Thursday, November 30, 2023

How to Position Your Investment Portfolio for Tax Advantages

Smart investor holding cash
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Editor's Note: This story originally appeared on NewRetirement. In the complex world of personal finance, asset location is the hidden strategy that smart investors use to gain a distinct advantage. Most people know to diversify their investments across different asset types to create the right asset allocation. But, not everyone has an asset location strategy — consciously distributing…



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8 Things Most People Don’t Know About Medicare

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Medicare is a federal health insurance program that covers seniors and those with a qualifying disability. You might know that you generally enroll in the program at age 65, but there’s a lot you might not realize about Medicare. In order to avoid unpleasant surprises — including financial penalties — it’s important to understand some of the realities associated with the program.



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IPhone Users Need To Know About This Emergency Feature

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If you have an iPhone 14 or 15, a recently added feature could be a literal lifesaver. The basic functionality of Emergency SOS — an easy way to contact 911 and automatically notify your personal emergency contacts — has been around since before the iPhone 8. But for a long time, it relied on having cellular or Wi-Fi coverage. In some remote areas without any phone service, nobody would get your…



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7 Senior Living Facilities With Top Marks From Residents and Their Families

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Attitudes on senior living facilities have remained relatively steady, according to J.D. Power’s latest annual U.S. Senior Living Satisfaction Study. Overall satisfaction among residents and family members has increased by 5.4% despite rising costs. The study included 3,838 respondents, all of whom either lived in independent living facilities themselves or had a family member living in an…



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Wednesday, November 29, 2023

51 Fast Ways to Score $1,000 or More

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Need an extra $100, $1,000 or more? You’re in the right place. Following are dozens of ways to make extra cash, both online and off. Most are simple, don’t require a lot of knowledge, and require just a few minutes to get…



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Tuesday, November 28, 2023

7 Smart Uses for Rubbing Alcohol

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The sharp, unmistakable smell of rubbing alcohol reminds us of the doctor’s office or the hospital. These aren’t places most of us want to be! But if you can get past the aroma, you’ll find that rubbing alcohol is a darned useful thing to have around. Also known as “isopropyl alcohol,” this strong-smelling liquid is a great disinfectant that can kill many viruses, bacteria and fungi.



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11 Name Brands Behind Costco’s Generic Products

Costco Bagels Einstein Bro Bagels
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Stroll through any Costco, and you’ll find it hard not to notice brand-name products stacked right next to displays of Costco’s own Kirkland Signature brand. Costco’s thinking is clear: Remind the customers that while they can surely spend extra for a familiar label, they’ll save money by buying the Kirkland version. And it’s been a profitable venture for the company. According to CNN…



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22 Ways Sacrificing Holiday Tradition Can Save You Money

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Editor's Note: This story originally appeared on Living on the Cheap. If you secretly wish that you could skip the whole holiday gift-giving chaos, you are not alone. Research from Bread Financial showed that money spent on gifts is a major source of holiday stress for couples. We can feel their pain. In fact, 60% of Americans are carrying some credit card debt, and swiping the plastic for…



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How to Make Money Online and Grow Your Career

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Editor's Note: This story originally appeared on FlexJobs.com. Are you tired of juggling a 9-to-5 job with everything else life throws at you? Sounds like you might be looking for information on how to make money online. After all, folks from every corner of the professional world are doing just that and creating a better work-life balance in the process. The tricky part?



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Monday, November 27, 2023

REDtone offers Starlink satellite broadband services across Malaysi

PETALING JAYA: REDtone Digital Bhd has inked an authorised reseller agreement with SpaceX to offer Starlink satellite-based high speed internet services across Malaysia.

With REDtone’s team of more than 150 engineers across the country, the company can quickly deploy Starlink’s broadband services to users in remote locations as well as areas with geographical and environmental constraints.

REDtone CEO Lau Bik Soon said, “Our strength as a network integrator will enable us to offer seamless satellite-based services to government and enterprise customers.

“We are targeting sectors which are showing an increasing reliance on satellite services such as oil and gas, telecommunications, shipping and maritime, financial services and plantations. These are expected be a significant driver of satellite market growth in the country and will enhance the company’s profitability.”

The satellite market in Malaysia is estimated to be worth US$4.2 billion (RM19.7 billion) by 2025, growing at a compound annual growth rate of 10.9%.

Lau said, “Today, we also take another step forward to help realise the government’s vision to achieve 100% internet access in populated areas. About 3% of Malaysia’s population are residing in areas with little or no internet connectivity. This is where we come in to fill the broadband gap via satellite, to enable economic growth, provide access to education and healthcare, and enhance public safety.”

REDtone is one of the leading providers of Universal Service Provision. The company is assisting the Malaysian Communications and Multimedia Commission to deploy Starlink satellite services to connect various rural communities across the country.

