Syrian Embassy in Malaysia
Embassy of Syria
Address: Suite 23.03, 23rd Floor,
Menara Tan & Tan, Jalan Tun Razak,
50400 Kuala Lumpur, Malaysia.
Website: http://www.syrianembassy.com.my
Tel: (603) – 2163 4110 / 12
Fax: (603) – 2163 4199

Embassy of the Syrian Arab Republic in Kuala Lumpur Malaysia

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With the implementation of Malaysia Company Tax Audit Self Assessment System (“SAS”) by the Inland Revenue Board (“IRB”), tax audits become one of IRB’s main activities. SAS for companies were implemented in 2001, whereas for individuals and businesses, in 2004.

SAS is a system where by taxpayers (both individuals and companies) are required to compute their own taxes and make full payments to the IRB. Further, taxpayers are required to estimate tax payments for current financial year and make installment payments for the estimated amount.

What IRB does is to ensure the taxes reported and paid by taxpayers are correctly prepared; so to conduct tax audits. IRB’s selection process for tax audits is by way of reviewing assessment submissions for irregularities in financial ratios and supply of information by third party, among the others. In 2008, the IRB has conducted nearly 15,000 field audits and more than 1 million cases of desk audits.

Desk Audit
This is where IRB will send letters to selected taxpayers, requesting for documents to support the assessment submitted. What IRB does is to review the documents upon receiving from the taxpayers, and find out if the assessments are correctly prepared.

Within 2 to 3 weeks after the audit, IRB will notify the taxpayer whether additional tax payments need to be made. If IRB’s review shows overpaid taxes, a refund will be made to the taxpayer. Desk audits are normally applicable to individual and small businesses.

Field Audit
Field audit is where IRB officers will audit the taxpayers’ records at their premises. IRB will serve a 14 day notice to the taxpayers to prepare the necessary documents and records. There will be at least 2 officers to conduct each audit, and their names will be given in the notice.

Sometimes, IRB may conduct field audits on tax assessments up to 3 years back. Should there be discrepancy between the records and the assessment submitted, tax assessment will be amended accordingly and the taxpayer will be notified within 3 months after the audit. Field audits are for businesses and companies.

Disagreement with IRB Findings
If taxpayers disagree with the findings, they can first contact IRB to raise their disagreement. IRB will reassess the documents, records and computations of their initial findings. If after the reassessment and the IRB maintains their findings, the taxpayer has the right to bring the dispute to the Special Commissioners of Income Tax.

There is no way to avoid tax audits but all taxpayers can ensure that tax audit is performed smoothly by maintaining proper records and documentation, especially for businesses and companies. To IRB, records are evidence of transactions. Tax assessments are compilation of these evidences. Therefore, face values of records that are available to the IRB officers are taken as final proof. Any discrepancies between the records and the tax assessment submitted will be reflected with adjustment to the tax amount.

According to Section 82 of the Income Tax Act, 1967, taxpayers are required to keep accounting records for at least 7 years. In fact, it is prudent not to dispose of any old records, even after 7 years. There are many instances where IRB will audit tax assessments that are more than 7 years old – If they suspect those assessments were incorrect. It would be at the taxpayer’s disadvantage if they have no records to substantiate their case.

Malaysia Richest Man 2010
Top list biodata listing profile of richest people in Malaysia.

Malaysian Richest Man Ranking List: ~
1. Robert Kuok Hock Nien
2. Ananda Krishnan
3. Lee Shin Cheng
4. Lee Kim Hua
5. Quek Leng Chan
6. Teh Hong Piow
7. Yeoh Tiong Lay
8. Syed Mokhtar AlBukhary
9. Vincent Tan
10. Tiong Hiew King
11. Azman Hashim
12. Lee Oi Hian & Lee Hau Hian
13. Yaw Teck Seng & Yaw Chee Ming
14. Lim Wee Chai
15. William H. J. Cheng
16. Goh Peng Ooi
17. Lim Kok Thay
18. Jeffrey Cheah
19. Anthony Fernandes
20. G. Gnanalingam
21. Kamarudin Meranun
22. Chan Fong Ann
23. Shahril & Shahriman Shamsuddin
24. A.K. Nathan
25. Chong Chook Yew
26. Mokhzani Mahathir
27. Ahmayuddin bin Ahmad
28. Lau Cho Kun
29. Chen Lip Keong
30. Lee Swee Eng
31. Liew Kee Sin
32. Nazir Razak
33. Eleena Azlan Shah
34. Ong Leong Huat
35. Rozali Ismail
36. Kua Sian Kooi
37. Lin Yun Ling
38. David Law Tien Seng
39. Abdul Hamed Sepawi
40. Syed Mohd Yusof Tun Syed Nasir

Rights Issue is an offering of common stock to existing shareholders who hold subscription rights or pre-emptive rights that entitle them to buy newly issued shares at a discount from the market price at which they will be available to the public later.

