ShineWing TY TEOH

Businesses can make their working procedures and operations more sustainable by setting a set of realistic goals, assessing performance regularly, and ensuring proper management via certain policies. The first step is to determine which sustainability reporting structure will be used to get the best results.

The primary goal of sustainability reporting frameworks is to translate theoretical problems and goals into practical actions. By revealing both good and negative impacts on the Earth, society, and economy, sustainability reporting can assist your company in setting priorities to achieve social and environmental impact goals.

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https://shinewingtyteoh.com/sustainability-reporting-framework-benefits-organization

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Selamat Hari Raya Haji! 🌙✨
Wishing you peace, joy, and blessings.

[HRDC CLAIMABLE SEMINAR] : Understand How The E-Invoice May Impact Your Business

e-Invoicing system will be fully implemented on 1 July 2025 and businesses now have the additional responsibility to prepare, compile and submit e-invoice with Inland Revenue Board of Malaysia. This training designed to guide participants on how to implement a system which is compliant with the e-invoice laws for your business, the basic knowledge on e-invoicing concepts as well as the rules and regulations of e-invoice Malaysia and also an opportunity to ask questions or clear your doubts on e-invoice. E-Invoice issues for each business is unique and any uncertainties on the rules might attract penalties. The penalties for not getting issuance e-invoice can be costly to businesses and should not be ignored.

Date: 11th July 2024 (Thursday)
Time: 08.00 am – 05.00 pm
Venue : The Saujana Hotel, Kuala Lumpur
Fee : RM768.00 (Existing Clients)/ RM688 (3 person and above OR early bird promo for registration on or before 30th June 2024)
RM838.00 (Members of the Public)/ RM688 (3 person and above OR early bird promo for registration on or before 30th June 2024)

If you are interested, please click on the link below to register:
https://forms.gle/WQNbgutiEygZbN3m8

[COMPLIMENTARY WEBINAR] : e- Invoicing:-How Can You Start Preparing For E-invoice Implementation

Starting from 1 August 2024, businesses in Malaysia will gradually implement e-invoice. Numerous factors need to be considered by a business as e-invoicing will involve all types of commercial transactions such as trade, non-trade, revenue, expenses, capital expenditure, cross-border transactions, claims from employees etc.

Do you know how e-invoicing affects your business and what changes do you need to make to your current business practices and systems and where do you start in evaluating what changes need to be made? Join us in our webinar to understand more on How Can You Start Preparing For E-invoice Implementation.

Date: 25th June 2024 (Tuesday), English Session / 26th June 2024 (Wednesday), Mandarin Session
Time: 10.00 am – 12.00 pm
Venue : ZOOM (Online)
Fee : COMPLIMENTARY

If you are interested, please click on the link below to register:
https://forms.gle/WcgWaRrze9xMVCqS7

Happy Wesak Day! Wishing you peace, joy, and enlightenment.

Starting from 1 August 2024, businesses in Malaysia will gradually implement e-invoice. Numerous factors need to be considered by a business as e-invoicing will involve all types of commercial transactions such as trade, non-trade, revenue, expenses, capital expenditure, cross-border transactions, claims from employees etc.

Do you know how e-invoicing affects your business and what changes do you need to make to your current business practices and systems and where do you start in evaluating what changes need to be made? Join us in our webinar to understand more on How Can You Start Preparing For E-invoice Implementation.

Date: 28th May2024 (Tuesday), English Session / 29th May 2024 (Wednesday), Mandarin Session
Time: 10.00 am – 12.00 pm
Venue : ZOOM (Online)
Fee : COMPLIMENTARY

If you are interested, please click on the link below to register:
https://forms.gle/Hqp3ZiMeCt7XG7K7A

Selamat Hari Raya Aidilfitri to all the friends!

A financial statement or accounting fraud simply means an individual who misrepresents the financial metrics to get benefits by providing wrong information.

The purpose of such fraud is to alter the figures on financial statements and show a company to be more profitable than it actually is, misleading the investors and sometimes, even the auditors.

Weak accounting procedures, lack of internal corporate governance, and lack of auditing are some of the many reasons why a lot of companies suffer from financial statement fraud.

Read more:
https://shinewingtyteoh.com/how-to-detect-and-avoid-financial-statement-fraud

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Multinational enterprises have to consider many different aspects of running a successful organization due to the complexity of rules and regulations in different organizations. Creating a transfer pricing document and dealing with the transfer pricing compliance requirements is one of these major challenges because transfer pricing documentation can be a tricky concept in global filing requirements.

In this post, you will get to know the various ways that transfer pricing documentation helps your organization and the best practices to adopt in this process to ensure maximum compliance.