Currently, there are some 5,000 Starlink satellites in orbit and Starlink has started launching the Gen 2 satellites which promise enhanced speeds. This will enable Starlink to provide digital support to every corner: connecting the unconnected and bridging the digital divide in Malaysia.

As of September Starlink connects more than two million active customers in more than 60 countries.



Source: The Sun Daily

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25 Tips for How to Save Money If Your Paycheck Is Stretched Thin

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Editor's Note: This story originally appeared on The Penny Hoarder. Do you ever wonder why it’s so hard to save money — even when you’ve cut the cable and the meals out (and you’ve never even had a latte habit?) One reason it’s so difficult to save is that your fixed expenses — the ones that stay the same each month — like your rent or mortgage, car payment, property taxes and insurance…



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Tax Matters – Issues around withholding tax

GENERALLY, when withholding taxes come to your mind, it will only be on payments made to non-residents. Normally withholding taxes are paid over to the tax authorities within one month from the payment date or the amount is credited as payable to the recipient in the books of the payer in Malaysia.

Withholding taxes covers payments made by non-residents for interests, royalties, special classes of income, and gains or profits not taxed under Section 4(a) to 4(e) of the Income Tax Act 1967. The tax rate is normally 10-15%, but you need to look at the double tax agreements for reduced rates.

There is another class of income paid to non-resident contractors who carry out projects in Malaysia and established a business presence in Malaysia which also attract withholding tax (at 13%) which is a payment on account used to offset against the non-resident contractors’ final tax liability and used to cover the taxes of their expatriates.

What are the issues?

This is a tax imposed on the non-resident and collected and paid over by the payer in Malaysia.

If there is a failure to pay the tax, the burden is entirely on the Malaysian payer. The non-resident is not held responsible for his tax.

The penalty provisions are penal if there is a failure to comply: The payer will not be given any tax deduction and the amount due will still be collectable from the payer with a late payment penalty of 10%.

There are many technical interpretational issues surrounding the royalty provisions due to the conflict between the domestic legislation and double tax agreements. This is an ongoing saga.

There is an incorrect assumption that other than the non-resident contractor’s withholding tax, all the other withholding taxes are final taxes.

It is a final tax if the non-resident accepts the tax and there is no overpayment. In the event there is an overpayment, the law allows the non-resident to apply and file a tax return for the refund.

The payer cannot apply on behalf of the non-resident, although he can work together with the non-resident to assist with the refund.

In most cases, you can anticipate that such a request will result in a tax audit on the non-resident.

The common issue that will be challenged is the head office expenditure charged to the Malaysian accounts of the company, which is also a transfer pricing issue.

If the non-resident wishes to apply for a refund, be prepared to engage in a debate with the IRB on your eligibility for the refund.

Foreign contractors tend to circumvent or reduce the withholding tax by fragmenting the contracts between materials supply, labour supply, and commissioning and installation work done in Malaysia.

This will be done by supplying and invoicing the materials from the overseas company, and using a tax resident subsidiary or local connected third parties to provide the work that is done in Malaysia. This way, the withholding tax will be avoided since it is paid to resident parties, and the supply of goods will not attract withholding tax.

Such arrangements can be challenged by the IRB under the anti-avoidance legislation.

Trying to get refunds from tax authorities is a cumbersome process, and sometimes obtaining refunds could take you up to 2-3 years. The problem is that the tax authorities keep asking the taxpayer for proof that the withholding tax has been deducted and numerous other questions when in fact the records are available in the IRB.

On this area, the IRB needs to improve its internal protocols and working arrangements such that the burden of providing documents which have already been provided many years earlier should not be requested again from the taxpayers. The internal procedures must be improved so that refunds can be made to taxpayers quickly.

The headache of obtaining refunds has been going on far too long. It is time to improve.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Sunday, November 26, 2023

Skyworld posts 1H FY24 revenue of RM359.2 million, PBT of RM86.7 million

KUALA LUMPUR: SkyWorld Development Bhd, an urban property developer principally involved in investment holding, provision of management services to its subsidiaries and property development, has achieved a revenue of RM148.3 million and a profit before tax (PBT) of RM27.5 million in its unaudited second quarter results during its financial year ending March 31, 2024 (Q2 FY24).

For the quarter under review, SkyWorld also recorded a profit after tax (PAT) of RM19 million and a profit after tax attributable to owners of the company (Patami) of RM19.1 million. There are no comparative figures as SkyWorld was only listed on the Main Market of Bursa Malaysia Securities Bhd on July 10, 2023.

For the first half of the financial year ending March 31, 2024 (1H FY24), SkyWorld posted revenue of RM359.2 million and a PBT of RM86.7 million. The company recorded PAT and Patami of RM61 million and RM61.1 million respectively. 1H FY24 revenue was mainly derived from the progressive revenue recognition of the recently completed SkySierra Residences (The Valley) and from on-going projects namely SkyAwani IV Residences, SkyAwani V Residences, EdgeWood Residences, SkyVogue Residences, Curvo Residences as well as from the sales of completed inventories mainly from SkyMeridien Residences and Bennington Residences.

