JW Management

🚨🚨 𝗦𝗰𝗮𝗺 𝗔𝗹𝗲𝗿𝘁: 𝗙𝗮𝗸𝗲 𝗧𝗮𝘅 𝗠𝗲𝘀𝘀𝗮𝗴𝗲𝘀 🚨 🚨

This morning, several of my clients reached out after receiving the message shown below, claiming that their 2023 tax is overdue and that they’ve violated the Malaysian Criminal Code. The message even includes a payment link.

𝗗𝗢 𝗡𝗢𝗧 𝗖𝗟𝗜𝗖𝗞 𝗢𝗡 𝗜𝗧!

As I immediately advised my clients, tax matters are not handled by PDRM (Royal Malaysia Police), and legitimate tax communications would never come via a text message like this.

Normally, LHDN (Inland Revenue Board of Malaysia) will send official communication through email, a letter, or sometimes deliver it by hand. Any links or messages outside of these official channels should be treated with suspicion.

Additionally, for anyone dealing with real tax issues, remember that the 𝙤𝙛𝙛𝙞𝙘𝙞𝙖𝙡 𝙥𝙖𝙮𝙢𝙚𝙣𝙩 𝙥𝙤𝙧𝙩𝙖𝙡 𝙛𝙤𝙧 𝙇𝙃𝘿𝙉 (Inland Revenue Board of Malaysia) is: https://byrhasil.hasil.gov.my/.

Stay vigilant and always double-check links and messages before taking action!

𝟮𝟬𝟮𝟱 𝗠𝗔𝗗𝗔𝗡𝗜 𝗕𝘂𝗱𝗴𝗲𝘁 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:
The budget emphasizes sustainable growth, fiscal responsibility, and equitable wealth distribution, with initiatives focusing on innovation, digital transformation, and targeted subsidies. Economic growth is projected at 4.5%-5.5% for 2025, with inflation and unemployment kept low.

𝗙𝗼𝗿 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀:
1. 𝗦𝘂𝗽𝗽𝗹𝘆 𝗖𝗵𝗮𝗶𝗻 𝗜𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀:
- Multinational companies investing up to RM2 million in local supply chains get double tax deductions for three years.
2. 𝗧𝗲𝗰𝗵 𝗮𝗻𝗱 𝗔𝗜:
- Special tax deductions for investments in AI, robotics, IoT, and digital tech.
- RM1 billion strategic fund to boost high-value sectors.
3. 𝗥&𝗗:
- Double tax deductions for companies in semiconductor, chemical, and medical device R&D.
4. 𝗟𝗼𝗴𝗶𝘀𝘁𝗶𝗰𝘀 & 𝗚𝗿𝗲𝗲𝗻 𝗘𝗻𝗲𝗿𝗴𝘆:
- 60% investment tax allowance for smart logistics operations for five years.
- Tax incentives for carbon capture and green technologies.

𝗙𝗼𝗿 𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀:
1. 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀:
- Relief for education and medical insurance premiums increased to RM4,000.
- Medical expenses deduction increased to RM10,000.
2. 𝗛𝗼𝗺𝗲 𝗟𝗼𝗮𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁:
- Up to RM7,000 for homes priced up to RM500,000; RM5,000 for homes priced between RM500,000 and RM750,000.
3. 𝗦𝗼𝗰𝗶𝗮𝗹 𝗪𝗲𝗹𝗳𝗮𝗿𝗲 & 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁:
- i-Saraan KWSP Matching Contribution increased to 20% (capped at RM500/year).
4. 𝗖𝗵𝗶𝗹𝗱𝗰𝗮𝗿𝗲 & 𝗘𝗹𝗱𝗲𝗿𝗹𝘆 𝗖𝗮𝗿𝗲:
- Tax relief for these expenses extended to 31 December 2027.
- Reliefs for the disabled (OKU) increased: RM7,000 for disabled individuals, RM6,000 for disabled spouses, and RM8,000 for disabled children.

𝗦𝘂𝗯𝘀𝗶𝗱𝘆 𝗥𝗲𝗳𝗼𝗿𝗺𝘀:
1. 𝗥𝗢𝗡𝟵𝟱 𝗣𝗲𝘁𝗿𝗼𝗹:
- Subsidies targeted to benefit 85% of the population from mid-2025, saving RM8 billion by cutting subsidies for the top 15% and foreigners.
2. 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰𝗶𝘁𝘆:
- Subsidies maintained for 85% of households, with higher usage households paying full tariffs.
3. 𝗗𝗶𝗲𝘀𝗲𝗹:
- Targeted subsidies for public transport and essential sectors, saving RM4 billion annually.

𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗜𝗻𝗰𝗼𝗺𝗲:
- The tax exemption on foreign-sourced income, previously set to expire in 2026, has been extended until 𝟯𝟭 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟯𝟲.

𝗢𝘁𝗵𝗲𝗿 𝗧𝗮𝘅 𝗨𝗽𝗱𝗮𝘁𝗲𝘀:
- 𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱 𝗧𝗮𝘅: A 2% tax on dividend income exceeding RM100,000 will be introduced in 2025, with exemptions for government savings (e.g., KWSP) and foreign dividend.

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Malaysia’s Peppol Solution and Service Providers:

List of Peppol-Ready Accounting/ERP Solution Providers (Published on 18/12/2023)
List of Service Providers (Published on 18/12/2023)

We are Hiring!!

Job description and requirement in the link below

https://forms.office.com/r/QSxi5ArxKg

The Employees Provident Fund (EPF) urges employers to continue paying their contributions promptly to ensure employees have sufficient retirement savings. Accordingly, the extension of the monthly contribution payment deadline from 15th to 30th remains until the December 2020 contribution; while the date for employers to remit their contribution for 2021 is now the 15th of every month, starting January 2021.

An explanation of the wage month and contribution month for this transition period as per the Table below.

Wage Month Contribution Month Last Date For Contribution
November 2020 December 2020 30 December 2020
December 2020 January 2020 15 January 2021

10% penalty rate extended to 30 June 2019

Guan Eng: Govt to extend special penalty rate for taxpayers until June 30 - Nation | The Star Online PETALING JAYA: The Cabinet has agreed to extend the special reduced penalty rate for taxpayers to disclose any previously undeclared income until June 30, says Finance Minister Lim Guan Eng.

IRB slaps Najib with RM1.5b tax bill KUALA LUMPUR: The Inland Revenue Board (IRB) has slapped Datuk Seri Najib Razak with an extra tax bill of around RM1.5 billion for 2011-2017. Sources say the amount is on top of what the former prime minister had paid based on his declared income for that seven years. The IRB sent a letter to Najib....

12 digit new format for SSM Registration Number starting on 16 April 2019.

Perhaps SME & Startups may take this into account when you are planning for printing of company documents (eg brochures, invoices etc).

[Special Tax Voluntary Disclosure Program]

Completed our 1st case on the 2019 Special Tax Voluntary Disclosure Program.

For more info about this Special Program. Please contact our Associate - KAMC (KL) Sdn Bhd at 03-7727 0321 (Person in charge Seetha / Soraya)

There are possible proposed SST Tax Codes (SRG10, SRG5, SRG0, ZRLG0, ESG0, OSG0, etc), and the also the possible use of SST Audit File to complete the SST implementation on coming September.

Stay tuned for more info.

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check if you are SST registered

https://sst01.customs.gov.my/account/inquiry