QNE Blog

Form CP 58 only need to be prepared for those recipients where the monetary and non-monetary incentive payment are of  an amount exceeding RM5,000 per annum. For non-monetary incentives such as motor vehicle or house, the actual value/amount incurred by the payer company will be the incentive deemed received by the recipient.

According to the Inland Revenue Board of Malaysia, an EA form is a Yearly Remuneration Statement that includes your salary for the past year. You will usually use this form to file personal taxes during tax season.

The reason you need this is to ensure that if you are above the paygrade that requires you to pay taxes – the form ensures that you are aware of this and this is the form you use when you go online and do your E-Filing.

Taken directly from the LHDN website, it is cited that referring to Section 83(1A) Income Tax Act 1967, “that every employer shall, for each year, prepare and render to his employee statement of remuneration of that employee on or before the last day of February in the year immediately following the first mentioned year”.

If a taxpayer has income other than employment such as business, rental and royalties reported in previous years, LHDN may normally issue CP500 for next taxable period to request taxpayer to make 6 bi-monthly installment payments. The instalment dates will be stated in the notice of the instalments to be paid (CP500).

SST (Sales and Service Tax) shall be levied and charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person. It is crucial to issue correct and proper Tax Invoice to the customer for companies registered under the SST system. It acts as the primary evidence to support an Input Tax Credit claim. It is compulsory to issue a tax invoice showing the amount of SST charged and the price of the supplies separately.

Before starting up a new business, you might need to spend some time for surveying which Accounting System Software or ERP System in Malaysia that you would like to apply to monitor entire business process, cash flow, reports and more. When searching for the accounting software solutions, one of the most critical factors in your decision will be whether you choose to deploy in-house server or in the cloud server.

Cloud-based systems are more common now in Malaysia. Today, nearly every Accounting System Software and ERP vendor are offering cloud database hosting service and full cloud-based system, and some vendor package with their Windows application, for example, QNE Accounting Software.

Starting up a business can be super challenging, while tirelessly looking for customer and better bargain supplier, business owner has to put effort on filling the accounts precisely and wisely in order to maximize the profits. Most businesses will look for an accounting software to reduce their workload and concentrate on the core activities.

Compare to the manual written account books, accounting software today can do much more in lesser time. It is not only records income and expenses, it can help you forecast sales and manage inventory. Accounting software basically allow you to create invoices, track expenses and generate a variety of reports that help you analyse your business’s performance from various angles.