Founder and non-independent executive chairman Datuk Seri Ng Thien Phing said that despite the challenging and uncertain outlooks in both domestic and global economies, SkyWorld still recorded a robust financial performance in 1H FY24.

“As of Sept 30, 2023, the company has unbilled sales of RM713.9 million and plans to launch new projects in Kuala Lumpur with total estimated gross development values exceeding RM1 billion. As we continue to shape urban landscapes and pioneer innovative solutions, SkyWorld remains steadfast in its pursuit of excellence. Our commitment to quality, driven by our vision of “Always Best City Developer” and with a purpose to “Make Living Better”, sets us apart in the industry. Last but not least, we extend our gratitude to our stakeholders, investors, and the dedicated team at SkyWorld for their unwavering support,” he said.

The board of directors has declared a first interim single-tier dividend of 1.25 sen per ordinary share on 1 billion ordinary shares, amounting to RM12.5 million, which shall be paid on Jan 15, 2024.



Source: The Sun Daily

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6 Surprising Benefits of Exercising Outdoors in the Winter

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Ahhh, winter: darker skies, lower temperatures and a heapin’ helpin’ of snow, freezing rain or frigid wind. Who’s up for a 5-mile run? Sure, it can be tough to get out of bed and tougher still to get out the door. But there are good reasons to keep up with your usual outdoor exercise routines, or even to create new ones. While you can get a fine workout indoors at a gym, running track or yoga…



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The 11 Highest Paid Dead Celebrities

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Once someone has recorded a popular song, acted in a hit show, or written a bestselling book, they may continue to receive money from that project for many years. And in fact, many celebrity estates continue to earn substantial money long after the person has passed away. Forbes recently determined the top-earning dead celebrities of 2023 – and noted that earnings are down from 2022…



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14 of the Biggest Product Flops in History

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We’ve all had brainstorms that didn’t work out. But some awful ideas get made into products that cost big bucks to promote and then become embarrassing belly flops. Those products live on in our collective memory, a reminder that even CEOs and high-paid marketing whizzes are capable of blowing it. Here’s a look at some fantastic flops that sent their inventors back to the drawing board.



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Saturday, November 25, 2023

6 Reasons You Should Shop on Small Business Saturday

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. Big retailers like Walmart and Target lure you into their stores on Black Friday with doorbuster deals. If that’s not enough, these same stores offer online deals on Cyber Monday and Free Shipping Day too. But where’s the…



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It’s Worth Spending More on These 14 Purchases

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During the lean, early years of my marriage, saving pennies was a necessity. However, as my spouse and I got older and our financial situation improved, I continued to pay as little as possible for anything and everything. I could afford more, but I just didn’t want to spend more. Eventually, my shopping philosophy began to shift. After years of being surrounded by poorly made stuff that never…



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75 of the Best Black Friday Deals on Amazon in 2023

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Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend. After perhaps more early Black Friday sales than ever before, the actual Black Friday has arrived. But there’s no shortage of bargains today despite all the early sales. On Amazon, you will find deals galore on the Black Friday…



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Friday, November 24, 2023

7 Places Where Most Home Sellers Are Giving Concessions to Buyers

Homes in Salt Lake City
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A large number of home sellers are offering concessions in hopes of successfully wooing homebuyers, according to a new Redfin analysis. Redfin says 35% of home sales in the three months that ended on Oct. 31 involved concessions, meaning the sellers offered the buyers perks like money for repairs, closing costs or mortgage-rate buy-downs. That is down from earlier in the year and essentially…



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Tune Protect composes set of impressive Q3 results

PETALING JAYA: Tune Protect Group Bhd continued its turnaround with impressive financial results for the third quarter of the financial year 2023 (Q3’23) with a double-digit growth of 22% year-on-year (y-o-y) in net written premiums (NWP) and a profitable bottom line driven by improvements in underwriting performance and investments.

The group said its profit after tax increased by more than 100% in Q3’23 to RM4.8 million and to RM19.1 million for nine months 2023 (9M23).

While the travel, motor and health segments led topline growth, the overall retention ratio in Q3’23 and 9M23 exceeded the group’s target of 70% by 4% and 6% respectively.

CEO Rohit Nambiar said, “The group’s NWP across all the main pillars increased 22% y-o-y in Q3’23 and this growth has more than compensated for the absence of the Perlindungan Tenang (Tenang) scheme which was discontinued in FY23. Growth in the health pillar was led by the foreign worker segment, while growth in the lifestyle pillar was led by the motor segment (up 41.1% y-o-y) and travel segment (up 25.5% y-o-y). However, the SME segment fell marginally by 7.6% due to lower growth in the engineering segment, which was offset by growth in the SME Fire segment (up more than 100% y-o-y).”

