Latest announcement from Royal Malaysian Customs Department (RMCD) on submission GST-03 return for final taxable period
As a business owner or entrepreneur, we all know that running a business requires a substantial amount of money. Even after the initial start-up costs are incurred, expenses will continue to be incurred daily. Without proper budgeting and cashflow controls, money might be tight during certain months, and owners will have to rely on external financing, i.e. bank loans and overdrafts, to get them through these slow periods, or even worse, operations might have to be halted temporarily. To prevent such issues, businesses rely on detailed and properly planned budgets to assist them plan out their cashflows. If you are not sure how to set up a proper business budget, here are some tips which will definitely help you in the process.
The Sales Tax Bill was passed on 7th August 2018 in parliament. It is official now. Royal Malaysian Customs Department (RMCD) has publised the list of proposed taxable services in the official website today. However, please note that it is still in “proposed” stage, as it is not a official gazette now, so we expect there will be changes or amendment on it. Please refer to RMCD website for the latest list of taxable services. As for now, Rockwell has summarised the list and make comments for you.
“Failing to plan is planning to fail” – Benjamin Franklin. This timeless quote emphasises that whether in business, work or in life, planning is an important aspect of all projects and tasks. Time and time again, we have heard of businesses with great ideas and good products fail due to one problem – not having a detailed budget to support business and growth plans.
随着5月9日大选后的改朝换代，马来西亚新政府也将实施新的纳税系统。而新政府也已经声明说，新的纳税系统，销售与服务税（SST）将于2018年9月1日正式开跑。趁SST正式实行前，让我们向你解说6样您必须知道关于SST的事项。（注：以下关于SST的资料，都是参照1975年服务税法令Service Tax Act 1975以及1972年销售税法令Sales Tax Act 1972。）
As Malaysian new government firmly announced, the Sales and Service Tax (SST) will be commenced on 1st of September 2018. Now, let us do a summary for the things you should know about SST.
Recently, the market is shocked by the news of Top Glove takes legal action against Adventa Capital. The misrepresentations by Directors of Adventa Capita, allegedly resulted in Top Glove and Top Care agreeing to enter into the share purchase agreement in January this year with ACPL, for the purchase of 270.85 million shares in Aspion for RM1.37bil. Top Glove only aware of the issues after their auditor BDO have conducted due diligence review. In my humble opinion, this is a greatest mistake made by Top Glove, as in how could you enter into an agreement before the due diligence review is conducted? I think it is a great timing to discuss on due diligence now.
According to Forbes, nine out of ten startups will fail. This is definitely a big shock to everyone who wanted to be an enterpreneur. Over the past 6 months, Rockwell has conducted a market survey on Startups companies in Singapore and Malaysia and to understand the main reasons that startups company failed in this region. We have summarized and listed out the top four reasons why startups company failed and our suggestions to startups company.
It is very important to note the due date(deadline) for tax form submission, so that you or your company can avoiding the unnecessary trouble, such as getting penalty or fine.
INLAND REVENUE BOARD OF MALAYSIA (IRBM) LEMBAGA HASIL DALAM NEGERI MALAYSIA(LHDNM) COUNTERS OPERATING HOURS
Inland Revenue Board of Malaysia (IRBM) , as known as Lembaga Hasil Dalam Negeri Malaysia (LHDNM) has counter in all states in Malaysia. Generally, the operating hour of the counters are almost same, except for Kedah, Kelantan and Johor.
Think of starting a business or incorporate a company in Singapore and how to set up company in Singapore? It is important to learn all types of company before you start.