IPOH, Nov 1 (Bernama) -- Tax payers can now check their personal tax details and transactions through the e-lejar facilities and services provided by the Inland Revenue Board (IRB).
IRB Chief Executive Officer Tan Sri Hasmah Abdullah said starting today, tax payers can check whether records of tax transactions namely assessments, payments and repayments have been updated, determine whether personal details such as address and bank account numbers had been recorded correctly.
"E-Ledger will display tax information, real property gain for the current and previous year. Taxpayer can distinguish whether he has a debit or credit balance and check whether tax assessment submitted through IRB's e-Filing has been updated in the ledger," Hasmah told reporters after launching e-lejar here Monday.
Hasmah added that the e-ledger service would assist the IRB to process rebate for tax payers more effectively and efficiently since the bank account numbers of contributors can be obtained from the e-filing system.
Tax payers must not only check on the information on tax details but must also update or check their personal details like bank account number and address, said Hasmah.
Currently, e-Ledger is only accessible to individual taxpayers who have e-Filing identification numbers.
Monday, 1 November 2010
Wednesday, 27 October 2010
FORUM OF FIRMS ISSUES PAPER ON CLIENT ACCEPTANCE AND CONTINUANCE
The objective of the Forum of Firms (Forum) is to promote consistent and high quality standards of financial reporting and auditing practices world-wide.
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.
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
KUALA LUMPUR, Oct 15 (Bernama) -- In an effort to ensure every citizen owns a residential property, the government has proposed stamp duty exemption on instruments of transfer and loan agreements for residential property.
To encourage ownership of the first residential property, it has proposed that a stamp duty exemption of 50 per cent be given on instruments of transfer of a residential property priced not exceeding RM350,000.
The exemption is granted for the first residential property purchased by a Malaysian citizen and it can be claimed once only within the exemption period, Prime Minister, Datuk Seri Najib Tun Razak said on Friday.
Residential properties include terrace houses, condominiums, apartments or flats, he said when tabling the Budget 2011 at Parliament here.
The effective date for the exemption is for sales and purchase agreements executed between Jan 1, 2011 and Dec 31, 2012, said Najib.
As for the stamp duty exemption on loan agreements for residential property, he said there would be also a stamp duty exemption of 50 per cent for residential property prices not exceeding RM350,000.
This exemption is applicable for sales and purchase agreements executed from Jan 1, 2011 to Dec 31, 2012.
Service Tax increases to Six Per Cent
KUALA LUMPUR, Oct 15 (Bernama) -- The government has proposed that the service tax on all taxable services be increased to six per cent from five at present to generate additional tax revenue for national development.
The effective date of implementation of the proposal is Jan 1, 2011, it was stated in the Budget 2011 proposals tabled in Parliament Friday.
This rate is not applicable to credit cards where the service tax is charged at a specific rate of RM50 annually on principal cards and RM25 for supplementary cards.
More Taxpayers to get Relief, says IRB
KUALA LUMPUR, Oct 15 (Bernama) -- More taxpayers will get relief from the eligibility extension announced by Prime Minister Datuk Seri Najib Tun Razak in Budget 2011, Inland Revenue Board (IRB) Chief Executive Officer Tan Sri Hasmah Abdullah said on Friday.
She was referring to the extension of tax relief of up to RM5,000 to cover other expenses such as day care centre, cost incurred to employ caretakers for parents and other daily needs such as diapers.
"This eligibility extension will hopefully help reduce the burden of taxpayers who presently contribute about 20 per cent to IRB's tax collection," she told reporters at the Budget 2011 Special Line Operation Centre here.
She said that although the number of taxpayers claiming for relief would increase, this move would not affect tax collection because no new reliefs were introduced.
She said several tax exemptions were also extended like the excise duty exemption on national cars for the disabled which was extended to those with impaired hearing and speech.
On the special budget line, she said response from the public was encouraging with 20 calls received per hour on average.
