverage on i18015061 https://padlet.com/i18015062/ACC5218/wish/1370749140 2021-03-31 06:14:16 UTC https://padlet.com/i18015062/ACC5218/wish/1370749140 i18015061 https://padlet.com/i18015062/ACC5218/wish/1370797683 Business is not more than RM50 million for the relevant year of assessment

First taxable income of 17% taxable will be increased from RM500,000 to RM600,000
Subsequent taxable income will be chargeable 24%.

]]> 2021-03-31 06:37:49 UTC https://padlet.com/i18015062/ACC5218/wish/1370797683 i18015061 https://padlet.com/i18015062/ACC5218/wish/1370891730 Companies have been operating for 36 months and more and have spent Qualified Capital Expenditure (QCE) on factory and machinery in Malaysia that expand, modernize and automate the units in the industry are eligible.

Reinvestment Subsidies:

The allowance will be withdrawn if the asset for which the allowance is granted is disposed of within five years.
Allowance is computed at 60% of QCE incurred and can be utilised against 70% of statutory income

]]> 2021-03-31 07:22:29 UTC https://padlet.com/i18015062/ACC5218/wish/1370891730 2. PENJANA Micro Financing i17013964 https://padlet.com/i18015062/ACC5218/wish/1371679746 2021-03-31 13:17:56 UTC https://padlet.com/i18015062/ACC5218/wish/1371679746 3. Financial Stress Support for Businesses i17013964 https://padlet.com/i18015062/ACC5218/wish/1371687808 2021-03-31 13:20:05 UTC https://padlet.com/i18015062/ACC5218/wish/1371687808 i17013964 https://padlet.com/i18015062/ACC5218/wish/1371701405 Several shopping malls are closed due to MCO, the closing retail stores of our company were adversely impacted by COVID-19 and cannot operate as normal and lack sufficient cash flow to pay for the operating expenses.

So, we can claim from the banking sector to assist our company with a maximum loan size of RM500,000 at a concession interest rate of 3.5%. ]]> 2021-03-31 13:23:35 UTC https://padlet.com/i18015062/ACC5218/wish/1371701405 i17013964 https://padlet.com/i18015062/ACC5218/wish/1371755197 We are able to apply from the government to a new funding program in which aggregated approved financing will be capped at RM50,000 and at a subsidized interest rate of 3.5% to help us from some cash flow constraints.

RM50 million is earmarked for women, youth entrepreneurs, and social enterprises. Since our company boss, Ms. Affiza is a woman entrepreneur which meets the requirement to apply it.]]> 2021-03-31 13:37:09 UTC https://padlet.com/i18015062/ACC5218/wish/1371755197 Suggestions i18015061 https://padlet.com/i18015062/ACC5218/wish/1374064011 2021-04-01 02:40:10 UTC https://padlet.com/i18015062/ACC5218/wish/1374064011 1. Capital Allowance i18015062 https://padlet.com/i18015062/ACC5218/wish/1374576612 2021-04-01 07:22:40 UTC https://padlet.com/i18015062/ACC5218/wish/1374576612 2. Tax Relief for COVID-19 Related Expenses i18015062 https://padlet.com/i18015062/ACC5218/wish/1374640360 2021-04-01 07:55:22 UTC https://padlet.com/i18015062/ACC5218/wish/1374640360 i18015062 https://padlet.com/i18015062/ACC5218/wish/1374642791 👫Beneficiaries: All businesses including Manufacturing

📝Objective: To encourage businesses to adapt to new norms and adhere to SOPs through tax relief

👉 Extend the period and expand the scope of expenses allowed as tax deduction or capital allowance for COVID-19’s prevention, including:
▸ Covid-19 testing
▸ Purchase of PPE and thermal scanners]]> 2021-04-01 07:56:29 UTC https://padlet.com/i18015062/ACC5218/wish/1374642791 3. Special Tax Incentive i18015062 https://padlet.com/i18015062/ACC5218/wish/1374664878 2021-04-01 08:08:23 UTC https://padlet.com/i18015062/ACC5218/wish/1374664878 For Manufacturing only i18015062 https://padlet.com/i18015062/ACC5218/wish/1374666201 1. For New Company

a) 0% special tax rate for 10 years for new investment in manufacturing sector with capital investment between RM300 million to RM500 million

b) 0% special tax rate for 15 years for new investment in manufacturing sector with capital investment above RM500 million

2. For Existing Company

100% Investment Tax Allowance (ITA) for 5 years for existing company in Malaysia relocating overseas facilities into Malaysia with capital investment above RM300 million. The allowance is offset against 100% of statutory income for each assessment year