Read more:
https://shinewingtyteoh.com/how-transfer-pricing-documentation-help-organization

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Since 2016, all of the public listed companies in Malaysia have to perform sustainability reporting according to the law. However, there is still a lot of room for improvement in this area as many organizations are not paying attention to the quality of reporting.

A major concern about sustainability reporting is that a lot of companies can’t enhance the quality due to a lack of formal standards. Furthermore, companies have to evaluate various aspects like management areas and compliance to ensure the implementation of the best sustainability reporting standards.

As a common solution to these issues, Malaysia has started to follow the global standards of sustainability reporting to ensure the effectiveness of sustainability regulations and reports, leading to better transparency and accountability.

Read more:
https://shinewingtyteoh.com/global-standard-of-sustainability-reporting

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The significance of sustainability reporting has greatly increased in the last few years because more and more consumers are now looking for organizations, products, and services that positively impact society.

Moreover, international laws are also making it compulsory for companies to have maximum transparency about sustainability reporting.

It is important for the corporate world to fulfil the rising demand for sustainable products and services and reduce energy usage and other such resources.

The following benefits of sustainability reporting further enhance the significance of eco-friendly and sustainable practices:
1. Motivates Employees
2. Credibility
3. Sustainability Leader
4. Attracts Investors
5. Use Sustainability As A Business Opportunity
6. Better Risk Management

Read more:
https://shinewingtyteoh.com/how-sustainability-benefit-organization

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Creating a reliable sustainability report is essential for businesses that want to be taken seriously.

This is especially true in this era in which a lot of emphasis is placed on climate change and environmental issues. Indeed, there are modern practices and trends that can improve the efficiency of creating sustainability reports.

Generally, a sustainability report is a comprehensive report that provides information about the environmental, social, and economic performance of an organization.

Following are the important steps of reliable and efficient sustainability reporting:
1. Set Goals
2. Review Your Performance
3. Data Collection
4. Responsibilities
5. Easy Communication

The bottom line is that sustainability reporting is a highly important part of all types of businesses in this era. We hope that by following the strategies discussed in this post, you can perform sustainability reporting in an efficient manner.

Read more:
https://shinewingtyteoh.com/creating-good-sustainability-report

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Many significant changes have been made in the Malaysian Income Tax Act 1967 through the Malaysian Finance Act 2020. One of these major changes is that if the taxpayers fail to provide proper transfer pricing documentation to the Malaysian Inland Revenue Board (MIRB) within a specified date, a fine that ranges from RM 20,000 to RM 100,000 can be placed.

Similarly, there have been some revisions in other transfer pricing document guidelines by the MIRB. The purpose of this post is to discuss these important aspects of transfer pricing.

Read more:
https://shinewingtyteoh.com/forget-to-update-transfer-pricing-document

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Transfer pricing represents pricing the transfer of goods and services between related parties. Related parties mean the entities or organizations that have equity control over each other. In such a case, one entity should be having more than 50% direct and indirect shareholdings control over the other party.

Generally, the transfer price should not be different from the current market price at the time of the transaction between independent individuals. This price is known as the arm’s length price. In most countries, the arm’s length price is decided by a regulatory body to ensure fairness and transparency. The Inland Revenue Board (IRB) is responsible for ensuring that the transfer pricing in Malaysia is smooth for the related price. Hence, the arm’s length principle is enforced by the IRB.

Read more:
https://shinewingtyteoh.com/forget-to-update-transfer-pricing-document

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The concept of transfer pricing is highly important in companies that are operating as individual strategic units. However, there are many different challenges associated with transfer pricing in Malaysia, and it is crucial for companies to overcome these challenges to ensure the smooth and efficient functioning of the business.

The transfer pricing documentation becomes even more critical when an organization has various branches all around the world, especially in areas where the tax rates are continually fluctuating. The transfer pricing documentation is used as a tool to justify these transactions especially when transactions are carried with lower tax jurisdiction and could be misunderstood to have been carried out for tax benefits.

Read more:
https://shinewingtyteoh.com/transfer-pricing-financial-reporting

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Transfer pricing refers to the rules and methods of trade between two companies under common ownership or control. Transfer pricing documentation is a highly important procedure because it provides the company with an avenue to detail out the company’s background, functions, and related party transactions, including pricing and strategy.

When the documentation is prepared early, it saves a significant amount of time and manpower when the documentation is requested by the tax authorities for submission.

Since transfer pricing has various impacts on an organization and its Group, it is important to review the transfer pricing strategy and documentation to make sure maximum transparency is present all across the business and international trading.

