MSC Malaysia

MSC Malaysia

MSC Malaysia, (formerly the Multimedia Super Corridor, and also known as the MSC in Malaysia) is a Special Economic Zone in Malaysia. MSC Malaysia status is recognition by the Government of Malaysia through the Multimedia Development Corporation (MDeC), for ICT and ICT-facilitated businesses that develop or use multimedia technologies to produce and enhance their products and services.

 

msc-malaysia

MSC Malaysia status is awarded to 3 types of business entities, each with a set of different application criteria and guidelines. The qualifying business entities are:-

– Private limited companies (i.e. Sendirian Berhad)

– Institutions of Higher Learning

– Incubators

 

MSC Malaysia Status Eligibility Criteria:

– Provide or heavy user of IT & Multimedia Products & Services

– Employ a substantial number of knowledge workers

– Strong value proposition specifying how operations will contribute to the development of MSC Malaysia

– Establish separate legal entity for MSC-qualifying activities

– Locate in an MSC Malaysia-designated Cybercities

– Comply with environmental guidelines

 

Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP : http://www.tannet-group.net, http://en.tannet.com.my

 

Requirement of Malaysia My Second Home Program (MM2H)

Requirement of Malaysia My Second Home Program (MM2H)

Malaysia My Second Home Program is a program introduced and supported by Malaysia government to allow people from all over the world who fulfill certain criteria, to stay in Malaysia for a period of ten (10) years (depending on the validity of the applicants’ passport) and is renewable. It is open to citizens of all countries recognized by Malaysia regardless of race, religion, gender or age. Applicants are allowed to bring their spouses and unmarried children below the age of 21 and parents as dependents.

 

MM2H ENG

The MM2H visa permit is now attracting foreign citizens to Malaysia not only to stay but also to use it as a base from which:

1. To conduct business overseas

2. For their children’s education

3. To retire or semi-retire

 

 Malaysia is a land with so much to see, dos and experience. Malaysia is a heaven for natural beauty, exciting nature adventures, world class sporting events, friendly mix culture people and best of all, it offer the most diverse variety of food in region. Malaysia offers an excellent education quality and a high living standard yet one of the lowest costs of living in this region. Its strategic location supported by pro-business government policy, excellent infrastructure, easy access via air, sea or land. Malaysia is truly Asia country of mix country of mix culture living, a premier destination to make your second home.

 

Criteria for Malaysia My Second Home Program (MM2H) Application

1) Financial Requirement

a. MM2H Applicant aged 50 years and below, individual fixed deposit of RM300,000 (after 1 year, may withdraw RM150,000 for house purchase, medical treatment or children education)

b. MM2H Applicant aged 50 years and above, individual fixed deposit of RM150, 000 (after 1 year, may withdraw RM50, 000 for house purchase, medical treatment or children education).

c. If the MM2H applicant owned property valued above RM100,000.00, aged 50 years and above may deposit only RM100,000 and applicant aged 50 years and below RM150,000.

 

2) Medical Insurance

The MM2H applicant must purchase a medical insurance policy in Malaysia. MM2H applicants aged 60 years and above are exempted but a medical fitness certification is required.

 

Visa Validity and Benefits

a. Eligible to purchase 2 properties in Malaysia (full ownership or rent/lease)

b. Within 6 months, can either purchase a locally assembled car or bring in a car from the MM2H applicant’s home country without having to pay import duty, excise duty or sales tax.

c. MM2H applicant enjoy high fixed deposit interest income.

d. Fixed deposit interests are tax exempted (tenure above 1 year)

e. MM2H applicant may bring a maid to Malaysia (only female maid aged between 25-30 years)

f. MM2H applicant is no limitation period for staying in Malaysia

g. MM2H applicant can invest in business

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.net http://en.tannet.com.my 

 

Malaysia Audit report

Malaysia Audit report

An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by Malaysia Audit Act 1957.  When a Company preparing financial statements for completion, they often must contain an auditor's report from an external accountant or auditor. This document evaluates the financial statement's validity and reliability.

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An auditor's report is ultimately intended to provide reasonable assurance that there are no material errors within an organization's financial statements. Auditor's report is useful when the companies are going to loan fund from third parties such as government, bank or new investor.

