Accounting period (AP) may also refer as financial year end (FYE). It is quite common for companies to change their AP due to the requirement of Companies Act 2016 where the holding and subsidiary companies are required to close their consolidated financial statements on the same date.

Shares transfer and shares registration of a private company limited by shares are no new issues to company secretaries. However, a company secretary must be able to advise his client whether a transaction of transfer of shares involve shares in a real property company (RPC), if so, the chargeable gain will subject to real property gains tax as such shares are treated as real properties under the Real Property Gains Tax Act 1975 (RPGTA).

A business will be classified as an SME if it fulfils all the three (3) conditions in regards to the (A) Qualifying Criteria, (B) Type of Establishment and (C) Shareholding Structure

Many business entrepreneurs tend to agree that income tax is indeed a cost of doing business which would eventually affect their profit for dividend purpose. However, from the academic point of view, income tax is not a cost or overheads of a business! We leave that to the readers to decide. This part aims to highlight some of the offences and penalties under the Income Tax Act 1967 where many taxpayers are not aware of :-

Employees are required to obtain a tax clearance letter / certificate (in Malay it is known as Surat Penyelesaian Cukai [SPC]) from the Inland Revenue Board of Malaysia (IRBM) when they are resigning from their employment, employees include locals or expatriates / foreign employees. However, this does not include foreign workers because the relationship of a master and servant does not subsist. Meanwhile, such tax clearance letter / certificate is important for an employer whether to withhold any salary from the employees and remit to the IRBM before making a full salary to his employee.