ST & Partners PLT, Chartered Accountants, Malaysia

Gentle reminder

LHDN has never sent links to taxpayers concerning refund statuses through the MyTax portal.

温馨提醒
税收局未曾透过MyTax发退税链接，在此提醒公众小心诈骗

Hello, Everyone. I am excited to introduce you to Bukku software is compliant with LHDN E-Invoice requirements, enabling you to submit E-Invoices to LHDN seamlessly from Bukku Accounting with minimal changes to your existing workflow.

The software also helps streamline the process of updating your business profile, customer and supplier information, as well as product information, to support the e-invoice submission.

The below articles are from Bukku software; please refer to them for guidance on how to process through the LHDN MyInvois Portal.
https://intercom.help/bukku/en/collections/9567347-lhdn-e-invoicing

We are pleased to offer free E-Invoice Software Training, where you can master the entire e-invoicing process using Bukku! You may consider registering for the Bukku training sessions as follows:

- English Version: November 6th and 27th, 2024, from 3:00 PM to 5:00 PM. (https://calendly.com/bukku-accounting/e-invoice-software-training-english?month=2024-11&date=2024-11-06)
- Malay Version: November 13th, 2024, from 3:00 PM to 5:00 PM. (https://calendly.com/bukku-accounting/e-invoice-software-training-malay?month=2024-11)

Don’t miss this opportunity to enhance your skills! Register now.

The Partners are ST & Partners
Tel No: 03-7726 8601

LHDN E-Invoicing | Bukku Learn Portal

e-Invoice Illustration Guide

Illustration 4️⃣: Buyer requesting for e-Invoice after the month of purchase (subjected to the Seller’s decision)

✅ To accommodate the Buyer, the Seller also can submit a Credit Note to reduce the consolidated e-Invoice for the said purchased amount and issue a new e-Invoice for LHDNM’s validation (subjected to the Seller’s system and operation readiness)

Companies Act 2016

Section 261(1)
Auditor's statements

A company that is not required by this Act to lodge financial statements with the Registrar shall lodge with the Registrar a statement relating to the financial statements of the company required to be circulated to its members, signed by the auditor of the company

电子发票补贴

详情，请看南洋商报报道
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E3%80%90%E7%8B%AC%E5%AE%B6%E3%80%91%E7%94%B5%E5%AD%90%E5%8F%91%E7%A5%A8%E8%A1%A5%E8%B4%B41%E6%9C%88%E5%8F%91%E6%94%BE-%E6%9C%80%E9%AB%985000%E4%BB%A4%E5%90%89%C2%B7%E5%85%88%E5%88%B0%E5%85%88%E5%BE%97

LHDN recent tax case

TYH vs Director General of Inland Revenue
👉 Subsection 112(3) and Subsection 113(2) Income Tax Act 1967

✅ Based on Maybank Statements of Accounts, the DGIR issued a Notice of Assessment and Notice of Additional Assessment.
✅ Taxpayer contended that the DGIR’s computation of the taxable income for her business was too high with a margin of 61.80% for 2012 and 48.62% for 2013.
✅ Taxpayer came up with her own margin by using the completed company account for YAs 2015 until 2017.

SCIT dismissed the Taxpayer’s appeals and held that the Taxpayer failed to prove its case as required under Paragraph 13 Schedule 5 ITA 1967. As such, the Assessments and the penalty imposed under Section 112 (3) and Section 113(2) ITA 1967 raised by the DGIR against the Taxpayer is justified and confirmed.

Royal Malaysian Customs Department offering a penalty rate of 0% for payments made before 31 December 2024.

Companies Act 2016

Section 260 (1) & (2) -
Duty to lodge certificate relating to exempt private company

Happy Deepavali and happy holiday to everyone 🎉💃 🕺

LHDN recent tax case

Government of Malaysia vs Kuala Rejang Industrial Synergy Sdn Bhd & 2 Ors
👉 Order 53 of the Rules of Court 2012 & Sections 91(1), 99, 103 and 106 of the Income Tax Act 1967

✅ Both parties had previously agreed on tax audit additional assessment.
✅ Instead of settling the tax debt, the Taxpayer filed appeals with the SCIT and applied for an extension of time to file further appeals.
✅ LHDN argued that the High Court erred in its decision, asserting that the correctness of the additional assessment should be addressed before the SCIT and that the tax debt should be enforceable under Sections 103 and 106 of the Income Tax Act 1967 (ITA).
✅ Court of Appeal ultimately allowed the LHDNs appeal, ruling that the Taxpayer’s arguments on the merit of the additional assessment should be resolved by the SCIT.

dividend tax was initially set at 5% but was reduced to 2% after considering the appeals from the SMEs who argued that it differed from listed companies

Gentle reminder
Socso and EIS Contribution Amount in accordance with the Increment of the Wage Ceiling Limit

✅ Effective 1 October 2024, PERKESO will enforce a new wage ceiling for contributions from RM5,000 to RM6,000 per month. For employees with salaries exceeding RM6,000 per month, the contribution amount is subject to the wage ceiling of RM6,000. Accordingly, the contribution payment for the month of October 2024 and the subsequent months shall be made by the employer according to the new wage ceiling.
✅ To check new contribution rate, please click at below link:
https://www.perkeso.gov.my/en/our-services/employer-employee/kadar-caruman.html

SSM late lodgement penalty
✅ For documents pursuant to Division 8 Part III of the Companies Act 2016

Frequently Asked Questions (FAQ) dated 18 October 2024 on matters pertaining to Transfer Pricing 2.0

SSM charged director of the Company for making fake statement on director resignation

🔥 Section 591 (2) False and misleading statements 🔥

(2) Every person who in any return, report, certificate, financial statement or other document required by or for the purposes of this Act—

(a) makes or authorizes the making of a statement false or misleading in any material particular knowing it to be false; or

(b) misleads or intentionally omits or authorizes the omission or accession of any matter or thing making the document misleading in a material respect,

commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding three million ringgit or to both.

Frequently Asked Questions (FAQ) dated 3 September 2024 on matters pertaining to Transfer Pricing 1.0

To all company secretary, are you all right with the MBRS 2.1? 😜

Minimum wage RM1,700 and it's daily and hourly rates

MyInvois app is available for download across all operating system platforms, including the App Store (for iOS users), Google Play (for Android users), and AppGallery (for Huawei users).

To access and issue e-invoices via the MyInvois app, users must first complete the initial login process on the MyInvois Portal.

MyInvois app 👍👍👍
税收局免费提供MyInvois应用程序

MyInvois is now available and ready to be used for both Android and iOS based platform

7,400 companies have adopted the e-invoice system, with 58 million e-invoices issued as of 14 Oct 2024

2024 tax relief for resident individual 👍

2024年个人税务减免

Companies Act 2016

Section 257 (1) & (2) -
Duty to circulate copies of financial statements and reports

former directors were charged with inviting two siblings to join the Ginger Contract Farming investment scheme, which was not registered under the Interest Schemes Act 2016.

If convicted under Section 3(3), face a sentence of up to 10 years in prison or a fine of up to RM50 million, or both.