What are auditing services?
Auditing services are professional services that provide compliant financial statements and ensure that the finances are in order before communicating to key stakeholders.
How often do companies need to be audited?
Every company must have its financial statements and accounting records audited at least once a year. Only companies which fulfil the criteria for audit exemptions do not have to be audited.
What are the accounting standards used in Malaysia?
The two most common accounting standards are the USGAAP and the IFRS.
Is Malaysia using IFRS?
All companies in Malaysia have adopted the IFRS standards and the IFRS for SMEs Standard.
How often do I need to do my accounting?
Depending on your volume of activity, some companies do daily, weekly, monthly or even yearly accounting. As long come the company’s financial year end, there is reasonable accuracy achieved in compiling accounts [...]
Is a professional accountant necessary for businesses?
It is highly encouraged for every business to have a professional accountant to comply with the annual compliance and avoid penalties.
What should I look for when hiring an accountant or accounting firm in Malaysia?
It is important to know if they are chartered or certified. Hiring and engaging an accounting firm that has relevant experience in your field will definitely be a plus. You should also [...]
What is SST?
Sales and Service Tax (SST) compromises of two taxes – sales tax and service tax. The sales tax is imposed by a registered seller on all goods unless exempted by the Minister [...]
Are capital gains taxed in Malaysia?
Capital gains are not taxed in Malaysia, other than gains which will be taxed under the real property gains tax.
What is the taxable period in Malaysia?
The Malaysian tax year is the calendar year – 1 January to 31 December.