]]> 2021-04-01 08:09:03 UTC https://padlet.com/i18015062/ACC5218/wish/1374666201 Workers i18015061 https://padlet.com/i18015062/ACC5218/wish/1374767884 2021-04-01 09:02:18 UTC https://padlet.com/i18015062/ACC5218/wish/1374767884 i18015743 https://padlet.com/i18015062/ACC5218/wish/1375985102 RM700 million To assist as well as incentivise for business to digitalise operations and trade channels ]]> 2021-04-01 16:35:05 UTC https://padlet.com/i18015062/ACC5218/wish/1375985102 “Shop Malaysia Online” for Online Consumption i18015743 https://padlet.com/i18015062/ACC5218/wish/1375995274 RM70 million To encourage online consumer consumption through e-commerce vouchers.]]> 2021-04-01 16:37:54 UTC https://padlet.com/i18015062/ACC5218/wish/1375995274 Micros and SMEs E-commerce Campaign i18015743 https://padlet.com/i18015062/ACC5218/wish/1375995933 RM70 million To encourage adoption of e-commerce by micro enterprises and SMEs in order to widen their market reach.]]> 2021-04-01 16:38:05 UTC https://padlet.com/i18015062/ACC5218/wish/1375995933 i18015743 https://padlet.com/i18015062/ACC5218/wish/1376015173 RM150m to support automation and modernization.
The eligibility conditions will be relaxed for micro-SMEs and start-ups that have been operating for at least six months.]]> 2021-04-01 16:43:26 UTC https://padlet.com/i18015062/ACC5218/wish/1376015173 i17013964 https://padlet.com/i18015062/ACC5218/wish/1378941978 There is no doubt that our company is facing adverse financial stress to overcome this hard period.

To ease the financial stress on businesses through remissions of penalties related to late tax payments. The government provides the follows:

Extension of the special tax deduction for renovation and refurbishment of business premises to 31st December 2021
Extension of Accelerated Capital Allowance on eligible capital expenses including ICT equipment to 31st December 2021

]]> 2021-04-03 00:08:53 UTC https://padlet.com/i18015062/ACC5218/wish/1378941978 i18015061 https://padlet.com/i18015062/ACC5218/wish/1379029393 Exports manufactured products is entitled to allowances between 10% to 100% of value of increased exports (subject to satisfying prescribed conditions), which is deductible at up to 70% of statutory income.]]> 2021-04-03 02:20:38 UTC https://padlet.com/i18015062/ACC5218/wish/1379029393 Advise the government: i18015061 https://padlet.com/i18015062/ACC5218/wish/1379114344

Provide more tax incentives preferential policies

Exempt from tax within 6 months or until the epidemic.

Help to develop sustainable level.

RMCO is to hope that the economy can be restored to the previous period.

Public welfare donations can enjoy tax incentives that are responsible for epidemic prevention and control can enjoy full corporate income tax deductions.

]]> 2021-04-03 04:28:17 UTC https://padlet.com/i18015062/ACC5218/wish/1379114344 1. WSP - for current employee i18015769 https://padlet.com/i18015062/ACC5218/wish/1379145751 2021-04-03 05:21:44 UTC https://padlet.com/i18015062/ACC5218/wish/1379145751 2. PenjanaKejaya 2.0 - for hire new employee i18015769 https://padlet.com/i18015062/ACC5218/wish/1379146403 2021-04-03 05:23:08 UTC https://padlet.com/i18015062/ACC5218/wish/1379146403 i18015769 https://padlet.com/i18015062/ACC5218/wish/1379146586

Employees’ salary is RM4,000 and below and have started on after first MCO.

WSP 1.0 and WSP 2.0 , those need company business revenue dropped at least certain % year-on-year

The WSP 3.0 plan under BELANJAWAN 2021 is just for Tourism & Retail industry , we cannot apply either. Also, we will not able to apply for PERMAI plan even our company is under the state involved in the MCO , because it require the company business revenue dropped at least 30%.

]]> 2021-04-03 05:23:33 UTC https://padlet.com/i18015062/ACC5218/wish/1379146586 Hire incentive i18015769 https://padlet.com/i18015062/ACC5218/wish/1379147722

Incentive for employees earning RM1,500 and above will be enhanced from a flat rate of RM800 per month to 40% of monthly income, subject to a maximum incentive of RM4,000.

To encourage employment for the disabled, long-term unemployed, and retrenched workers, employers will be given an additional incentive equivalent to 20% of the employee’s monthly income making the total incentive to employers’ amount to 60%.

Third which is more we need to highlight, Which mean hiring a local employee to substitute the job usually done by foreign worker can enjoy this incentive. 40% monthly salary for employer , 20% for employee, that is more suitable for our company due to our labor job required.

