Under Section 112 Failure to return or give notice of chargeability.
112(1) Penalty for default ; Any person who makes default in furnishing a return in accordance with section 77(1), if he does so without reasonable excuse, be guilty of an offence and shall, on conviction, be liable to a fine of not less than two hundred ringgit and not more than two thousand ringgit or to imprisonment for a term not exceeding six months or to both.
112(2) Burden of proof on accused ; In any prosecution under subsection (1) the burden of proving that a return has been made or notice given shall be upon the accused person.
112(2A) Court order ; Where a person has been convicted of an offence under subsection (1), the court may take a further order that the person shall comply with the relevant provision of this Act under which the offence has been committed within thirty days, or such other period as the court deems fit, from the date the order is made.
112(3) Penalty for default where no presecution ; Where in relation to a year of assessment a person makes default in furnishing a return in accordance with section 77(1) or 77A(1) or in giving a notice in accordance with section 77(3) and no prosecution under subsection (1) has been instituted in relation to that default.
a) the Director General may require that person to pay penalty equal to treble the amount of the tax which, before any set-off, repayment or relief under this Act, is payable for that year: and
b) if that person pays that penalty (or, where the penalty is abated or remitted under section 124(3), so much, if any, of the penalty as has not been abated or remitted), he shall not be liable to be charged on the same facts with an offence under subsection (1).
Wednesday, June 17, 2009
Tuesday, June 16, 2009
Wednesday, June 10, 2009
Compound By CCM on Seksyen 143(1) & Seksyen 165(4) - Failed to Held Annual General Meeting
Penalty by CCM for company who failed to held Annual General Meeting - AGMTuesday, June 9, 2009
Penalty by CCM under 169(1) - Late Submission of Account
Just image the company late submission on account from Year 2002 till Year 2008 if one year the company has to pay RM1000. This is the problem occurs when you ignore your duties.Monday, June 8, 2009
CORPORATE CONSULTANT APPLICATION FOR MALAYSIA MY SECOND HOME PROGRAMME
1. TERMS OF REFERENCE
i) To prepare the application and compile all relevant documents to be furnished and submitting the same to the relevant authorities.
ii) To follow-up and liaise with the Malaysian authorities and co-ordinate any other information or explanations as may be required by them with a view to obtaining their approval for this application.
iii) To act as your sponsor with regards to your application.
2. APPROXIMATE PERIOD OF APPROVAL
The authorities require about ten (10) weeks to process, provided the application is not subject to call for additional information, clarification, correction or query by the approving authority. However, every effort shall be made to obtain the approval as expeditiously as possible.
3. DOCUMENTS AND OTHER INFORMATION
The documents required and other relevant information are set out bellow,
a. A copy of resume by the main applicant which includes the following information;
* Academic Qualification
* Working Experience
* Skills or expertise acquired
* Present and correspondent address
* Sources of income and the value of monthly income
b. Four (4) coloured passport size photographs
c. Copy of Passport/Travel documents (all pages including blank pages) with certification on the pages with personal particulars.
Note : Copy of previous passport is required if applicant/dependent(s) has renewed his/her passport within the last twelve (12) months.
d. Letter of Good Conduct from applicant’s related government agency
e. Certified copy of Marriage Certificate (if accompanied by spouse)
f. Certified copy of Birth Certificate/legal documents (if accompanied by children or parents
above 60 years of age)
g. Certified copy (s) of latest 3 months bank statements/other related financial capability to
support stay in Malaysia showing a balance of not less than RM500,000.00
h. Latest 3 months certified copies of pay slip/income statement (If employed) or pension slip
etc. show that applicant has a revenue of at least RM10,000.00 per month (if available)
i. Details including address of applicant’s banker.
j. Academic certificates and testimonies (if any).
k. Statement on how applicant would support stay in Malaysia.
l. Statement of why you wish to participate in this programme.
4. FEES
Our fee for applying, liaising and co-ordinating until such time that the approval is obtained shall be RM ? for an individual or a couple. The said fee includes service tax at 5% and any out of pocket expenses which are to be reimbursed. Should you want to bring in a maid, then a separate application needs to be made to procure a work permit. An additional fee of RM ? is payable for procuring the work permit.
Should for any reason our application be rejected, an abortive fee of RM? plus service tax at 5% and out of pocket expenses shall be payable to cover our cost.
5. CONCLUSION
We must emphasize that we are not in a position to commit ourselves to guarantee that the application will be approved. Our acceptance of the engagement is strictly based on our experience, contact and preceding cases that we have handled. As the norm, jobs assigned to us will be conducted to the best of our ability, in good faith and in accordance with our experience and contacts. Past cases handled by us where applications were not in conflict with government policies or the laws have been successful.