The group’s digital partnerships and e-commerce registered commendable third-quarter NWP growth of 7.5% y-o-y. Though 9M23 NWP recorded a decline by 17.6% if Tenang was included, the NWP growth excluding Tenang was encouraging with a healthy 38.8% growth, signalling the trailing off of the dependency on Tenang. The number of digital partners increased from 65 in Q3’22 to 79 in Q3’23.

Rohit explained that despite a 15.3% drop in insurance revenue y-o-y to RM106.9 million in Q3’23, the group’s quarterly profitability was underpinned by growth of the insurance service result, coupled with improved investment performance.

“Insurance service result grew more than 100% y-o-y to RM6.7 million in Q3’23. Furthermore, lower allocation of reinsurance premium turned insurance service result from negative to positive translating to a lower combined ratio of 95.2% during the period. In Q3’23 and the first nine months of 2023 combined ratio was lower than 100%. These healthy indicators, coupled with rising investment performance with total investment income of RM6.8 million have led to the group’s profitability in the quarter,” Rohit said.

The group has affirmed its investment strategy for its portfolio totalling RM714.5 million as at Sept 30.

Rohit is confident that the group will deliver favourable investment returns.

“Close to 80% of our portfolio is invested in money market funds and term deposits. Bank Negara Malaysia has again maintained the current overnight policy rate at 3% for the third successive meeting, reiterating its stance that the monetary policy remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects. Our conservative asset allocation continues to shield us from recent market volatility. We will remain vigilant on developments in both global and local capital markets,” he said.



Source: The Sun Daily

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The Best Black Friday Deals on TV and Internet

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Editor's Note: This story comes from CableTV.com. Black Friday is the biggest shopping day of the year, but you won’t be left in the cold if you’re looking for something besides the latest gifts or new 4K TVs. Internet providers and streaming services are also getting in on the Black Friday spirit with big holiday deals for new and existing customers. Here’s what you need to know about…



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Thursday, November 23, 2023

11 of the Worst Things to Buy at Aldi

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Aldi is quietly becoming one of the most-respected grocery chains in America. Based on a survey of more than 20,000 consumers, BrandSpark declared Aldi the most trusted discount grocer in the U.S. for 2023. Every retailer has strengths and weaknesses. For example, don’t buy a laptop at Walmart if price matters, and Trader Joe’s is not the best for low-priced meat and seafood. The “no frills” Aldi...



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10 Uses for Shredded Paper

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Editor's Note: This story originally appeared on Living on the Cheap. Whether you’re in the midst of spring cleaning, it’s just past Tax Day, you’re moving to a new house or the year is coming to an end — we occasionally need to shred a lot of paper that it turns out we no longer need. And, of course, you’ll be putting any papers containing personal information through the shredder...



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25 Hiring Remote-First Companies With Great Cultures

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Editor's Note: This story originally appeared on FlexJobs.com. So, you’re on the hunt for a remote job. You’ve polished your resume, updated your LinkedIn profile, and perfected your elevator pitch. You’re feeling good about yourself and confident that you have the skills companies are looking for. But before you start sending out applications left and right, there’s something else you need to...



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2 Ways a Flu Shot Could Protect Your Heart

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Getting an annual flu shot can protect you from influenza, an illness that kills tens of thousands of Americans each year. But the vaccine may offer two other potentially life-saving benefits that might surprise you. Getting a flu vaccine is associated with lower risks of both heart attack and death from a cardiovascular event, according to a meta-analysis recently published in the journal...



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Wednesday, November 22, 2023

What Employers Really See When They Run a Credit Check

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Editor's Note: This story originally appeared on The Penny Hoarder. You survived the interviews. You deftly explained where you see yourself in five years. You managed to sparkle even when you talked about your greatest weakness. Now there’s just one thing standing between you and your dream job: a credit check. But what happens when you have a lackluster credit score? Will past missteps haunt...



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15 Cities Where Residents Invest the Most in Home Improvements

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Editor's Note: This story originally appeared on Construction Coverage. Investing in home improvements varies by location due to factors such as cost of living, local economic conditions, and the housing market. To find the locations investing the most in home improvement, researchers at Construction Coverage analyzed data from the Home Mortgage Disclosure Act. See details on the methodology at...



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Tuesday, November 21, 2023

IRS Penalty for Underpaying Personal Taxes to Remain at 8%

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The penalty for underpaying your taxes will not increase in January — though it remains steep. The IRS announced Nov. 17 that the interest rates it charges for underpayments will remain the same for the first quarter of 2024 — Jan. 1 to March 31 — as they are for the last quarter of 2023. The rates the federal agency pays for overpayments also will remain the same. (Yes, if you pay more in federal...



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Monday, November 20, 2023

Tax Matters – Understanding the penalty regime

EVERY taxpayer has an obligation to comply with the tax laws and any infringement will be an offence, which will lead to penalties, fines and, possibly, imprisonment. There are two types of penalties: mandatory penalties and discretionary penalties.

