| The 'Malaysian' Budget for Year 2010 seemed | | | | the Asian financial crisis in 1998. -Business Times |
| promising for some companies out there, but to what | | | | Yet again, the Malaysian government has said to put |
| extent can you expect out of the budget to help your | | | | focus in education & health infrastructures, public |
| business grow faster? | | | | social frameworks, agricultural and export growth for |
| It has been said in the main media that our Prime | | | | the country. These are excellent to start with - But |
| Minister, Mr. Najib has planned out a "Shrinkage of | | | | how long have we been putting focus on these basic |
| Budget Deficit" plan. Just to satisfy the technical people | | | | needs? |
| reading this - The Malaysian government intends to | | | | Tax Measures to call for in 2010 Looking at everyday |
| reduce expenses to falling offset revenues. Of course, | | | | news and getting updates from the mass media can |
| you can read that anywhere. While the purpose of | | | | be informational and entertaining - But it comes down |
| "The Accounting Digest" is to provide | | | | to evaluating your businesses from the very |
| "between-the-line" explanations pertaining the finance | | | | foundation of it. Since many financial analysts, experts |
| and accounting industries, stories of what the | | | | and economists would charge you a bomb for just |
| Malaysian government is planning to do can vary. | | | | advices alone, The Accounting Digest will point out |
| Malaysia's Budget 2010 Injecting billions of Ringgit as | | | | some highlights in tax functions to help you evaluate |
| stimulus packages often come with one main | | | | and understand better: |
| responsibility every receiver and giver has to handle - | | | | Filing tax returns is no joke. Don't expect the tax |
| Discipline. It's quite impossible to expect small | | | | framework to benefit you. Instead, make it work for |
| companies to positively response to economic | | | | your business in particular. |
| downturns, albeit the fact that their management | | | | - Withholding tax system - Income tax from |
| practices have good cash reserves, financed well or | | | | employees paid directly to the Tax department. For |
| practices excellent financial management. | | | | small companies, a financial restructuring plan can be |
| The RM67 billion stimulus plan is measured to | | | | done, but multiply that by 20 - 100 employees. Ask us |
| encumber businesses from fallouts, at the same time | | | | how you can perform proper financial restructuring on |
| allow small timers to grow competitively. Yet again: | | | | withholding tax on your company. |
| - Malaysia has unveiled RM67 billion (US$19 billion) of | | | | - Taxation Fees - Corporate tax return fees, |
| stimulus measures to counter a global recession that | | | | bookkeeping (in some cases) fees, company |
| policy makers predict may cause the Southeast Asian | | | | secretarial fees, etc. Since tax filing is complicated and |
| economy to shrink as much as 5 per cent in 2009. | | | | varies between businesses, your tax professional can |
| - The additional spending will swell this year's budget | | | | now provide you a list of what to declare, what can |
| shortfall to 7.6 per cent of gross domestic product, the | | | | be declared and to what extent. |
| biggest in 22 years, the government said in March. | | | | - Tax losses and group relief - (In taxation) When total |
| - That prompted Fitch Ratings to lower Malaysia's | | | | expenses are more than income, you can incur a loss |
| long-term local-currency credit rating to A, the | | | | for taxation purposes. For certain industries, tax losses |
| fifth-lowest investment grade, from A+, on June 9. It | | | | are at 70%. If you're unsure about how to go about |
| was Fitch's first rating cut for the nation's debt since | | | | this, be sure to ask your local tax professional. |