Thanks LINDA 012-7475227
i) To prepare the application and compile all relevant documents to be furnished and submitting the same to the relevant authorities.
ii) To follow-up and liaise with the Malaysian authorities and co-ordinate any other information or explanations as may be required by them with a view to obtaining their approval for this application.
iii) To act as your sponsor with regards to your application.
2. APPROXIMATE PERIOD OF APPROVAL
The authorities require about ten (10) weeks to process, provided the application is not subject to call for additional information, clarification, correction or query by the approving authority. However, every effort shall be made to obtain the approval as expeditiously as possible.
3. DOCUMENTS AND OTHER INFORMATION
The documents required and other relevant information are set out bellow,
a. A copy of resume by the main applicant which includes the following information;
* Academic Qualification
* Working Experience
* Skills or expertise acquired
* Present and correspondent address
* Sources of income and the value of monthly income
b. Four (4) coloured passport size photographs
c. Copy of Passport/Travel documents (all pages including blank pages) with certification on the pages with personal particulars.
Note : Copy of previous passport is required if applicant/dependent(s) has renewed his/her passport within the last twelve (12) months.
d. Letter of Good Conduct from applicant’s related government agency
e. Certified copy of Marriage Certificate (if accompanied by spouse)
f. Certified copy of Birth Certificate/legal documents (if accompanied by children or parents
above 60 years of age)
g. Certified copy (s) of latest 3 months bank statements/other related financial capability to
support stay in Malaysia showing a balance of not less than RM500,000.00
h. Latest 3 months certified copies of pay slip/income statement (If employed) or pension slip
etc. show that applicant has a revenue of at least RM10,000.00 per month (if available)
i. Details including address of applicant’s banker.
j. Academic certificates and testimonies (if any).
k. Statement on how applicant would support stay in Malaysia.
l. Statement of why you wish to participate in this programme.
4. FEES
Our fee for applying, liaising and co-ordinating until such time that the approval is obtained shall be RM ? for an individual or a couple. The said fee includes service tax at 5% and any out of pocket expenses which are to be reimbursed. Should you want to bring in a maid, then a separate application needs to be made to procure a work permit. An additional fee of RM ? is payable for procuring the work permit.
Should for any reason our application be rejected, an abortive fee of RM? plus service tax at 5% and out of pocket expenses shall be payable to cover our cost.
5. CONCLUSION
We must emphasize that we are not in a position to commit ourselves to guarantee that the application will be approved. Our acceptance of the engagement is strictly based on our experience, contact and preceding cases that we have handled. As the norm, jobs assigned to us will be conducted to the best of our ability, in good faith and in accordance with our experience and contacts. Past cases handled by us where applications were not in conflict with government policies or the laws have been successful.
Thanks LINDA 012-7475227
Employment Pass Consultants
1. TERMS OF REFERENCE
i) We shall act as your consultants to apply for your employment pass.
ii) We shall make the necessary application on your behalf.
iii) You shall furnish us with such documents and information as may be required.
2. DURATION OF PASS
The employment pass issued by the authority could vary between 1 and 2 years. If the pass given is for a one (1) year period, extension would in normal circumstances be granted for a further period of one (1) year.
3. TIME FRAME
The application to the Ministry of Internal Trade shall be made within 72 working hours of receipt of all relevant documents and information from you. An official reply is anticipated from the relevant authority within a period of three (3) to six (6) weeks, provided however that the application is not subject to call for additional information or clarification by the approving authority. Subsequent thereto a separate application need to be filed with the Immigration Department of Malaysia. The Department is expected to revert within three (3) weeks from the date of the application.
4. DOCUMENTS
The preliminary documents required to prepare the application papers are as listed
a. Four (4) passport sized photographs of applicant.
b. One (1) full set photocopy of applicant passport / travel document (the whole book)
c. Testimonies certifying the Working Experience
d. Academic Cetificates
e. Salary, allowances and benefits of applicant
f. Company’s Letterhead
g. Particulars of Expatriates Posts Applied
· Postition
· Description of Duties
· Qualification
· Experience
h. Justification as to why the applicant should fill up the position
i. Particulars of Applicant’s Curriculum Vitae
5. FEES
Our fees for applying, liaising and coordinating until such time that the approval is obtained shall be (RM) per application. The said fee excludes service tax at 5% and any out of pocket expenses which are to be reimbursed at cost.
Should for any reason our application be rejected, than an abortive fee of (RM) plus service tax at 5% shall be payable to cover our cost.