]]> 2021-04-03 05:26:02 UTC https://padlet.com/i18015062/ACC5218/wish/1379147722 PenjanaKerjaya 2.0 Training Programme i18015769 https://padlet.com/i18015062/ACC5218/wish/1379148239 Employers may apply for the PenjanaKerjaya 2.0 Training Programme from 1 January 2021, once their Hiring Incentive application is approved by SOCSO. And the training course can up to maximum RM7,000.]]> 2021-04-03 05:27:13 UTC https://padlet.com/i18015062/ACC5218/wish/1379148239 From HR manager i18015769 https://padlet.com/i18015062/ACC5218/wish/1379149494 2021-04-03 05:29:27 UTC https://padlet.com/i18015062/ACC5218/wish/1379149494 i18015061 https://padlet.com/i18015062/ACC5218/wish/1379198826 Raw material, machinery and equipmemt that use directly into the production of finished goods.]]> 2021-04-03 06:58:02 UTC https://padlet.com/i18015062/ACC5218/wish/1379198826 From finance manager i17013964 https://padlet.com/i18015062/ACC5218/wish/1379199989 2021-04-03 07:00:14 UTC https://padlet.com/i18015062/ACC5218/wish/1379199989 Advise the company: i17013964 https://padlet.com/i18015062/ACC5218/wish/1379200395 This COVID-19 Pandanmic showed that the company's path to success is full of unpredictable obstacles.

As a result, a strong board of directors will help a lot to manage the impact of unexpected future through making business strategies to deal with potential risks, establishing appropriate risk management and supervision systems.]]> 2021-04-03 07:01:00 UTC https://padlet.com/i18015062/ACC5218/wish/1379200395 4. Export Incentives i18015061 https://padlet.com/i18015062/ACC5218/wish/1379533146 2021-04-03 14:27:58 UTC https://padlet.com/i18015062/ACC5218/wish/1379533146 3. Import Duty Exemption i18015061 https://padlet.com/i18015062/ACC5218/wish/1379534085 2021-04-03 14:28:53 UTC https://padlet.com/i18015062/ACC5218/wish/1379534085 2. Reinvestment allowance (RA) i18015061 https://padlet.com/i18015062/ACC5218/wish/1379535750 2021-04-03 14:30:34 UTC https://padlet.com/i18015062/ACC5218/wish/1379535750 1. Gross Income i18015061 https://padlet.com/i18015062/ACC5218/wish/1379557216 2021-04-03 14:51:06 UTC https://padlet.com/i18015062/ACC5218/wish/1379557216 From tax manager i18015061 https://padlet.com/i18015062/ACC5218/wish/1380255376 2021-04-04 04:24:37 UTC https://padlet.com/i18015062/ACC5218/wish/1380255376 Advise the government: i18015062 https://padlet.com/i18015062/ACC5218/wish/1380798752

Provide more discount of electricity and water

Continue provide the Tax Relief for COVID-19 Related Expenses a few years

]]> 2021-04-04 13:39:41 UTC https://padlet.com/i18015062/ACC5218/wish/1380798752 For admin manager i18015062 https://padlet.com/i18015062/ACC5218/wish/1380799207 2021-04-04 13:40:05 UTC https://padlet.com/i18015062/ACC5218/wish/1380799207 1.Micros and SMEs E-commerce Campaign i18015743 https://padlet.com/i18015062/ACC5218/wish/1382142077 2021-04-05 05:33:44 UTC https://padlet.com/i18015062/ACC5218/wish/1382142077 2. “Shop Malaysia Online” for Online Consumption i18015743 https://padlet.com/i18015062/ACC5218/wish/1382143469 2021-04-05 05:34:35 UTC https://padlet.com/i18015062/ACC5218/wish/1382143469 3.Technical and Digital Adoption for SMEs and MTCs i18015743 https://padlet.com/i18015062/ACC5218/wish/1382143588 2021-04-05 05:34:39 UTC https://padlet.com/i18015062/ACC5218/wish/1382143588 4.SME Digitization Grant Scheme and the Automation Grant i18015743 https://padlet.com/i18015062/ACC5218/wish/1382146517 2021-04-05 05:36:20 UTC https://padlet.com/i18015062/ACC5218/wish/1382146517 From sales manager i18015743 https://padlet.com/i18015062/ACC5218/wish/1382171156 2021-04-05 05:49:19 UTC https://padlet.com/i18015062/ACC5218/wish/1382171156 Advise the government: i18015743 https://padlet.com/i18015062/ACC5218/wish/1382172110 Provide more e-commerce job opportunities

Extend the period of the online assistant program to help SMEs stabilize e-commerce.

Continue to carry out campaigns on e-commerce knowledge and trends to help SMEs develop rapidly]]> 2021-04-05 05:49:50 UTC https://padlet.com/i18015062/ACC5218/wish/1382172110 i18015062 https://padlet.com/i18015062/ACC5218/wish/1393952942 2021-04-08 01:40:03 UTC https://padlet.com/i18015062/ACC5218/wish/1393952942