News on Budget 2011 with Full Text of Speech, Attachments and Finance Bill
KUALA LUMPUR, Oct 15 (Bernama) -- Datuk Seri Najib Tun Razak on Friday tabled a RM212-billion budget for 2011 centred on four key strategies designed to transform Malaysia into a developed and high-income nation by 2020.
Tabling Budget 2011 in the Dewan Rakyat, he said the budget would emphasise efforts to "transform the national into a developed and high-income economy with inclusive and sustainable development, spearheaded by the private sector as well as focus on the well-being of the people".
Najib, who is also the finance minister, described the budget as laying the foundation for Malaysia to become an advanced nation and as a precursor "in our final efforts" towards achieving Vision 2020, which he said was nine years, two months and 17 days away.
The budget, which carries the theme "Transformation Towards a Developed and High-Income Nation", centres on four key strategies, which are Reinvigorating Private Investment; Intensifying Human Capital Development; Enhancing Quality of Life of the People; and Strengthening Public Service Delivery.
The prime minister said that to enhance private sector involvement in economic activities, the government would further intensify the Public-Private Partnership (PPP) initiative and implement in 2011 several PPP projects identified under the 10th Malaysia Plan through private investment of RM12.5 billion. The government would allocate RM1 billion from the Facilitation Fund.
Among the PPP projects are the Ampang-Cheras-Pandan Elevated Highway, Guthrie-Damansara Expressway, Damansara-Petaling Jaya Highway, West Coast-Banting-Taiping Highway, Sungai Dua-Juru Highway and Paroi-Senawang-KLIA Highway;
A 300-megawatt Combined-Cycle Gas Power Plant in Kimanis, Sabah, to increase electricity generation capacity to meet rising demand; and
The International Islamic University Malaysia Teaching Hospital in Kuantan, the Women and Children's Hospital as well as the Integrated Health Research Institute Complex in Kuala Lumpur;
The Academic Medical Centre, a joint venture between Academic Medical Centre Sdn Bhd and Johns Hopkins Medicine International as well as Royal College of Surgeons Ireland which involves private investment of RM2 billion.
Najib also said that the government would encourage the private sector to resume an active role in the economy through several high-impact strategic projects.
These projects included the Kuala Lumpur International Financial District (KLIFD) valued at RM26 billion, which would be implemented from 2011 by 1Malaysia Development Berhad (1MDB) in collaboration with Mubadala Development Company, an investment arm of the Government of Abu Dhabi.
Also, under the High-Impact Strategic Development, Najib announced the development of another landmark in Kuala Lumpur, a 100-storey tower to be named Wisma Merdeka.
The integrated development project costing RM5 billion will retain the Merdeka and Negara stadiums as national heritage. The tower will be completed by 2015 and the whole project by 2020.
Najib also said that the Mass Rapid Transit (MRT) in Greater Kuala Lumpur (Klang Valley), with an estimated private investment of RM40 billion, would be implemented from beginning 2011 and was expected to be completed by 2020.
Also to be implemented beginning next year is the development of the Malaysian Rubber Board land in Sungai Buloh covering an area of 2,680 acres by the Employees Provident Fund (EPF). It would be a mixed development comprising affordable houses as well as commercial, industrial and infrastructure facilities.
The entire development is estimated at RM10 billion and is expected to be completed by 2025.
Budget 2011, which allocated RM162.8 billion for operating expenditure and RM49.2 billion for development expenditure, also outlines strategies and incentives to revitalise the capital market, including the Islamic capital market, and intensify the venture capital industry.
As part of the effort to reinvigorate private investment, Najib also said that the Bumiputera Property Trust Foundation (BPTF) would provide opportunities for bumiputera ownership of prime commercial properties in major towns.
"The BPTF will establish a fund to enable ownership of prime commercial properties in the Klang Valley, through a group ownership scheme," he said.
For this, he said, the BPTF would launch a syariah-compliant Bumiputera Property Trust Scheme this year with a size of RM1 billion.
The government would also launch a Private Pension Fund next year to revitalise capital market activities.
