ShineWing TY Teoh

Starting from 1 August 2024, businesses in Malaysia will gradually implement e-invoice. Numerous factors need to be considered by a business as e-invoicing will involve all types of commercial transactions such as trade, non-trade, revenue, expenses, capital expenditure, cross-border transactions, claims from employees etc. Do you know how e-invoicing affects your business and what changes do you need to make to your current business practices and systems and where do you start in evaluating what changes need to be made? Join us in our webinar to understand more on How Can You Start Preparing For E-invoice Implementation. Date: 28th May2024 (Tuesday), English Session / 29th May 2024 (Wednesday), Mandarin Session Time: 10.00 am – 12.00 pm Venue : ZOOM (Online) Fee : COMPLIMENTARY If you are interested, please click on the link below to register: https://lnkd.in/dvHb5-Sv #shinewingtyteoh #tax #Einvoice

Selamat Hari Raya Aidilfitri to all the friends! #shinewingtyteoh #HariRayaAidilfitri

A financial statement or accounting fraud simply means an individual who misrepresents the financial metrics to get benefits by providing wrong information.   The purpose of such fraud is to alter the figures on financial statements and show a company to be more profitable than it actually is, misleading the investors and sometimes, even the auditors.   Weak accounting procedures, lack of internal corporate governance, and lack of auditing are some of the many reasons why a lot of companies suffer from financial statement fraud.   Read more: https://lnkd.in/gqU_7g7V For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #valuations

Multinational enterprises have to consider many different aspects of running a successful organization due to the complexity of rules and regulations in different organizations. Creating a transfer pricing document and dealing with the transfer pricing compliance requirements is one of these major challenges because transfer pricing documentation can be a tricky concept in global filing requirements. In this post, you will get to know the various ways that transfer pricing documentation helps your organization and the best practices to adopt in this process to ensure maximum compliance. Read more: https://lnkd.in/gEVVjQU6 For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #transferpricing

Since 2016, all of the public listed companies in Malaysia have to perform sustainability reporting according to the law. However, there is still a lot of room for improvement in this area as many organizations are not paying attention to the quality of reporting. A major concern about sustainability reporting is that a lot of companies can’t enhance the quality due to a lack of formal standards. Furthermore, companies have to evaluate various aspects like management areas and compliance to ensure the implementation of the best sustainability reporting standards. As a common solution to these issues, Malaysia has started to follow the global standards of sustainability reporting to ensure the effectiveness of sustainability regulations and reports, leading to better transparency and accountability. Read more: https://lnkd.in/gXhsZfFp For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #ESG

The significance of sustainability reporting has greatly increased in the last few years because more and more consumers are now looking for organizations, products, and services that positively impact society. Moreover, international laws are also making it compulsory for companies to have maximum transparency about sustainability reporting. It is important for the corporate world to fulfil the rising demand for sustainable products and services and reduce energy usage and other such resources. The following benefits of sustainability reporting further enhance the significance of eco-friendly and sustainable practices: 1. Motivates Employees 2. Credibility 3. Sustainability Leader 4. Attracts Investors 5. Use Sustainability As A Business Opportunity 6. Better Risk Management Read more: https://lnkd.in/gH9zK6pS For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #ESG

Creating a reliable sustainability report is essential for businesses that want to be taken seriously. This is especially true in this era in which a lot of emphasis is placed on climate change and environmental issues. Indeed, there are modern practices and trends that can improve the efficiency of creating sustainability reports. Generally, a sustainability report is a comprehensive report that provides information about the environmental, social, and economic performance of an organization. Following are the important steps of reliable and efficient sustainability reporting: 1. Set Goals 2. Review Your Performance 3. Data Collection 4. Responsibilities 5. Easy Communication The bottom line is that sustainability reporting is a highly important part of all types of businesses in this era. We hope that by following the strategies discussed in this post, you can perform sustainability reporting in an efficient manner. Read more: https://lnkd.in/g-kPxs6e For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #ESG

Many significant changes have been made in the Malaysian Income Tax Act 1967 through the Malaysian Finance Act 2020. One of these major changes is that if the taxpayers fail to provide proper transfer pricing documentation to the Malaysian Inland Revenue Board (MIRB) within a specified date, a fine that ranges from RM 20,000 to RM 100,000 can be placed.   Similarly, there have been some revisions in other transfer pricing document guidelines by the MIRB. The purpose of this post is to discuss these important aspects of transfer pricing.    Read more: https://lnkd.in/g-Gkb5AB   For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #transferpricing

Transfer pricing represents pricing the transfer of goods and services between related parties. Related parties mean the entities or organizations that have equity control over each other. In such a case, one entity should be having more than 50% direct and indirect shareholdings control over the other party. Generally, the transfer price should not be different from the current market price at the time of the transaction between independent individuals. This price is known as the arm’s length price. In most countries, the arm’s length price is decided by a regulatory body to ensure fairness and transparency. The Inland Revenue Board (IRB) is responsible for ensuring that the transfer pricing in Malaysia is smooth for the related price. Hence, the arm’s length principle is enforced by the IRB.   Read more: https://lnkd.in/g-Gkb5AB For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #transferpricing

The concept of transfer pricing is highly important in companies that are operating as individual strategic units. However, there are many different challenges associated with transfer pricing in Malaysia, and it is crucial for companies to overcome these challenges to ensure the smooth and efficient functioning of the business. The transfer pricing documentation becomes even more critical when an organization has various branches all around the world, especially in areas where the tax rates are continually fluctuating. The transfer pricing documentation is used as a tool to justify these transactions especially when transactions are carried with lower tax jurisdiction and could be misunderstood to have been carried out for tax benefits. Read more: https://lnkd.in/dgdbG-A6 For inquires, please visit: https://lnkd.in/gWecSuiQ #shinewingtyteoh #transferpricing