How does the new MRFS 16 affecting accounting and tax? Here are the summary: Effective date 1 January 2019 Main features Lessee accounting applies a “right-of-use” approach: lessee to recognize assets & liabilities for the rights & obligations created by lease contractsno longer be a...
The Income Tax Act, 1967 (ITA) imposes the responsibility to companies to issue a form CP 58 on any incentives (whether in monetary form or otherwise) to its agents, dealers or distributors. Agent, dealer or distributor is defined in Section 83A (4) of ITA 1967 to mean “any person who is authorized by a company to act as its agent, dealer or distributor, and who receives payment...
The Inland Revenue Board has issued a Practice Note 3/2020 - Determination of gross income from business sources of not more than RM50 million of a company or limited liability partnership. In addition to share capital requirement, the taxpayer must have gross income from business source not exceeding RM50 million for the basis period for the year of assessmentCompany / LLP which do not...