 

In addition, relevant authorities required every local company to complete their audited account and lodge in with annual return each calendar year. Submission of tax also replies upon on audited account. 

 

Preparation of the auditor's report

After auditing an organization's financial statements, the auditor will prepare their own report where they share their opinion about the validity and reliability of the financial statements.

 

The auditor is expected to provide a true picture of the organization and their financial statements. In the report, they must also state their connection to the financial statements, as well as whether they work for the company externally or internally.

 

The auditor can also express any reservations or additional information that they may have in the auditor's report. For example: if the auditor disagrees with the organization about the valuation of an asset, and they believe that this has a substantial impact on the financial statements, they should state this in their report.

 

The following report variations may be used by a licensed auditor:

  1. A clean opinion, if the financial statements are a fair representation of an entity's financial position.
  2. A qualified opinion, if there were any scope limitations that were imposed upon the auditor's work.
  3. An adverse opinion, if the financial statements were materially misstated.
  4. A disclaimer of opinion, which can be triggered by several situations. For example, the auditor may not be independent, or there is a going concern issue with the auditee.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

Taxes in Malaysia

Taxes in Malaysia

Income tax in Malaysia is imposed on income accruing in or derived from Malaysia except for income of a resident company carrying on a business of air/sea transport, banking and insurance, which is assessable on a world income scope.

Tax

Who is taxable?

All persons staying in Malaysia for more than 182 days are considered as residents under Malaysian tax law, regardless of nationality. All persons staying less than 182 are regarded non-residents and are taxed on a different scale. Apart from that there is a third group of persons who are exempt from taxation. This applies to those who are employed in Malaysia for less than 60 days in a year, who are aged over 55 years and receive Malaysian pension or persons who are receiving interest from banks.

 

Expatriates who are in Malaysia under the “Malaysia My Second Home Programme” (MM2H) are not required to pay tax on their pension or income remitted from abroad. Apart from this, all income achieved in or derived to Malaysia is liable to tax.

 

Malaysia has an Agreement for the Avoidance of Double Taxation for several countries. For further details, you may go the website of the Malaysian Inland Revenue Board

 

Taxes in Malaysia

1) Corporate Income Tax

A company, whether resident or not, is assessable on income accrued in or derived from Malaysia. The current corporate income tax rate (for assessment year 2008) is 26%. The rate will be further reduced to 25% for assessment year 2009. A company carrying on petroleum upstream operations is subject to a Petroleum Income Tax of 38%. Currently, corporate tax is based on the imputation system. With effect from assessment year 2008, the current imputation tax system will be replaced, over a transition period of 6 year, with a single-tier tax system. Under the single-tier system, profits are taxed only at the company’s level and dividends received are exempted from tax.

 

2) Personal Income Tax

Whether an individual is a “resident” in Malaysia under the Malaysian Income Tax Act 1967 is determined by the duration of his stay in the country. Generally, an individual residing in Malaysia for 182 days or more in a year has resident status. A resident individual is taxed on his chargeable income at a graduated rate from 0% to 28% after deducting relevant tax relief. There are also available tax rebates. A non-resident individual is liable to tax (on income earned in Malaysia) at the rate of 28% without any personal relief.

 

3) Withholding Tax

Withholding tax is imposed on certain payments made by residents to non-residents such as interest, royalty, technical fees and rentals for moveable properties. The resident has the obligation to withhold tax when making the payments and to pay the amount within a certain time, failing which the resident is liable to pay a penalty equal to 10% of the unpaid tax and the total sum shall be a debt due to the Government. Due to double tax agreements, residents in some countries may enjoy exemption or reduced withholding tax rates.

 

4) Other Taxes

Sales Tax is imposed at the import or manufacturing levels at a general rate of 10%.

Service Tax applies to certain prescribed goods and services, including certain professional and consultancy services in Malaysia, at a general rate of 5%.

Import duty is imposed at ad valorem generally.

Excise duties are levied on selected products manufactured in Malaysia.

Stamp duty is imposed on various written legal documents that are executed in Malaysia. For documents executed outside Malaysia, stamp duty is applicable if the document purports to affect a transfer of subject matter in Malaysia.

