QNE Blog

The Tax Clearance Letter (Surat Penyelesaian Cukai (SPC)) is a letter issued by MIRB to notify the employer of a deceased / retiring / resigning employee’s tax liability to enable the employer to make the final payment of salary / compensation / gratuity to the employee.

It is necessary to consider the obligations under the law as these obligations are mandatory and failure to comply with these obligations will result in penalties to be levied. Among other items, one of the duties of the employer is to inform the Malaysian Inland Revenue Board (MIRB) of the employee’s cessation of jobs, retirement, death or departure from Malaysia.

Form CP 58 only need to be prepared for those recipients where the monetary and non-monetary incentive payment are of  an amount exceeding RM5,000 per annum. For non-monetary incentives such as motor vehicle or house, the actual value/amount incurred by the payer company will be the incentive deemed received by the recipient.

According to the Inland Revenue Board of Malaysia, an EA form is a Yearly Remuneration Statement that includes your salary for the past year. You will usually use this form to file personal taxes during tax season.

The reason you need this is to ensure that if you are above the paygrade that requires you to pay taxes – the form ensures that you are aware of this and this is the form you use when you go online and do your E-Filing.

Taken directly from the LHDN website, it is cited that referring to Section 83(1A) Income Tax Act 1967, “that every employer shall, for each year, prepare and render to his employee statement of remuneration of that employee on or before the last day of February in the year immediately following the first mentioned year”.

If a taxpayer has income other than employment such as business, rental and royalties reported in previous years, LHDN may normally issue CP500 for next taxable period to request taxpayer to make 6 bi-monthly installment payments. The instalment dates will be stated in the notice of the instalments to be paid (CP500).

SST (Sales and Service Tax) shall be levied and charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person. It is crucial to issue correct and proper Tax Invoice to the customer for companies registered under the SST system. It acts as the primary evidence to support an Input Tax Credit claim. It is compulsory to issue a tax invoice showing the amount of SST charged and the price of the supplies separately.

Before starting up a new business, you might need to spend some time for surveying which Accounting System Software or ERP Software in Malaysia that you would like to apply to monitor entire business process, cash flow, reports and more. When searching for the accounting software solutions, one of the most critical factors in your decision will be whether you choose to deploy in-house server or in the cloud server.

Cloud Accounting Software | Cloud ERP Software are more common now in Malaysia. Today, still not many Accounting and ERP Software Vendor are able to offer cloud-based system, and only some vendor are able to package with the latest technology with their hybrid cloud accounting software which is a latest technology that allows users to access their data in cloud from their windows application, web portal and mobile application, for example, QNE Hybrid Cloud Accounting Software

Starting up a business can be super challenging, while tirelessly looking for customer and better bargain supplier, business owner has to put effort on filling the accounts precisely and wisely in order to maximize the profits. Most businesses will look for the Best accounting program malaysia or Free Accounting Software Malaysia to reduce their workload and concentrate on the core activities.

Compare to the manual written account books, accounting software today can do much more in lesser time. It is not only records income and expenses, it can help you forecast sales and manage inventory. The Best accounting program basically allow you to create invoices, track expenses and generate a variety of reports that help you analyze your business’s performance from various angles.

Therefore, it is very important to know some of the basic knowledge when comes to consider purchasing the Best accounting program malaysia such as what industry you work in, what features you need, and price, just to name a few. You would want to choose the Best accounting program malaysia that will meet your needs.

The government has recently announced its new plan in replacing the existing sales and service tax with the goods and services tax (GST) starting from April 2015 onwards during the budget 2014 presentation. Here at GST Accounting Software Malaysia Inspired by the government in its efforts to enhance the effectiveness of the current taxation system, GST is expected to be much more efficient, transparent, and friendly to businesses