A rights issue is a way for a quoted company to raise money. Rather than take on debt, a quoted company can instead ask its shareholders to dig into their pockets to provide extra capital.

The price of the newly issued shares is fixed, always set below the market price. Just as its name implies, this problem to shareholders shall have the right to purchase additional shares, but not the obligation. The right to sell to those who wish to use this proposal, at so every correct value. All or part of the shareholders may buy at their all right.

The Prime Minister Najib on June 10, congress in Malaysia for the Tenth Malaysia Plan (10MP) at Dewan Rakyat.

The 10th Malaysian Plan key Report:
The first chapter 10th Malaysia Plan: towards a higher income countries

Malaysia has had to continue, with annual growth of 6% in vision 2020 to achieve as high-income countries.

Adopts the new economic policy under 30% reserved, but the development of bumiputra stake in the new model agenda to implement, and effective in native economy to market principle, performance, transparency and demand for this.

Responding to focus on the development of the native and improve competitive at the highest rate of native management.

Responding to focus attention 240 million households, 40% of the lowest income family problems.

In evaluating the second-ranking native equity in the standard, the government will cover equity and other assets, such as real estate, economic participation and high income, etc.

Responding to restructuring, and gradually reduce subsidies mechanism of allowances.

Responding by 2015, per capita amounted to 3 Million 8845 Ringgit.

Chapter 2 of 10th Malaysia Plan: upgrading national strength

Responding to obtain private investment in growth, feeding 12.8% total investment amounts to 11.5 billion ringgit.

Responding to the private sector growing power mainly from foreign direct investment (FDI), the material of GDP in 2015 occupied 13.9%.

Responding to the overall GDP fiscal deficit is occupied from 2010, 2015 5.3% decline to the 2.8%.

Responding to Kuala Lumpur and surrounding satellite towns (GREATER KL) has been at national main areas of the economy, the government will be in Kuala Lumpur international financial planning, to promote development of new street field airport, development of town, double brook hair in its world-class meeting ambassador road infrastructure and Malaysian Asian charm center.

The third chapter of 10th Malaysia Plan: build the business environment

Malaysia will review productivity organization adopts the business to local regulations in 2015, ranking within 10.

Responding to relax drive investment, so it industry in 2015 in GDP of 61.1 percent.

Responding to a “business growth fund”, grants 1 million ringgit, to support some company.

Responding to reduce the cost of supervision of small and medium-sized enterprises undertake fewer – 5 people of small and medium-sized enterprises, higher cost saving the commercial supervision.

Chapter 4 of 10th Malaysia Plan: towards a tolerance of social and economic development

The government will as new adopts the Chinese villagers offer financial aid, let they ascend home and aid their business activities.

Responding to financial institutions will provide loans to make Chinese new land tax payment and update the villagers, and also make temporary deeds villagers, and improve their houses for their business financing.

Responding to the government will explore through pioneering group (Tekun) and commercial fund fund (AIM) to Malaysia strategy as the existing scheme to help Chinese new small enterprises.

Second-ranking state corporation (EKUINAS) will get 45 billion ringgit in government funding, and private world to raise more money to invest in the development and growth stage, the company focusing on buy government investment company, multinational companies and listed companies of non-core assets.

Responding to restructuring; allowance of mechanism, Meanwhile, the government will be more specific solutions for 40 percent lower family aid. 40% lower average income of family from 2009, to increase from the 1440 ringgit to 2300 ringgit.

Adopts the poverty rate from 2009 3.8% ranging from 2%.

Women had increased to 30 people decision-making.

Chapter 5 of 10th Malaysia Plan: development and maintain competitive world level of human capital

Responding to allow more than 8000 earning foreign professionals, the ringgit in don’t apply for work permit cases in Malaysia.

Responding to open to all foreign visa unconditional specialist or designated company hire experts, and allow them to the purchase of 25 million ringgit value above the houses.

Adopts the most outstanding global from designated department will be a scholarship, college graduate can immediately once in employment.

Every year in responding to Malaysia high school diploma awarded the best results will be awarded scholarships candidates 5% in local university.