Read more:
https://shinewingtyteoh.com/how-transfer-pricing-benefit-your-business

For inquires, please visit:
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[HRDC CLAIMABLE WEBINAR] : e-Invoicing : Why Businesses Should Be Preparing For e-Invoicing Implementation

From July 2024 onwards, issuing e-invoicing becomes a legal obligation. Failure to issue an e-invoice is an offence under Income Tax Act 1967 and could result in a fine of not less than RM200 and not more than RM20,000 for each transaction. No e-invoice could also potentially mean no tax deduction.

What is e-Invoice, self-billed or consolidated e-Invoice? What are the implications of the 51 mandatory fields of an e-invoice? What are the challenges in e-invoicing era and what do you need to do to get your business ready for it?

Join us in our webinar for a detailed exploration of Why Business Should Be Preparing For e-Invoicing Implementation.

Date: 20th March 2024
Time: 08.30am to 01.00pm (English)
Venue : ZOOM (Online)
Fee : RM250 (Existing clients) / RM300 (Member of Public)

If you are interested, please click on the link below to register:
https://forms.gle/QZymF8ig48a8pGgK8

Let's welcome the Year of the Dragon with open arms! Wishing everyone a prosperous and joy-filled Chinese New Year! May this year bring you courage, strength, and abundant blessings. Gong Xi Fa Cai!

[COMPLIMENTARY WEBINAR] : E-Invoice: What You Need To Do To Get Ready

In order to enhance the efficiency of tax administration and digitalising the tax administration system in Malaysia, the e-invoicing system is MANDATORY to be implemented in 3 stages.

Join us in our webinar to understand how the e-invoice implementation will impact your business. We will also highlight the following areas:
1. Introduction to e-invoicing
2. Practical application and specific areas
3. Types of e-invoices and their functions
4. What you need to do

Date: 30th January 2024
Time:
Session 1: 10.00 am – 11.30 am (English)
Session 2: 03.00 pm – 04.30 pm (Mandarin)
Venue : ZOOM (Online)
Fee : COMPLIMENTARY

If you are interested, please click on the link below to register:
https://forms.gle/9Vbgt6qb1oykarW87

The UAE's 0% corporate tax policy transcends numbers; it's an invitation to transform your business aspirations into reality. With a robust infrastructure, a strategic location, and a welcoming environment, the UAE beckons entrepreneurs and visionaries to harness its potential.

Read more : https://shinewingtyteoh.com/why-dubai

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MSC is now rebranded to Malaysia Digital (“MD”). Companies awarded with MD status shall be entitled to a set of incentives, rights and privileges from Government of Malaysia. MD status companies have flexibility to choose benefits (either with or without tax incentives).

Read more : https://shinewingtyteoh.com/malaysia-digital-tax-incentive

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The Transfer Pricing Rules 2023 supersedes the rules that were released in 2012. Significant changes were made with the intention to boost compliance and provide taxpayers with more clarity with regards to Transfer Pricing compliance.

Read more : https://shinewingtyteoh.com/improving-transfer-pricing-compliance

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1X’s strategic shareholder is SGX. 1X is widely regarded as 3rd Board and 1st MAS-regulated and cost-effective Private Securities Exchange in Singapore to design for private companies to enable them to trade on private share and provide ESOS and liquidity for their investors and employees, respectively.

Read more : https://shinewingtyteoh.com/why-listing-on-1exchange-1x

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Merry Christmas and a happy new year in advance!

May the festival of lights brighten your life with joy, prosperity, and happiness. Wishing you and your loved ones a sparkling and joyous Deepavali!

There are five types of transfer pricing methods that can be applied. Three of the five are traditional pricing methods while the last two are transactional pricing methods.
1) The CUP Method
2) The Resale Price Method
3) The Cost Plus Method
4) The Transactional Net Margin Method (TNMM)
5) The Profit Split Method

Read more:
https://shinewingtyteoh.com/types-of-transfer-pricing

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It is important for companies, especially large organizations to perform a comprehensive year-end financial review and prepare an accurate and reliable transfer pricing document in Malaysia. Whether the review takes place at the end of December, June, or any other month, it must be performed with utmost care and professionalism so that the transfer pricing document is reliable.

An annual review is also important to perform transfer pricing risk assessment and determine if you need to make any significant changes to the transfer pricing process. There are different aspects that you must consider during this process. Keep reading to learn about these important factors:
1. Review Intercompany Transactions
2. Financial Results
3. Adjustments
4. Update Agreements
5. Best Practices for Adjustments
6. Internal Control System

Read More:
https://shinewingtyteoh.com/year-end-transfer-pricing-documents

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