6. CONCLUSION
We must emphasize that we are not in a position to commit ourselves to guarantee that the application will be approved. Our acceptance of the engagement is strictly based on our experience, contact and preceding cases that we have handled. As the norm, jobs assigned to us will be conducted to the best of our ability, in good faith and in accordance with our experience and contacts. Past cases handled by us where applications were not in conflict with government policies or the laws have been successful.
If the above terms and conditions are in accord with your understanding of our appointment, kindly sign and affix your rubber stamp on the duplicate copy of this letter in the space provided and return the same to us together with a cheque for an amount of (RM) to defray costs and expenses. The balance of the fee and disbursements shall be payable immediately upon approval of your application.
Thanks LINDA
i) We shall act as your consultants to apply for your employment pass.
ii) We shall make the necessary application on your behalf.
iii) You shall furnish us with such documents and information as may be required.
2. DURATION OF PASS
The employment pass issued by the authority could vary between 1 and 2 years. If the pass given is for a one (1) year period, extension would in normal circumstances be granted for a further period of one (1) year.
3. TIME FRAME
The application to the Ministry of Internal Trade shall be made within 72 working hours of receipt of all relevant documents and information from you. An official reply is anticipated from the relevant authority within a period of three (3) to six (6) weeks, provided however that the application is not subject to call for additional information or clarification by the approving authority. Subsequent thereto a separate application need to be filed with the Immigration Department of Malaysia. The Department is expected to revert within three (3) weeks from the date of the application.
4. DOCUMENTS
The preliminary documents required to prepare the application papers are as listed
a. Four (4) passport sized photographs of applicant.
b. One (1) full set photocopy of applicant passport / travel document (the whole book)
c. Testimonies certifying the Working Experience
d. Academic Cetificates
e. Salary, allowances and benefits of applicant
f. Company’s Letterhead
g. Particulars of Expatriates Posts Applied
· Postition
· Description of Duties
· Qualification
· Experience
h. Justification as to why the applicant should fill up the position
i. Particulars of Applicant’s Curriculum Vitae
5. FEES
Our fees for applying, liaising and coordinating until such time that the approval is obtained shall be (RM) per application. The said fee excludes service tax at 5% and any out of pocket expenses which are to be reimbursed at cost.
Should for any reason our application be rejected, than an abortive fee of (RM) plus service tax at 5% shall be payable to cover our cost.
6. CONCLUSION
We must emphasize that we are not in a position to commit ourselves to guarantee that the application will be approved. Our acceptance of the engagement is strictly based on our experience, contact and preceding cases that we have handled. As the norm, jobs assigned to us will be conducted to the best of our ability, in good faith and in accordance with our experience and contacts. Past cases handled by us where applications were not in conflict with government policies or the laws have been successful.
If the above terms and conditions are in accord with your understanding of our appointment, kindly sign and affix your rubber stamp on the duplicate copy of this letter in the space provided and return the same to us together with a cheque for an amount of (RM) to defray costs and expenses. The balance of the fee and disbursements shall be payable immediately upon approval of your application.
Thanks LINDA
Monday, June 1, 2009
Thursday, May 28, 2009
Malaysia Ins Of Accs - Schedule for Determining Minimum Audit Fees
Minimum Audit Fees
Minimum rates of audit fees chargeable for all organisations including companies and corporates but excluding voluntary charitable organisations are set out as bellow
Gross Assets or turnover Whicever is Higher and Minimum audit fees to be charged
Dormant (min audit fee) RM300
1 to 100,000 RM800
Next 100,000 to 250,000 RM1,325
Next 250000 to 500,000 RM1,950
Next 500,000 to 1,000,000 RM2,700
Next 1,000,000 to 2,500,000 RM4,200
Next 2,500,000,to 5,000,000 RM6,200
Next 5,000,000 to 10,000,000 RM9,950
Above 10,000,001 Negotiable
i) The above prescribed rates are the minimum audit fees applicable for draft accounts submitted for audit with proper schedules. members may charge higher audit fees having considered the degree of internal control, complexity of transactions, consolidation, requirements, circulation of the audit reports, level of services, grade of staff, etc.
ii) For draft accounts submitted without proper schedules and therefore requiring a member firm to utilise more skill and knowledge as well as time spent on the assignment, the member firm should advise the client that higher audit fees may be charged for such audit assignments.
iii) For the purpose of this schedule, 'gross assets' shall mean include total fixed and current assets excluding intangible assets, if any, of an organisation as appearing on the balance sheet thereof the year under audit.
