Sales tax refund

Finance | 16 June 2017

When the goods and services tax (GST) was first introduced to replace the general sales tax and service tax regimes in 2015, the overarching concern for businesses was the implementation and administrative aspect. As companies scrambled to understand the rules and procedures in order to facilitate the rollout of GST, many, if not all, would have neglected or overlooked the fact that this transition would trigger a double collection of taxes for goods still held as stock across both tax regimes.

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Similar means, different goals to achieve same end: customs valuation and transfer pricing

Finance | 16 June 2017

The enforcements of customs valuation and transfer pricing are the epitome of similar means and different goals to achieve the same end. The means of valuation and pricing are similar in the form of the valuation and pricing methodologies. However, the goals are at two ends of the spectrum: the former wants the highest appraised value of imports; the other, the lowest possible level to maximise taxable profits. Such paradoxical treatments are largely unregulated, not less due to regulators themselves being beneficiaries of the ultimate end in the form of higher revenue collection.

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Cultivating Good GST Compliance Culture via CBOS 3.0

Finance | 16 June 2017

When we ordinarily refer to compliance in goods and services tax (GST), what strikes our minds is the filing of GST returns and settling the GST due within the stipulated taxable period. It has been more than two years now since the implementation of GST in Malaysia. The compliance rate for GST filing thus far has been high, with an average rating of above 95%.

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The fintech primer: what’s driving the revolution?

Finance, TMT | 18 May 2017

It is difficult to work in financial services and not hear the word ‘fintech’ on a daily basis. But what is fintech and why the hype? In its purest form fintech is the fusion of financial services and technology. There is also ‘insurtech’ (the use of technology in insurance) and ‘regtech’ (the use of technology which enables financial services organisations to comply with their regulatory obligations).

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Is the blockchain revolution finally beginning to deliver?

Finance, TMT | 18 May 2017

It is difficult to work in financial services and not hear the word ‘fintech’ on a daily basis. But what is fintech and why the hype? In its purest form fintech is the fusion of financial services and technology. There is also ‘insurtech’ (the use of technology in insurance) and ‘regtech’ (the use of technology which enables financial services organisations to comply with their regulatory obligations).

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Brexit Miller case – the impact of the UK’s exit from the European Union on immigration

Immigration | 18 May 2017

Following the referendum on 23 June 2016, the UK public voted to leave the European Union. The subsequent political and media storm that ensued focused on what shape the exit deal would take including when and how article 50 of the Treaty on European Union 2009 would be triggered. Nine months after the UK voted to leave the European Union, prime minister Theresa May formally triggered Article 50. The media attention now has turned to focus on the UK’s negotiations with the EU.

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Quality and quantity: immigration update

Immigration | 12 May 2017

Extensive changes have recently been made to UK immigration laws and more are scheduled for implementation in the near future. It is an almost constantly reviewed area of law, but can there be too many changes or does it depend on the kind of changes being introduced? Immigration in the UK has always been a talking point and continues to be a hot topic, particularly with the forthcoming Brexit negotiations, and there seems to be an unending pursuit for the ‘perfect’ balance between migrant quantity and quality. Is it possible to preserve the benefits of migration while simultaneously introducing restrictions and constant modifications? [Continue Reading]