Mandatory penalties

Mandatory penalties will be automatically imposed through the Inland Revenue Board’s (IRB) internal system. Common examples are late payment penalties for tax due, late payment of withholding taxes, underestimation of advance taxes, revision of tax computation within six months of submission, etc.

These penalties will be automatically triggered upon the expiry of the deadline and this is usually 30 days or one month from the due date. Clearly, when dealing with this category of penalties, there is no room for doubt that the taxpayer has defaulted in meeting the required deadline.

In practice, if the taxpayer can show extenuating circumstances which led to missing the deadline, the IRB has been magnanimous in either waiving or reducing the penalties in exercising its discretion.

An example would be where the taxpayer has submitted the payment before the due date, but the funds remitted are rejected by the bank due to certain banking anomalies. Subsequently, these amounts are made good by the taxpayer within a short period of the default, and the IRB is kind enough to waive the penalties. This is possible if the taxpayer takes immediate action to rectify the situation, which indicates his genuine intention to pay the tax on time.

Discretionary penalties

This is the type of situation where the taxpayer in the eyes of the IRB has defaulted by providing incorrect information, incorrect returns or failed to submit tax returns on time. It is not clear cut in such circumstances the taxpayer has failed to meet the obligations and the penalties are not fixed and can include a range of rates.

For example, failure to furnish tax returns can trigger a penalty between RM2,000 and RM20,000, or imprisonment not exceeding six months, or both. Where there is no prosecution, the penalty could increase to 300% of the tax payable. Submitting an incorrect return or providing incorrect information or omitting or understating income can trigger a penalty between RM1,000 and RM10,000 and a special penalty of 200% of the tax undercharged.

When are discretionary penalties imposed?

The most common instances where discretionary penalties arise would be from tax audits and investigations. Although the penalties imposed here should be discretionary, in practice, penalties appear to be automatically imposed on any adjustments.

In such circumstances, the taxpayers should examine their position and be prepared to engage with the IRB on the imposition of the penalties.

When it comes to penalties imposed due to submission of incorrect returns, incorrect information or understating income, the law provides protection to the taxpayer in the event the matter is taken to court to prove that the position taken by the taxpayer was done on good faith. Effectively, it means that if the taxpayer has filed tax returns with complete disclosure of information and on time and cooperated with the tax audit or investigation officials, the defense of good faith is a good one.

Added to this, the taxpayer should be able to show that his interpretation of the law is justifiable based on facts and existing legislation and case laws. The test applied here should be one of a reasonable person. If the taxpayer has sought the views of a qualified professional, then he has added grounds to support his argument of good faith.

Now the IRB has accepted in its latest audit framework that where a difference of opinion is purely due to an interpretational matter, then penalties will not kick in.

Taxpayers should engage with the IRB in cases where in the course of settlement they are willing to accept the IRB’s position on a grey area relating to the interpretation of the law to request for the penalty to be waived. In such circumstances, the IRB should accommodate genuine taxpayers and refrain from imposing penalties.

This article is contributed by Thannees Tax Consulting Services Sdn Bhd managing director SM Thanneermalai (www.thannees.com).



Source: The Sun Daily

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Malaysia has qualities to become regional FDI haven: Holistic Wealth Group CEO

PETALING JAYA: Malaysia has many attractive merits to make it a regional investment haven for foreigners, according to integrated tax and financial services company Holistic Wealth Group’s CEO, Datuk Chua Meng Min (pic).

He said Malaysia should be a haven for foreign direct investment (FDI) as it possesses many qualities which are enticing to foreign companies – such as good infrastructure and reasonably inexpensive operational costs in terms of office rental, setting up plants as well as regional offices – compared with other countries in Southeast Asia, particularly Singapore.

“Office rental, building a factory in Malaysia is (quite) inexpensive ... Singapore is one of the countries with the highest cost of living in the world. Why should a foreign company set up a regional office there?,” Chua told SunBiz.

He said most business operations such as manufacturing are conducted in developing countries in Asean, namely Malaysia, Indonesia and Thailand. Hence, he questioned the reasoning behind a foreign company’s decision to set up a regional office in Singapore if most operations are done elsewhere.

Since the cost of conducting business activities in Malaysia is vastly lower compared with Singapore, Chua said, Malaysia is clearly the more ideal place to set up a regional office.

Moreover, he pointed out that the English language is widely used domestically and that most Malaysians are well educated, which make them viable candidates for hire to foreign companies.

In addition, he said Malaysia is a safe country and has diverse entertainment outlets that would be acceptable to expatriates and foreign companies.

Hence, he opined that there is no reason for Malaysia not to be able to attract more FDI into the country, given all the merits that it boasts of.

He said FDI is very important to the country as when foreign companies come in, certain industries, sectors or markets – such as the property market – will improve due to their spending, which will ultimately boost the overall economy.

Chua commended the government for its efforts and initiatives in promoting Malaysia. However, he said, more needs to be done to put Malaysia on the map as an investment haven in the region.

