E-mail scam – Tax refund

The Inland Revenue Board (IRB) has issued a Press Release dated 21 July 2010 to caution the public against a new e-mail scam purportedly issued by the IRB and requesting taxpayers to take immediate action to claim his/her tax credit amounting to RM700.

The Press Release may be viewed at the website of IRB at

http://www.hasil.gov.my/lhdnv3e/documents/maklumat_terkini/Kenyataan%20Media%20e-mel%20Bayaran%20Balik%20PALSU.pdf

PRACTICE CONTINUATION ARRANGEMENT

Dear Member Firm

Section 520 of the Institute's By Laws: Death or Incapacity of a Sole Practitioner requires a sole practitioner to ensure that he or she has entered into an arrangement to enable his/ her practice to continue with minimum disruption in the event of his/ her death or incapacity, in either of the following ways :-

(a) by entering into an agreement with another sole practitioner or with a member firm; or

(b) by satisfying the Council that other adequate provision has been made.

It is therefore important for a sole practitioner, to protect both his or her own interests as well as the interests of the clients to enter into such arrangements with another member or firm as this will enable the practice to be carried on with minimum disruption in the event of incapacity or death.

In this regard, the Institute has decided to assist sole-practitioners in complying with the said By-Law by way of providing a guideline in the preparation of a practice continuation arrangement. The document can also be downloaded from the Institute's website under the Public Practice section. Copied below is the direct link to the page:

http://www.mia.org.my/new/pp_knowledge_guide_managing.asp

Please take note that to determine the value of your firm you are requested to seek an expert's advice and not just rely on the guideline. The continuity agreement is a legal document and it is important that you obtain legal advice to ensure the arrangement is properly drawn up, can be implemented quickly and contains appropriate termination clauses.

Please note that failure to comply with the above is an infringement of the By-Law and may subject the member to investigation and disciplinary proceedings.

Please refer to the direct link below to find more information on the Institute's By-Laws under Section 520: Death or Incapacity of a Sole Practitioner:

http://www.mia.org.my/downloads/institute/legislation/bylaws20080731.pdf

Please also find attachments for more information about the Practice Continuation Arrangement.

Should you require further clarification, please contact Azlina/Azuraini from the Membership Department at 03-22799305/342 or email at memberfirm@mia.org.my.

Click HERE to download PCA-Outline of the salient clauses.

Click HERE to download Practice Continuation Arrangement guideline (PCA).