"This fund will benefit private sector employees and the self-employed," Najib said, adding that the existing income tax relief of up to RM6,000 for employees' contributions to the EPF would be extended to the contributions made to the pension fund, including the self-employed.
Under the strategy of intensifying human capital development, the prime minister said the government would establish Talent Corporation under the Prime Minister's Office early next year. Talent Corporation will formulate a National Talent Blueprint and develop an expert workforce database as well as collaborate closely with talent networks globally.
Najib also said that the government would expand access to quality education, and the national education system would be revamped to focus on thinking skills, character building, creativity, innovation and competitiveness.
"For the Ministry of Education, a sum of RM6.4 billion is allocated for development expenditure to build and upgrade schools, hostels, facilities and equipment, as well as to uphold the status of the teaching profession," he said.
The government would strengthen early education, primary and secondary education and higher education and intensify training and skills programmes.
Najib also announced the 1Malaysia Training Programme which would begin in January next year with an allocation of RM500 million.
Of the sum, RM200 million is allocated to conduct part-time training in the evenings and weekends at selected training centres nationwide. It will be conducted by community colleges, national youth training institutes, Giat Mara centres and industrial training institutes.
Najib also said that the government was committed to expediting the transformation process through implementation of the projects and programmes under the 10th Malaysia Plan, the National Key Results Areas (NKRAs) and the National Key Economic Areas (NKEAs).
He said the transformation process was holistic, encompassing economic, social and political aspects.
"The 2011 Budget is formulated with firm determination to bring significant changes to the nation's development and well-being of the people," he said, adding that the budget had taken into account the needs of all the people of Malaysia.
"This budget is possible due to the efficient and prudent financial management thus far," he said.
Najib said the government upheld the concept of 1Malaysia as the fundamental philosophy in driving the nation's development path. "The Government Transformation Programme (GTP) and Economic Transformation Programme (ETP) will be a guiding force in this journey," he added.
"The six NKRAs and the New Economic Model with its eight Strategic Reform Initiatives will be the framework for the nation's economic transformation," he said, adding that the implementation of the development programmes would be realised through the 10th and 11th Malaysia plans.
Under the strategy to intensify human capital development, Najib announced the establishment of a National Wage Consultation Council as the main platform for wage determination to raise productivity.
The council will comprise representatives from employers, trade unions, non-unionised employees, government agencies, academia, NGOs and individuals. Its secretariat will be at the Human Resources Ministry.
Najib said the National Wage Consultation Council would determine the rate and mechanism of minimum wage.
Other measures to intensify human capital development include expanding women's participation in entrepreneurship and intensifying training and skills programmes.
Under the third strategy of enhancing the quality of life of the people, the government will, among other things, allocate RM1.2 billion to the Women, Family and Community Development Ministry to carry out various welfare and community programmes.
The government would also increase house ownership and enhance the quality of life of the rural people, said Najib.
A sum of RM6.9 billion is allocated for the implementation of basic infrastructure such as water supply, electricity, and rural roads.
Of the amount, RM2.1 billion is for the construction and upgrading of rural roads in Sabah and Sarawak, and RM696 in the peninsula.
Meanwhile, RM1.5 billion is allocated to provide rural water and electricity supply in Sabah, RM1.2 billion for Sarawak and RM556 million for the peninsula.
Najib said the government would also implement housing aid programmes for the poor and hardcore poor with an allocation of RM300 million.
This programme involved the construction and repair of 12,000 units of houses throughout the country especially in Sabah and Sarawak.
The government will also provide a Special Mobile Unit for the National Registration Department for the convenience of the people in remote areas in Sabah, Sarawak and peninsular Malaysia to register their citizenship.
Najib said the government would continue to simplify private sector transactions with the government agencies to strengthen the public service delivery.
For this purpose, the MyCoID Gateway initiative which uses the sole reference provided by the Malaysian Companies Commission for transactions would be extended to other agencies and ministries.
Persons with Disabilities (Registration and Issuance of Kad OKU) Regulations 2010
The Regulations amongst others provide for the application for registration as a person with disability.
P.U. (A) 344 of 2010; 7 October 2010
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