“Asean is a great place to start with. Some foreign investors in, say, the US or Europe may not be familiar with Malaysia, compared with Thailand, for example. We can capture investors by highlighting the lower cost (of setting up their business) in Malaysia compared with Singapore,” Chua said, adding that Singapore is Malaysia’s biggest competitor in terms of capturing FDI in the region.

“Vietnam and Indonesia have (limited) advantages, besides labour or huge manpower. Other than that, they do not have the infrastructure and English-speaking advantage. Malaysia has good infrastructure from our international airports, roads all the way to our ports (which are conducive for business operators), Chua said, adding that Malaysia also possesses a significant number of educational institutes of international standard.

He said future growth sectors will be in electrical and electronics, environmental, social and governance, as well as renewable energy.

“Malaysia is still growing, the future is in the electrical vehicle (EV) industry as well as in artificial intelligence and green energy. The country needs to catch up to capture these huge markets,” he added.

Chua believes the EV industry will see tremendous growth, driven by gradual increase in EV consumption in the coming years, due to the global push to move away from fossil fuel-powered vehicles.

Malaysia, he said, can capture the EV market through producing locally made batteries, instead of depending “solely on batteries that are made in China”.

“The US-China conflict has made a lot of people realise that we should not depend on only one country (for investment or trade) and that we have to diversify to spread risks, in order to manage unforeseeable circumstances such as import bans and tariffs,” Chua said.



Source: The Sun Daily

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Embrace and master new technology, accountants told

PETALING JAYA: The accounting profession must embrace new technology in their systems with the impending implementation of e-invoicing next year, as well as enhancements in environmental, social and governance (ESG) reporting.

Intuit QuickBooks Proadviser for Asia and chartered accountant Cheah Chun How said failure to adapt may render accounting professionals obsolete.

“A lot of accountants, auditors, and tax agents are still focusing on all the legacy systems where there’s no automation, there’s no online. But in today’s world, we need to master this as fast as possible. Now today is just about cloud accounting. In the future, AI will be embedded into everything, and there will be more new technology coming into not only Malaysia but the entire world.

“So, as accountants, if you don’t master all this new technology, then we are no longer relevant to the business owners out there. Then they may not need us,” he told SunBiz.

He said the accounting profession has evolved beyond traditional bookkeeping and payroll tasks. As a result, there is now a growing demand for accountants to harness advanced skills and be trusted advisers to their clients.

He highlighted two key developments that are shaping the accounting profession.

First, the imminent introduction of e-invoicing which has raised questions among his clients regarding compliance.

“I recently had a chat with some of my clients, and they asked, ‘E-invoice is coming, what advice do you have?’

“I informed them about the requirement set by LHDN, which is Lembaga Hasil Dalam Negeri (Inland Revenue Board). They specified that if sales exceed RM100 million, you need to start complying.

“Another question is ‘Given that my sales are only RM1 million, do I need to comply?’

“Not at the moment, but starting January 2027, all companies are mandated to comply. So, you still have time.“

Cheah said his company, High Pines Training and Consultancy Sdn Bhd, is collaborating with QuickBooks and various other providers to develop a solution to assist businesses in complying with e-invoicing that is slated to be implemented next year.

The second focal point in the accounting landscape is the increasing emphasis on ESG reporting.

“The Malaysian Institute of Accountants ... nearly every day sends me emails about ESG requirements that we need to report inside the audit report. So, all these new requirements are in place, and we need to adopt them as well. We can’t just say, ‘Oh, it doesn’t concern me.’ No, we have to learn. As an accountant, there are a lot of new things that we need to learn in order to stay relevant with the customer,” he said.

Back in 2018, the Malaysian Institute of Accountants released the Digital Technology Blueprint. Building on this, in 2021, they issued a report, “Emerging Technology Adoption Within Accounting Programmes by Higher Learning Institutions in Malaysia”.

The report said future accountants need to equip themselves with future skill sets by understanding and incorporating emerging technologies into accounting programmes.

Earlier this year, Intuit, one of the biggest software companies in the world, launched QuickBooks Online Accountant (QBOA) in more than 170 countries, including Malaysia.

A QuickBooks research suggests accountants are now busier than ever. Four out of 10 (43%) report they have more than 40 clients, and 86% are looking to technology to help them be more efficient and better meet client needs.

QBOA addresses this by enabling accountants to manage their practice workflow, client interactions, and billing in one place. Developed by a group of accountants globally, QBOA is a suite of benefits to help professional accountants move to the cloud faster and drive greater efficiency and scalability of their firms.



Source: The Sun Daily

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Governor sees positive impact on Malaysia’s first digital bank – GX Bank Bhd

KUALA LUMPUR: Central bank governor Datuk Abdul Rasheed Ghaffour foresees a positive impact on Malaysia’s banking landscape with the launch of the country’s first digital bank, Grab-led digital bank GX Bank Bhd.

The governor said the new digital banks will drive efficiency and competitiveness across the banking sector.

