News and Updates

NOTICE OF EXTRAORDINARY GENERAL COUNCIL MEETING

Notice is hereby given that an Extraordinary General Meeting of the Institute of Commercial & Industrial Accountants will be held on 20th April 2019 (Saturday) at 11:00 am at 30C, 3rd Floor, Jalan SS 6/8, Kelana Jaya, 47301, Petaling Jaya, Selangor

AGENDA

To approve the amendment of the Constitution under Clause 1 – Change of name of the Institute from the current:

‘’INSTITUT AKAUNTAN PERDAGANGAN DAN PERINDUSTRIAN MALAYSIA (INSTITUTE OF COMMERCIAL AND INDUSTRIAL ACCOUNTANTS MALAYSIA)”

to

“INSTITUT AKAUNTAN BERTAULIAH (INSTITUTE OF CERTIFIED ACCOUNTANTS)”

Reason on the proposed name change is to enhance the value of the Institute and to re-brand the Institute for the benefits of members and society as a whole. With the new name, the Institute will achieve greater heights and higher goal. The Institute has been existing for almost 40 years and there is much room for improvement and with the above proposed prestigious name, it will benefit everyone.

GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016


SSM has issued a guideline  pursuant to section 20C of the Companies Commission of Malaysia Act 2001. Its objectives is to serves as a guidance for individual swho wish to act as a secretary pursuant to section 241 of the Companies Act 2016 (CA 2016).  In general, persons who meets the fundamental requirements and has one of the following qualifications are eligible to apply for a practicing certificate;

  • Malaysian Institute of Chartered Secretaries and Administrators (MAICSA);
  • Malaysian Institute of Accountants (MIA);
  • Malaysian Bar (BC);
  • Malaysian Association of Company Secretaries (MACS);
  • Malaysian Institute of Certified Public Accountants (MICPA);
  • Sabah Law Association (SLA); or
  • Advocates Association of Sarawak (AAS).

However, it stated that a person who has been appointed as a secretary of a company prior to the enforcement of section 241 of the CA 2016 may continue to act as a secretary to the company and is required to register with the Registrar within 12 months from the enforcement date.for more information click the link below

GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016

The following are excerpts from a Press Release of the Inland Revenue Board of Malaysia on the 30th of January 2019

Taxpayers who have received letters or e-mails from the Inland Revenue Board of Malaysia (IRBM) on the Special Voluntary Disclosure Programme (SVDP) have nothing to worry about, instead they should contact IRBM for further explanation.

Around 8.3 million letters and e-mails have been issued by IRBM to registered taxpayers informing on the SVDP which started on 03 November 2018 and will end on 30 June 2019 as announced by Yang Berhormat Tuan Lim Guan Eng, Finance Minister of Malaysia during the tabling of the 2019 Budget.

Through this programme, the following category of taxpayers are offered low penalty rates of 10% and 15% on the additional tax raised:

  • Registered taxpayer who failed to submit the Income Tax Return Form (ITRF)/Petroleum Return Form (PRF)/Real Property Gains Tax Return Form (RPGTRF) in an orderly manner;
  • Taxpayers who have submitted the ITRF/PRF/RPGTRF but did not declare the right income declaration (under-declared income) or claim the right expenses and tax reliefs (over-claimed deductions);
  • iii. Duty payers who failed to execute instruments in the stipulated time.

Taxpayers who have declared income, expenses and tax reliefs in an orderly manner to IRBM and have executed instruments in the stipulated time may ignore the letters and e-mails received.... more

FClick here for the press release at LHDN Website