Wednesday, 27 October 2010
FORUM OF FIRMS ISSUES PAPER ON CLIENT ACCEPTANCE AND CONTINUANCE
On 20 October 2010, the Transnational Auditors Committee (TAC), the Executive Committee of the Forum and a committee of the International Federation of Accountants (IFAC) issued a paper titled client acceptance and continuance which summarizes current client acceptance and continuance practices in several of the large network of international accounting firms and examines how asking the right questions can help ensure that only those clients that meet the same standards of quality as the audit firm be accepted and continued.
The paper focuses on how the large networks of international accounting firms have implemented the requirements of International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance, and Related Services Engagements in their client acceptance and continuance policies and procedures. The paper also discusses related tools and devices firms have employed to strengthen their client acceptance and continuance decision-making processes.
The paper can be viewed at the Institute’s website at http://www.mia.org.my/new/psp_auditandassurance_knowledgebase.asp.
Please be guided accordingly.
Sunday, 17 October 2010
Stamp Duty Exemption on Housing Loans/ Transfer Agreements
Service Tax increases to Six Per Cent
More Taxpayers to get Relief, says IRB
News on Budget 2011 with Full Text of Speech, Attachments and Finance Bill
Persons with Disabilities (Registration and Issuance of Kad OKU) Regulations 2010
HIGHLIGHTS FROM BUDGET 2011
- Service tax will be increased from 5% to 6% and to cover pay television services – bad news for Astro, restaurants and the hospitality sector;
- EPF and Permodalan Nasional Berhad will undertake RM10bn Sungai Buloh housing projects and RM5bn 100 storey tower respectively – good for property sector;
- First time house buyers will obtain a 100% loan without having to pay the 10% down payment for houses below RM220k through “Skim Rumah Pertamaku” and given stamp duty exemption of 50% for houses not exceeding RM350k – good for property sector;
- Full import duty and 50% excise duty exemption was granted to franchise holders of hybrid and motorcycles up to 2010 and full excise duty exemption up to 2011 – good for UMW and Honda but bad for local manufacturer, Proton;
- Import duty of 300 goods preferred by tourists and locals, at 5% to 30% will be abolished – good for retailers and shopping mall operators;
- Sales tax of 10% will be abolished for all mobile phones – good for all the telecommunication companies;
- RM6.4bn to build and upgrade schools, RM213m allocated to high performance schools, increase pre-school enrolment rate to 72% through additional 1,700 classes, RM575m for scholarships, RM213m to strengthen language skills – good for education sector;
- Government to introduce minimum wage rate and increase the levy for foreign workers – bad for businesses generally as cost will increase;
- Toll rates in 4 highways operated by PLUS Expressway will not be raised for the next 5 years – bad for toll operators, setting precedent that no toll hikes for other operators;
- Three new stock-broking licenses will be introduced for locals and foreigners – bad for stockbrokers as competition will intensify.
Tuesday, 12 October 2010
Many Traders Unclear on Malaysian Competition Act
IRB hotline to open on Friday
KUALA LUMPUR: The Inland Revenue Board will open its 2011 Budget Special Hotline Operations Centre on Friday from 7pm to 10pm.
“This will allow the public to obtain further information on any tax-related issues after the delivery of the budget speech by Prime Minister Datuk Seri Najib Tun Razak,” it said in a statement yesterday.
The public can call the following numbers for enquiries: 03-62015975/976/981 and 03-62016027/031/035/037/041. – Bernama
http://thestar.com.my/news/story.asp?file=/2010/10/13/nation/7212110&sec=nation
Employment Bill withdrawn
The Employment (Amendment) Bill 2010, which was listed for second reading in the Dewan Rakyat, has been withdrawn.
Deputy Human Resources Minister Datuk Maznah Mazlan withdrew the bill, which was first tabled on July 8.
When contacted yesterday, Human Resources Minister Datuk Dr S. Subramaniam said the bill was withdrawn to enable the ministry to initiate changes and add more amendments.
He added that the bill would be re-tabled during this Parliament sitting.
To a question, Dr Subramaniam denied that the bill’s withdrawal was related to a nationwide picket organised by Parti Sosialis Malaysia (PSM) in seven places yesterday.
PSM had called for a picket to reject the proposed amendments of the bill and described them as the worst amendments made to labour laws.
Among the proposed amendments to the Bill included a move to fine employers up to RM10,000 for turning a blind eye to sexual harassment, provide better protection to pregnant workers and penalise employers who terminate the services of women employees during their maternity leave.
The bill also stipulates that wages of domestic helpers would have to be paid directly into their bank accounts.
The proposed amendments were met with differing opinions by NGOs and employers.
The MTUC supported the amendments of sexual harassment as such cases were usually ignored when a high-ranking personnel was involved.
The Malaysian Employers Federation said the bill on sexual harassment gave the impression that employers did not care about the problem.
Meanwhile, M. Kulasegaran (DAP - Ipoh Barat) has called for a review of the Industrial Relations Act 1967.
He said present regulations gave sole power to the Human Resources Minister to decide whether to refer a case to the Industrial Relations Court.
“The minister is the prosecutor, judge and jury. We feel that is not right,” he told reporters at the Parliament lobby.
Kulasegaran said aggrieved employees should be allowed to institute legal action against their employers freely, just as in civil suits.
Abdullah Sani Abdul Hamid (PKR - Kuala Langat) and M. Manogaran (DAP - Teluk Intan) called for a review of Section 20 (3) of the Industrial Relations Act, which gave the minister discretion to refer cases to the court.
http://thestar.com.my/news/story.asp?file=/2010/10/13/parliament/7210907&sec=parliament
Employment Act (Amendment) Bill Withdrawn
Wednesday, 6 October 2010
MIA-CTIM Budget Hotline for Public
Tuesday, 5 October 2010
Single halal certificate beginning April
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