Tuesday 25 August 2015

Negaraku

Happy Independence Day, Malaysia.




We are the outlandish statements made by those in power. We are the keyboard warriors, denouncing perceived wrongs, airing our grievances and sprouting our two cents worth. We are the rallies protesting against the injustice in our country. We cry foul about our allegedly corrupt politicians but are dependable benefactors of duit kopi.

Wednesday 19 August 2015

New book on Singapore transfer pricing launched!

The revised Transfer Pricing Guidelines released by the Inland Revenue Authority of Singapore (IRAS) earlier this year introduced, amongst other things, the following key changes:

  1. the new explicit requirement that taxpayers prepare and maintain transfer pricing documention to substantiate that their related party transactions are at arm's length
  2. the concept of contemporaneous documentation.
Together with other changes, the revised guidelines represent a new milestone in Singapore's transfer pricing regime. It also reflects IRAS' continued commitment to ensure taxpayers maintain proper transfer pricing documentation and comply with the arm's length principle.

Meanwhile, the global community continues to weigh in on transfer pricing, with the Organisation for Economic Co-operation and Development (OECD) leading the way. For instance, in June, the OECD released the Country-by-Country Reporting Implementation Package to help facilitate the implementation of the latest transfer pricing standards.

Wolters Kluwer has launched a new book, Transfer Pricing in Singapore, to tackle transfer pricing which is available now!

Friday 14 August 2015

Singapore Golden Jubilee

Singapore celebrated its Golden Jubilee for its 50th Year Independence since 1965 from 7-10 August 2015. The SG50 celebrations were in full swing and the approximately 1.7m crowd joined the SG50 celebrations in Singapore while overseas Singaporeans gathered across the world to celebrate



Tuesday 11 August 2015

Malaysian GST: Cross-border services issues

An article by: Thenesh KannaaPartner of TraTax Malaysia
(Speaker for the upcoming Wolters Kluwer workshop, Getting GST Right for Cross-Border Services held in Kuala Lumpur)

From an economic policy-making perspective, Goods and Services Tax (GST) is a consumption tax and thus the 6% tax should be levied only when the goods or services are consumed in Malaysia. This is known as the destination principle. This may appear to be a straightforward principle, but the application of the principle is an area that requires careful attention to avoid costly mistakes.

Common but difficult practical questions faced by many accountants are:

  (1) Is this service charge to a foreign company zero-rated or should I impose 6% GST?
  (2) Is this payment to a foreign company subject to reverse charge?
  (3) How do I treat cross-border disbursements and reimbursements?

Tuesday 4 August 2015

Happy Golden Jubilee Singapore!!!


Singapore tax filing made easy via e- filing for all companies

The Inland Revenue Authority of Singapore (IRAS) has extended e-Filing to all companies with the launch of e-filing of the Form C. This means all companies and their authorised tax agents can now e-file their Income Tax returns regardless of the type of Form used.

The benefits of e-filing are listed below:

One month extension for SST returns and payment of tax

The Royal Malaysian Customs Department (RMCD) has announced a one month extension (until 31 July 2021) for the submission of SST-02 forms an...