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP: http://www.tannet-group.nethttp://en.tannet.com.my

The advantages and disadvantages of outsource accounting in Malaysia

The advantages and disadvantages of outsource accounting in Malaysia

Malaysia Outsourcing Accounting Services, Tannet group offer clients a full range of book keeping and accounting services in Malaysia to a wide range of clients operating across a broad spectrum of commercial, industrial, professional and non-profit sectors.


Accounting.

Advantages of Outsource Malaysia Accounting

1) It will strengthen your competitive advantage.

2) Our customized service will help you to fulfill your desires.

3) It will reduce your operating cost by providing efficient accounting services with low cost.

4) It will save your time and efforts from managing your accounting department.

5) It will provide high data accuracy which will make your business error free.

6) It will provide high privacy and security which will make you feel comfortable.

7) Our smart time management will help your work done just in time.

8) Our reliable service will let you free and concentrate more on your core business.

9) It will make your business free from the hassles of managing employees and records.

10) We will provide you innovative and creative solutions which will make your business latest and updated.

 

Disadvantages of Outsource of Malaysia Accounting

1) Take longer time for communication as the experts don’t work physically in your office.

2) Slow in respond if there is any problem as it takes time for the expert’s team to look back to your file.

3) Lack of security on confidential information as you have to send all your financial information and records to an outside provider.

4) Less control of your own account as different provider work in different ways and method.

 

In a nutshell, the pros of outsourcing are better than in-house accounting. The cons of outsourcing could be solves by choosing a good and quality provider to avoid any uncertain risk.  Our services included:

1. Account Reconciliation

2. General Ledger Maintenance

3. Payroll Processing and Administration

4. Cash Flow Management

5. Filing account documents

 

Contact Us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours China hotline:86-755- 36990589;

Email: mytannet@gmail.com

TANNET GROUP:   http://www.tannet-group.nethttp://en.tannet.com.my

Outsource Payroll Services

Outsource Payroll Services

Payroll is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Businesses may decide to outsource their payroll functions to third party for better management.

Outsource Payroll Services

Advantages of Outsourcing :

  1. Time Savings – Payroll processing inside your business is a time-consuming process. Outsourcing payroll allows employers to concentrate on their core business and frees up the business owner, human resources or accounting personnel to work more on strategic tasks that could ultimately affect your bottom line.
  2. Reduce Costs – The direct costs of processing payroll can be greatly reduced by working with a payroll provider.  If you outsource payroll, you don’t have to worry about your payroll processing company calling in sick, resigning, wanting to take a vacation OR wanting to request a possible maternity leave that you have to pay for.
  3. Avoid Mistakes / Penalty – A good payroll-services provider is far less likely to make a serious error than your in-house staff. Many outsourced payroll providers calculate payroll taxes, manage filings and payments and will assume the cost of penalties due to incorrect calculations or late payments as long as you provide the necessary information and funds on time.
  4. Team of Experts – By outsourcing payroll, a small business can take advantage of the experts. The most valuable payroll companies have a team of experts who handle many areas of Human Resources and Payroll.
  5. Reliable & Enhanced Security – Payroll processing is a complex and potentially risky business operation. Even with long time trusted employees, there is always a risk of identity theft, embezzlement of funds, or tampering with company files for personal gain. By outsource to the reliable payroll provider, business owner don't have to worried on this.
  6. Peace of Mind – With the help of a professional payroll service provider, the hassle and pain often associated with processing payroll is gone. You provide the basic information, and your payroll company takes care of the rest. you can eliminate the worry that many experience when it comes to paying employees and taxes correctly and on time

 

For a foreign investors stepping into a new market (China, Hong Kong and Malaysia), they may require a reliable agent to deal with the human resource management because it takes much time and energy. Tannet Malaysia can assist corporate with combining human resources and development strategy, to effectively enhance enterprises' results and benefits, and help enterprises to design flexible and encouraging remuneration packages, to increase employee's working capacity and sense of belonging.

 

Contact us
If you have further queries, please contact Tannet
24 hours Malaysia hotline:603-21418908;
24 hours Hong Kong hotline:852-27837818;
24 hours Hong Kong hotline:86-755- 36990589;
Email: mytannet@gmail.com
TANNET GROUP : http://www.tannet-group.nethttp://en.tannet.com.my