Responding to the government appropriated $80 million ringgit) by 2010 until 2012 unemployment relief funds and qualified work will get jobs per month by the aid of 600 ringgit, the longest for six months.

Chapter 6 of 10th Malaysia Plan: shaping high-quality living environment

In 2020, had expected more than 70 percent of the people will be living in cities.

Responding to the government will gradually formulated to ensure the water mechanism, complete with cost, and complete all the water transfer to a new franchise contract company work.

Responding to dial out 50 billion ringgit appropriations for flood control planning.

In the new government will second-ranking energy policy adjustment allowance, and under the power of electric power industry or natural gas costs, will be adjusted once every six months, to reflect the market price.

Responding to gradually cancel energy, and government subsidies to low-income families with different forms of auxiliary.

Responding to collect homes of solid waste, and work to be fully privatization franchisor 3, and other private enterprise can obtain manufacturing management and public management solid wastes

Chapter 7 of 10th Malaysia Plan: government transformation, to countries in transition

Responding to the government departments and agencies to complete all the inspection, the inspection, the role of the duties overlap, reduce manpower overlap or vulnerabilities.

Responding to Malaysia will have the following four transformation of government, namely the principle of creativity and innovation, through a public service, and passed on the speed of decision-making and execution, three, ensure the government plans to value, the highest degree, and lastly to maintain cleanliness and transparency in government department operations .

Singapore High Commission
Embassy of Singapore
Address: 209, Jalan Tun Razak,
50400 Kuala Lumpur, Malaysia.
Website: http://www.mfa.gov.sg/kl
Tel: 603-2161 6277 / 6404
Fax: 603-2164 1013

Singapore High Commission in Kuala Lumpur Malaysia

Malaysia Singapore Embassy Location Map

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Badges of Trade is the criteria that distinguish trading from investment for taxation purposes. They were set out by the Royal Commission on the Taxation of Profits and Income in 1954. Their badges of trade are the criteria which are used to decide whether a transaction can lawfully be considered “trade” or not. There were originally six badges trade, but now there are nine badges of trade. You can find a history of this concept, and summary of the nine badges of trades cases at http://www.taxationweb.co.uk/tax-articles/business-tax/the-badges-of-trade.html

Any trade on profits, unless there is a reasonable person can provide evidence that this is no income of profits. In Hong Kong, the capital of profit shall not pay taxes.

In order to prove the nature of trade, badge of trade is considered:
1. The intention of profit tax items.
2. The theme of goods (such as in the original hypothesis can enjoy the acquisition, such as rent).
3. The length of the ownership, similar transaction frequency
4. Reasons for processing,
5. Medullary supplement, etc.

Model Ekonomi Baru, Malaysia Government is striving to create one new economy model which is Malaysia MEP for country among others base on to increase in the worker’s productivity have a purpose to assist them increase revenue, said Datuk Seri Najib Tun Razak.

Prime Minister said government would give job scope to economic council will be established, which comprises of economic experts including from abroad, to suggest a new economic model also known as MEB Model Economi Baru for country.

He said the economic model also would outline how Malaysia can movement his economic position of a well off country in medium height income level to high income.

Najib who is also Finance Minister says increase in the worker’s productivity not only through contributions of time aspect extra work but also through innovation and creativity addition amongst staff.

“If we stress this, we can determine higher production levels again, not rise but multiple leap of our aspect of the production capability.

“Because of that when we achieve state that way thus we can give bigger wage to staff,” he said to reporters after delivering special commendation in Perhimpunan Workers Day 2009 in Stadium Putra Bukit Jalil here, Saturday.

Najib said that when requested to describe his message in the assembly among others touch on new economy model, cessation fund employee and effort improves Employees Provident Fund (EPF).

On the new economy model, Najib said each industry in this country, whether involving private sector, government-linked company (GLC) though government companies, they must look at how to continue to step up employee competence through innovation and creativity.

This can bring to productivity improvement and further improving workers’ income which eventually develop more countries, he said.

“This is which models I press. A new economy model would benefit to our employee and country will own much more competitiveness and spur greater progress.

“We will not allow country were in as usual notch. But we must find the way how we can change and movement so that Malaysia be a country “high income” (high income) in particular time.

“This is government’s desire. We together (will) uphold concept and method should be done so that ambition (this) into reality,” he said.

On cessation fund employee, Najib said Human Resources Ministry just keep on discussion by all party.

“And when ministry already prepared, (they) would make recommendations to cabinet (for action further),” he said.