iv) For the purpose of this schedule, 'gross turnover' shall mean and include :
(a) total amount of sales including all other income and earning for the year in the case of al manufacturing and trading organisations :
(b) Total gross premium income including all other income and earnings for the year in the case of all insurance organisations :
(c) total amount of interest, discount, commission, exchange brokerage and all other income and earnings for the year in the case of banks and other financial institutions:
(d) total amount of commission including all other income and earning for the year in the case of travel agencies, indentors, brokers and other organisations running on commission earnings basis:
(e) Total receipts/ bills accounted for and all other income and earnings for the year in the case of construction companies and other organisations not covered under (a) to (d) above.
v. Dormant companies are companies having no tangible assets or operations.
vi. Notwithstanding the minimum audit fees stated in the above prescribed rates of audit fees, members are allowed to exercise discretion in allowing abatement on the said prescribed fees in certain special cases subject to the following floor limit :-
(a) the audit fees charged to a particular client organisation should not be below a percentage of the total operational expenditure of the said organisations as follows:
Up to RM50,000 2%
RM50,001 - RM200,000 1%
RM200,001-RM1,000,000 0.5%
RM1,000,001 - RM2,000,000 0.2%
Above RM2,000,001 0.1%
Total operating expenditure excludes direct costs of sales but includes all expenses charges against gross profit to arrive at net profit before tax.
(b) In the transitional period of the first three years, member firms may charge an existing client audit fees lower than the prescribed minimum audit fees of the following basic :-
1st year - 150% of the previous year
2nd year - 150% of the new audit fees of the 1st year
3rd year - 150% of the new audit fees of the 2nd year
Note : Members who charge audit fees below the prescribed minimum fee will be considered to have in fringed Paragraph 11-5 of the Institute's By-Laws (On Professional Conduct and Ethics).
Minimum rates of audit fees chargeable for all organisations including companies and corporates but excluding voluntary charitable organisations are set out as bellow
Gross Assets or turnover Whicever is Higher and Minimum audit fees to be charged
Dormant (min audit fee) RM300
1 to 100,000 RM800
Next 100,000 to 250,000 RM1,325
Next 250000 to 500,000 RM1,950
Next 500,000 to 1,000,000 RM2,700
Next 1,000,000 to 2,500,000 RM4,200
Next 2,500,000,to 5,000,000 RM6,200
Next 5,000,000 to 10,000,000 RM9,950
Above 10,000,001 Negotiable
i) The above prescribed rates are the minimum audit fees applicable for draft accounts submitted for audit with proper schedules. members may charge higher audit fees having considered the degree of internal control, complexity of transactions, consolidation, requirements, circulation of the audit reports, level of services, grade of staff, etc.
ii) For draft accounts submitted without proper schedules and therefore requiring a member firm to utilise more skill and knowledge as well as time spent on the assignment, the member firm should advise the client that higher audit fees may be charged for such audit assignments.
iii) For the purpose of this schedule, 'gross assets' shall mean include total fixed and current assets excluding intangible assets, if any, of an organisation as appearing on the balance sheet thereof the year under audit.
iv) For the purpose of this schedule, 'gross turnover' shall mean and include :
(a) total amount of sales including all other income and earning for the year in the case of al manufacturing and trading organisations :
(b) Total gross premium income including all other income and earnings for the year in the case of all insurance organisations :
(c) total amount of interest, discount, commission, exchange brokerage and all other income and earnings for the year in the case of banks and other financial institutions:
(d) total amount of commission including all other income and earning for the year in the case of travel agencies, indentors, brokers and other organisations running on commission earnings basis:
(e) Total receipts/ bills accounted for and all other income and earnings for the year in the case of construction companies and other organisations not covered under (a) to (d) above.
v. Dormant companies are companies having no tangible assets or operations.
vi. Notwithstanding the minimum audit fees stated in the above prescribed rates of audit fees, members are allowed to exercise discretion in allowing abatement on the said prescribed fees in certain special cases subject to the following floor limit :-
(a) the audit fees charged to a particular client organisation should not be below a percentage of the total operational expenditure of the said organisations as follows:
Up to RM50,000 2%
RM50,001 - RM200,000 1%
RM200,001-RM1,000,000 0.5%
RM1,000,001 - RM2,000,000 0.2%
Above RM2,000,001 0.1%
Total operating expenditure excludes direct costs of sales but includes all expenses charges against gross profit to arrive at net profit before tax.
(b) In the transitional period of the first three years, member firms may charge an existing client audit fees lower than the prescribed minimum audit fees of the following basic :-
1st year - 150% of the previous year
2nd year - 150% of the new audit fees of the 1st year
3rd year - 150% of the new audit fees of the 2nd year
Note : Members who charge audit fees below the prescribed minimum fee will be considered to have in fringed Paragraph 11-5 of the Institute's By-Laws (On Professional Conduct and Ethics).
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