Agile 4 Accounts & Tax

19/03/2024

Seems like everyone enjoyed last week's term of the day.

This week we will be introducing something special, to show the comparison between Accounts Payable and Accounts Receivable.

Are there any other differences that you can point out? Leave them in the comment section!

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19/03/2024

19/03/2024

Did you know? 💡According to the government, a tax relief of up to RM2,000 for skill improvement / personal development courses is extended until the 2026 assessment year!

🚩 The scope will also be expanded to include fees for language courses, photography, sewing etc.

⚠️ The courses must be recognised by the Director General of the Department of Skills Development under the National Skills Development Act 2006.

19/03/2024

Starting 1 August 2024, E-Invoice will be compulsory, with taxpayers earning more than RM100 million being the first to comply.🙌🏼 Do you know what are the 4 types of documents that need to be replaced in an electronic format?

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19/03/2024

Business owners 🙌🏼 Did you know that LHDN could give you a 2% compensation for a delayed tax refund?

This falls under Section 111D of the Income Tax Act 1967 (ITA).

💡 To qualify, make sure to accurately submit your income tax return form by the specified deadline / any extended timeframe granted by LHDN.

The compensation is calculated on a daily basis, starting from the first day after the period stated below:

✅ via E-filling: After 90 days from the submission deadline

✅ via post/courier: After 120 days from the submission deadline

You'll receive a 2% compensation based on the following formula:
👉🏼 Tax refund × Total number of days late 365/366 days × 2%

19/03/2024

Save for future reference! 🔖 Income threshold not subject to tax for year of assessment 2023.

19/03/2024

Business owners!🙌🏼 If you’re planning to organise a company trip✈️, take note that it can be tax-deductible. Find out the criteria here! 💡

‼️Also, take note that there might be different conditions that apply for local and international company trips. Do check with your tax agent for clearer information!