Yesterday, Malaysia Trades Union Congress (MTUC) make a call so that government create immediate the fund with the government ‘ contribute RM500 million. MTCU already made claims more 10 years for the fundraising.

On improvement to EPF, Najib said the matter on in studies because most staff in this country experience difficulty reason finance sums received is limited, while Malaysian life span now hitting between 73 and 76 years.

He said EPF study show that 70 percent contributor finish their reserve contribution within three to 10 years.

“Be us have to find way how the payment can be made based on annuiti or monthly. Therefore we can ensure protection to our workers,” he said.

In his message is forward more than 10,000 employee, Najib said all parties has to maintain and defend industry climate live harmony in countries now because good links between employers and employee is one of important basis determine Malaysian success.

He said, would be vital employer-employee relation founded in keeping with collaboration principle, mutually understand and confident believe in, because if this relationship founded to confrontation attitude then common state occurring at other country including developed nation seperi strike perhaps possible here.

“If fugginess (confrontation) is predicted then the economy will be ruined and if damaged affected not only employer but employee , even the citizens of the country will suffer under the circumstances eknomi the country affected,” he said.

“Employer have to understand employee and employee aspiration on the other hand should contribute dedicatedly while government on the other hand carrying out responsibility through positive policies stimulate economy,” he said.

Najib said employer’s action to always ensure productivity cost were in low level, no should affect employee from their earnings improvement aspect.

“If this happens, employee will not get assessment in their contribution,” he said.

Najib also urged employer in this country such as restaurant and small and medium industry offer better atmosphere and job requirement to attract many more local employee work in these sectors.

He said now have more two million foreign workers in this country.

“Hope do not find way easy to give job opportunities to other country’ people because cheap wage. Give opportunity to local children,” he said.

Prime Minister hopes unemployment level will be at minimum and government level will have tried to create job opportunities.

He said unemployment rate perhaps will increase from 3.1 percent in last year to four percent this year due to global economic depression.

List of Malaysia Economy Policy: ~
Malaysian New Economic Policy (NEP) or Dasar Ekonomi Baru (DEB) in year 1971 to 1990 by Prime Minister Tun Abdul Razak
National Development Policy (NDP) in year 1991
New Economic Model or Model Ekonomi Baru (MEB) in year 2010 by Prime Minister Datuk Seri Najib Tun Razak

A new tax system in Malaysia with goods services tax regulations (GST) also known as a consumption tax, is a kind of tax collection supply of goods and services. To the man on the street, it is the only occur when the money is spent.
If no consumption tax is, no individual. This can be with individual income tax revenue is generated when the payment.

Therefore, some people are feeling GST as a more reasonable goods and services tax revenue collection of the government with the ability to pay of the export tax refund (exemption).

In many countries, including Singapore, Thailand, Australia and has taken a similar types of indirect taxation.

The mechanical consumption VAT is similar in Britain and Europe, so this kind of Goods and Services Tax, although new to Malaysia has established a place in the world tax scene.

GHL Systems Bhd – GHLSYS (0021). GHL Systems Berhad an MSC Status company listed on the Main Board of Bursa Malaysia (Kuala Lumpur Stock Exchange), is the Asia/Pacific region’s leading end-to-end payment services enabler that deploys world-class payment infrastructure, services and technology.

GHL Systems’ complete portfolio of payment solutions include transaction routers and concentrators, terminal line encryption technologies, loyalty and online payment solutions, smartcard technologies, secure electronic data capture (EDC) as well as Europay, MasterCard and Visa (EMV) networks and terminals to consulting services. GHL Systems’ payment solutions are further recognized, accredited and certified by organizations and governing bodies such as Visa, MasterCard, JCB, MEPS, PCI, SIRIM and the Line Encryption Working Group.

GHL SYSTEMS. PAYMENT SOLUTIONS, REDEFINED.
By providing a broad range of services across the payment solutions spectrum, GHL Systems today deploys its products and services to multiple clients spread across various vertical segments worldwide — not limited to banking and financial services institutions, telecommunications, transportation, retail and oil and gas.

With offices in Bangkok, Beijing, Hanoi, Hong Kong, Kuala Lumpur, Manila, Singapore and Wuhan, and having had successful forays and establishing multiple partnerships across the Asia-Pacific, European, the Middle Eastern regions — GHL Systems is well-positioned to meet the demands of a global economy.

GHL Systems Berhad
Address: Unit L8 C-G-15, Block C,
Jln Dataran SD1, Dataran SD, PJU 9,
Bandar Seri Damansara,
52200 Kuala Lumpur,
Malaysia.

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