“In September, GX Bank was the first digital bank to commence operations and we have four more to come. In terms of the impact, it will be positive to enhance the competition and this will be good for consumers. For the digital banks their focus would be for the unserved and the underserved segments ... the (digital) banks are coming to cater to this market. It will complement all the services and products provided by existing banks,” he said during recent Q3’23 GDP press conference.

He added, “And there are no restrictions for existing incumbent banks to move towards digital. In fact, most of our banks have been moving towards digitalisation and this will further enhance growth in terms of their efficiency, also in terms of their competitiveness.”

GX Bank commenced operation on Sept 1. It rolled out its beta app to selected 20,000 Malaysians users effective Nov 14. This comes after testing the beta app amongst employees of the bank and partners.

GXBank CEO Pei Si Lai said that this is just the beginning of a suite of financial services, products and benefits GXBank has lined up.

“As we continue to test the stability of our app and gather feedback from users, we hope to develop a digital banking experience and app that is uniquely tailored to the financial needs of Malaysians of all generations,” she added.

As a bank built predominantly by Malaysians, she said it is uniquely positioned to understand and develop financial solutions that address the needs and challenges of the everyday Malaysian.

“We are one step closer to our nation’s vision of a financially resilient country where Malaysians can have equitable access to financial products that cater to their individual needs, without the intimation and hassle of elaborate paperwork, processes and jargon,” said Pei Si.

According to the central bank, a licensed digital bank shall operate with an asset limit for a period of up to five years from its commencement of operations (foundational phase).

During the foundational phase, a licensed digital bank shall maintain at all times a minimum amount of capital funds of RM100 million unimpaired by losses and be subject to the business limitation.



Source: The Sun Daily

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Sunday, November 19, 2023

Success: The Insight Story – The higher you climb, the more humble you should be

How has your life experience made you the leader you are today?

My life experience has played a significant role in shaping the leader I am today. Growing up in Banting as a “small town boy” and leaving home at 18 to pursue my higher studies, I had to learn life skills quickly and adapt to new situations, environments and broaden my horizons independently.

Overcoming challenges and learning from mistakes taught me the importance of resilience, determination, and perseverance in leadership. These experiences have also given me a unique perspective and empathy for those facing similar challenges, and I strive to lead with compassion and understanding.

What traits do you look for in your talent or how do you decide who is right for a job?

When evaluating potential talent for a job, I prioritise several traits that I believe are critical for success in any role. Firstly, I look for individuals who demonstrate a positive attitude and strong work ethic. It’s important to me that employees approach their work with enthusiasm and a willingness to contribute to the team’s goals.

Secondly, I value individuals who are eager to learn and grow in their role, and beyond. A growth mindset is key to adapting to changes in the industry and continuously improving one’s skills. In my experience, the most successful employees are those who are always seeking out new challenges and opportunities to develop their abilities.

Lastly, I recognise the importance of diversity and inclusion in the workplace. The ability to work effectively in a multigenerational work culture is crucial, and I seek out candidates who are adaptable, respectful, and collaborative with colleagues of all ages and backgrounds.

How do you think the industry you are in will evolve in the future?

As CEO of an e-commerce group of companies, I have been in this industry for the past nine years here in Malaysia and also in the Middle East. I have witnessed its fast-tracked evolution, particularly during and after the pandemic. Looking ahead, I believe that the industry will continue to evolve rapidly as consumers’ buying patterns shift towards online and digital platforms.

One of the most notable trends in recent years has been the rise of social commerce, which involves selling products directly through various social media platforms. This has opened up new opportunities for businesses from small to large enterprises to reach customers and drive sales through multiple social media channels while providing customised yet similar customer experience for their customer’s shopping.

Additionally, advancements in artificial intelligence have led to the emergence of conversational commerce, which allows customers to interact with businesses through social messaging apps, chatbots, and virtual assistants.

Finally, the increasing popularity and adoption of search-based e-commerce, which allows customers to easily find products through search engines and online marketplaces will continue to drive growth in the industry.

What advice can you offer those looking to start their career/own business?

Firstly, it’s essential to have a deep and comprehensive understanding of your industry. Even if you hire an industry expert, you must continue learning to stay up-to-date with the latest trends and developments.

Secondly, you must have a genuine passion for your vocation. Starting a business is like raising a baby; you must be prepared to dedicate time, effort and energy to nurturing it, even during tough times.

Thirdly, it is okay to fail and don’t be afraid to take calculated risks. Celebrate failures because they provide valuable learning experiences that can help you grow and improve.

And finally, always be prepared to bounce back when things go wrong. Resilience is key to overcoming challenges and setbacks.

We all know about the industrial revolution, are we in for a technological revolution ? Your thoughts.

The rise of digital platforms, automation, and artificial intelligence has disrupted traditional business models, creating both opportunities and challenges for companies across all industries. I believe that we are indeed in the midst of a technological revolution that will continue to shape the future of business and society. The pace of technological change is accelerating rapidly, and companies that fail to adapt and embrace new technologies might face the risk of falling behind their competitors.

