https://padlet.com/i16011617/vjnl5c58ipu5wuws Group 3 en-us 2020-07-14 05:06:23 UTC 2020-07-14 13:46:11 UTC hello@padlet.com i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653917123 2020-07-14 05:38:56 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653917123 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653919916 2020-07-14 05:43:43 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653919916 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653920108 2020-07-14 05:44:07 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653920108 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653941947 By researching and developing improvements to the business, company are eligible for a dollar-for-dollar tax credit for those qualified expenses:-

•  Developing new recipes
• improving product formulations to extend shelf life 
• enhancing processing strategies
• developing new packaging designs

]]> 2020-07-14 06:24:53 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653941947 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653943528 2020-07-14 06:27:47 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653943528 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653946416 2020-07-14 06:32:55 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/653946416 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654053574 The Ministry of Finance (MoF) announced that starting from 1 June 2018, the rate of the Goods and Service tax (GST) will be reduced to 0% from the current 6%. GST zero-rated supply means that the goods and services that fall under this category are not taxed. In other words, they are subject to zero percent tax rate.Under this category, the taxable company doesn’t need to collect any GST on sales.Coffee, tea and cocoa powder is in the list of supply of goods determined as zero-rated.Therefore,the factory are not taxed for GST.]]> 2020-07-14 10:18:44 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654053574 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654055297 Government's guidelines for approval of industrial projects- in Malaysia are based on the Capital Investment Per Employee (C/E) Ratio.It is important as projects with a C/E Ratio of less than RM55,000 are categorized as labour-intensive and thus will not qualify for a manufacturing licence or for tax incentives.]]> 2020-07-14 10:22:22 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654055297 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654055793 Pioneer Status - A company granted Pioneer Status enjoys a 5-year partial exemption from the payment of income tax. It pays tax on 30% of its statutory income, with the exemption period commencing from its Production Day]]> 2020-07-14 10:23:55 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654055793 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654056402 Investment Tax Allowance/Investment Allowance- A company granted ITA is entitled to an allowance of 60% on its qualifying capital expenditure (factory, plant, machinery or other equipment used for the approved project) incurred within five years from the date the first qualifying capital expenditure is incurred]]> 2020-07-14 10:25:41 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654056402 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654063538 Incentives for Existing Companies which Reinvest - An existing company that reinvests in the production of the above food products qualifies for the same incentives for a period of five years.]]> 2020-07-14 10:43:27 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654063538 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654065389 Incentives for new project - A company which invests in its subsidiary company engaged in food production activities can be considered for tax deduction equivalent to the amount of investment made in that subsidiary; and the subsidiary company undertaking food production activities can be considered for a full tax exemption on its statutory income for 10 years of assessment for new project or five years of assessment for expansion project ]]> 2020-07-14 10:48:23 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654065389 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654071699 Incentives for halal food -  halal certification from JAKIM are eligible for the Investment Tax Allowance (ITA) of 100% of qualifying capital expenditure incurred within a period of five years. ]]> 2020-07-14 11:04:21 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654071699 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654072874 Agricultural allowance - plantation of coffee beans]]> 2020-07-14 11:07:11 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654072874 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654080684 Utilise capital allowances to reduce the chargeable income.]]> 2020-07-14 11:28:01 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654080684 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654081149 Capital allowances may be The declaration of director fees / contractor fee may be considered if the arrangement offers potential tax savings]]> 2020-07-14 11:29:15 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654081149 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654081600 Gratuity]]> 2020-07-14 11:30:18 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654081600 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654082102 2020-07-14 11:31:35 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654082102 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654083236 Deferring taxable income to the next year of assessment in cases where there is reduction of corporate tax rate]]> 2020-07-14 11:33:33 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654083236 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654101134 Section 33 of Income Tax Act – Deductible 

• Employee training
• Train employees before business
• Plant and machinery (revenue in nature) 
• Machine damaged due to accessories too old

]]> 2020-07-14 12:08:11 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654101134 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654101524 Section 34 of ITA - Deductible

• Provide scholarship to students
• Support student to enrol in local institution
• Purchase of any equipment for disabled employees
• To assist disabled employees

]]> 2020-07-14 12:09:05 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654101524 i16011617 https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654106264 Motor vehicle – claiming of capital allowance for company vehicles, and reimbursement of motor vehicle expenses used for business purposes ]]> 2020-07-14 12:18:21 UTC https://padlet.com/i16011617/vjnl5c58ipu5wuws/wish/654106264