Director General of Royal Malaysian Customs Department Urges Compliance and Online Registrations for SST
The BMCC held a special Focus Talk last Thursday with the Director General of Royal Malaysian Customs Department, Dato’ Seri Subromaniam Tholasy who shared first-hand insights on the re-implementation of the Sales and Service Tax (SST). In his presentation to over 50 keen and engaged members from numerous backgrounds, Dato' Seri Subromaniam spoke on what's new in the proposed thresholds covering various business establishments, the special areas of tax-free zones, tax exemption orders as well as the key compliance requirements of the SST. The Director General pointed out that one of the major proposed changes in SST 2.0 is the revised penalty for evasion which carries a minimum fine of 10 times the evaded amount, and/or 5 years imprisonment. He also highlighted some of the potential issues expected to arise under the SST, which includes transitional problems, new valuation methods for transfer pricing under Sales Tax and how to ensure there are no hidden taxes for 3rd party exports.
Following his presentation, Mr. Amarjit Singh, Malaysia Tax Leader from EY moderated a discussion with the Director General where he directed questions pertaining to GST refunds and the Customs' preference between informed versus enforced compliance. As a final takeaway message, Dato' Seri Subromaniam urged everyone to begin registering their businesses for SST at the Customs website and to observe full compliance to avoid the new hefty penalties. According to his latest statistics, so far more than 33,000 companies have registered for Sales Tax, while over 45,000 companies have done the same from Services Tax. The session concluded with a Q&A segment with the attending guests and a networking session with refreshments. Online SST registration or more information is available at the Customs' MySST website.
Future of Work & Organisations - A Talk by Cambridge Judge Business School
Last Friday, the BMCC Trade Team organised an event with the Cambridge Judge Business School in collaboration with InvestKL to address the technological forces that are transforming the future of work and organisations, along with the possible solutions to address these challenges. Held at the InvestKL office, its CEO and BMCC Board Director Datuk Zainal Amanshah gave an opening statement addressing over 30 of those in attendance. Fellow BMCC Board Director and CEO of Standard Chartered Bank (M) Berhad, Abrar Anwar was also present.
Dr. Kishore Sengupta, Director (CEO) of Executive Education led the day's presentation, accompanied by Mr. Harold Chee, Academic Programme Director of the CJBS Executive Education. The speakers explained how, by means of their Executive Education programme, their school thrives in moulding young talents towards becoming market leaders, entrepreneurs, innovators and strategists. The Cambridge Judge Business School offers custom programs with multinational attachments, such as Barclays and Astra Zeneca, as well as the public sector including the Government of India and the United Arab Emirates. The University of Cambridge is one of the oldest and best ranked global universities, having been established in 1209 and annually ranks in the top five of the QS World University Rankings.
For the first time ever, meet members of JACTIM in a special inter-chamber Speed Networking event where the East meets West! JACTIM, The Japanese Chamber of Trade & Industry, Malaysia, was established in 1983 with the objective of promoting economic relations between Malaysia and Japan. WIth over 600 members, here’s your chance to connect your and expand your network with companies hailing from or associated with “the land of the rising sun”.
Introducing New Member: Deloitte Tax Services Sdn Bhd
Deloitte Tax Malaysia has 17 tax partners and more than 495 tax professionals across 8 locations, with the largest office in Kuala Lumpur. Deloitte Tax Malaysia is also part of the Deloitte Southeast Asia network, which comprised of approximately 330 partners and 8,000 professionals spread across 25 office locations in the region. Deloitte Tax Malaysia is recognised as one of the market leaders in professional services and for our tax service offerings. Our tax services include business tax advisory, international tax, Global Employer Services, tax audit and investigation, business process solutions, grants and incentives, indirect tax, transfer pricing and tax services for specialised industries such as financial services, energy & resources and real estate.
Principal Representative: Sim Kwang Gek (Managing Director) E: email@example.com | T: +603 7610 8888 | W:www.deloitte.com.my Address: Level 16, Menara LGB, 1 Jalan Wan Kadir, Taman Tun Dr Ismail, 6000 Kuala Lumpur
Early bird promotion ends 31st August! The Asia Remote Health & Corporate Wellness Conference 2018 is back for its 7th consecutive year, bringing leading experts in the fields of health and well-being, risk management and travel security. YBhg Datuk Dr Noor Hisham Abdullah, Director General of Health, Malaysia will be the Guest-of-Honour and Keynote Speaker. The Ministry of Health Malaysia is a Supporting Partner of the ARHCW 2018, featuring expert speakers in the Masterclass and Conference Sessions. BMCC members are entitled to 15% early-bird registrations (ending 31st August).
BFM's Enterprise Breakaway Penang is coming soon! Happening on Thursday, 6th September at Hotel Equatorial Penang, Bayan Lepas.
There are 20 COMPLIMENTARY TICKETSto give away exclusively for theBMCC members. To get your free ticket, email to firstname.lastname@example.org.This offer is valid from 15th - 31st August 2018, ticket giveaways are a first-come first served basis
Knight Frank: Asia Pacific overtakes Europe and North America as top source of cross-border real estate capital
Knight Frank, the independent global property consultancy, has launched the Active Capital: The 2018 Report. Looking at the shifts in capital flows, the report dives into the sources and destinations of cross-border investments in commercial real estate. The report highlights that the coming years will see the reactivation of mandates from a number of regions with significant investment firepower.