How has mentorship made a difference in your professional life?

Early in my career, I worked in a call center, which was a challenging job that required me to develop resilience and adaptability. However, it was my supervisor at Scicom Msc Bhd, Rahul Sumansalam, who truly made a difference and impacted me.

Perhaps the most important lesson Rahul taught me was about the importance of humility in leadership. He stressed that the higher you climb in the corporate world, the more humble you should be. This is not to say that life is lonely at the top, but rather that being humble is a critical component of effective leadership.

What do you want to accomplish in the next five years?

Over the next five years, my primary goal is to establish Commerce.Asia as the market leader for all e-commerce solutions across Southeast Asia. One area that we are currently placing great emphasis on is online-to-offline solutions, which have become increasingly relevant in the post-pandemic era.

By bridging the gap between online and offline retail, we believe that we can help our customers increase revenue and sales while delivering an exceptional customer experience.

We are also exploring emerging technologies such as Web 3.0 and blockchain to enhance our offerings and stay at the forefront of the industry. Ultimately, we want to empower businesses and SMEs to accelerate their digital growth and expand their operations regionally.



Source: The Sun Daily

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Malaysia to host India-Asean Startup Summit next month

PETALING JAYA: More than 600 local and international startups are expected to converge at the inaugural India-Asean Startup Summit (IASS 2023) to be held at the Sunway Pyramid Convention Centre here on Dec 12 and 13.

A pioneering initiative by Malaysia’s DEWI Wealth Accelerator, IASS 2023 will showcase groundbreaking ideas and solutions with a focus on innovation, collaboration and women empowerment, said a statement from the organisers.

The summit will also witness the participation of 50 local and international investors as well as 100 startup hubs, accelerators, government agencies and two leading Indian startups --Startup India and Invest India.

DEWI Wealth Accelerator founder Datin Malliga Subramaniam said the summit will highlight the exceptional opportunities for Malaysian startups to delve into the extensive potential of cross-border collaborations with their Indian counterparts.

“At IASS 2023, we are excited to create a platform where Malaysian startups can gain insights from India’s thriving digital technology ecosystem. India’s expansive market and favourable incentives for businesses in emerging sectors offer fertile ground for innovation.

“ This summit will open doors for Malaysian startups to benefit from the Indian market, fostering a reciprocal exchange of ideas and strategies,“ she said.

The statement said a special focus of the summit is to empower women-led startups, addressing unique challenges and opportunities in this sector.

The statement quoted Indian High Commissioner to Malaysia B.N. Reddy as saying that IASS 2023 will boost economic and innovative ties between the two countries which have seen growing bilateral trade and investment.

“ Indian startup companies such as Oyo, Perfios, Pine Labs and Razorpay are now well-established in Malaysia and are exploring opportunities in the Southeast Asian region that presents a big opportunity,“ he said.

Reddy added that India has the world’s third largest startup ecosystem in the world with consistent growth of 12-15%. At present there are over 115,000 startups in India recognized by the government with 110 startup unicorns valued at over US$1 billion (RM4.7 billion).

Indian startups are also actively collaborating with Malaysian startups.

He cited as an example Razorpay, India’s leading fintech player which had been working with Curlec of Malaysia and had even acquired a majority stake in it.

Curlec is now a leading player in the B2B digital payments space and has recently joined Paynet as a direct member with plans to expand significantly in Malaysia and the Asean region.



Source: The Sun Daily

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5 Countries Where Real Estate Is Still Incredibly Cheap

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Editor's Note: This story originally appeared on Live and Invest Overseas. Getting onto the property ladder has always been one of the safest and best ways of securing long-term wealth. Buying cheap real estate overseas gives you another level of security and diversification. By purchasing property abroad, you have added safety should the U.S. market fail. Especially when the strength of the U.S.



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Saturday, November 18, 2023

Here’s the New Magic Number for Living Comfortably in Retirement

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How much money will you need to retire? Your answer is likely to differ depending on your age. Recently, Northwestern Mutual surveyed 2,740 adults for its latest annual Planning & Progress Study and asked them how much money they need to save to retire comfortably. As a group, they said $1.27 million. That is up from $1.25 million in 2022 — and it also is considerably higher than the $89,300...



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Need Help With Your Personal Finance or need a coach to help you structure or just want to learn the financial skill to self manage your financial matters and retirement. iLearnFromCloud.com

Need to solve a problem quickly, now you can solve it by learning the art of problem solving Art Of Problem Solving

Feeling hungry. Latest food news from Best Restaurant To Eat Malaysian Food and Travel Blog

Memory loss. Need to organize better. Solve problem fast with Free Mind Mapping Software Mind Mapping 101

Need A Customized System Development for your business or Going Paperless XPERT TECHNOLOGIES - Empowering The Paperless Economy