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AXCELASIA INSIGHTS Vol 1. 2018

Axcelasia is an integrated professional services group providing tax advisory, business consulting, enterprise management system applications and business process outsourcing services to public listed companies, private companies, multinational corporations and government-linked entities.

We are pleased to provide our newsletter for this month. We will continue to provide updates on areas within our expertise from time to time.

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HUMAN RESOURCE CONSULTING

Leadership Talent Profile

“Leadership is the capacity to translate vision into reality” and that would mean your leaders are the vessels of the positive change that lies ahead.

Their ability to connect and inspire transcends those around them and their influence is crucial especially in challenging times.

Take a minute to consider if these individuals exist in your company? Can you identify them? Are you doing your best to retain the high quality talent in your organisation?

Succession planning can sometimes seem an arduous task but its lack of preparation leaves your organisation open to risk and uncertainty.

What is critical is an understanding of the leadership talent inventory with individuals who have key strengths, positive behavioural tendencies and encouraging personalities.

These individuals should then be included into the blueprint for the future of the organisation. But there is one crucial step after identifying key talent, the Harrison Assessment Leadership Talent Profile.

A simple and yet sophisticated assessment test that identifies and analyses key leadership competencies. This assessment test is the crucial puzzle piece to ensuring that the right individual is placed in the right job.

A candidate must simply complete the Job Success Analysis assessment and the Behavioural Competency Analysis assessment to uncover his/her eligibility and suitability for a job scope in question.

Behavioural Competency Analysis (Leadership Competencies) features the following within the assessment:

1 . Achievement oriented

2 . Impact & influence

3 . Innovation

4 . Leading people

 

5 . Strategic thinking

6 . Communication

7 . Energising people

8 . Learning agility

Each of these competencies have been strategically included to uncover the strengths and weaknesses of an individual in the capacity of a leader and factors the level of suitability towards a specific role. The assessment also aims to distinguish key characteristics so the possibility of a more strategic placement of talent will undoubtedly benefit the organisation and the talent.

Rest assured that with the Harrison Assessment Leadership Talent Profile, you are sifting through your talent inventory to uncover those key individuals who will lead the organisation into an even brighter future.

Allow Axcelasia HR Consulting to create a strategic plan that best suits your organisation’s unique needs. We provide the strategic counsel in ensuring your business stays sustainable today and more importantly, in the future.

Contact Ms. Sylvia Anita Rockey at sar@axcelasia.com

 

 

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TAXATION - 2018 Budget Changes

Following our last report in the Axcelasia Insights newsletter Vol.6 of 2017, the following legislation was gazetted on 29 December 2017 to incorporate the proposals in the 2018 Budget:

· Finance (No.2) Act 2017,

· Income Tax (Amendment) Act 2017 and

· Labuan Business Activity Tax (Amendment) (No.2) 2017

In addition , various gazette orders have been issued. Some of these are:

· Income Tax (Automatic Exchange of Financial Account Information) (Amendment) Rules 2017

· Income Tax (Set-Off for Tax Charged on Actuarial Surplus under Takaful Business) Rules 2017

· Income Tax (Country-by-Country Reporting) (Amendment) Rules 2017

· Labuan Business Activity Tax (Country-by-Country Reporting) Regulations 2017

· Income Tax (Advance Pricing Arrangement) (Amendment) Rules 2017

 

Sharing of Information

The Inland Revenue Board and the Customs Department issued a joint media release disclosing that they have signed a memorandum of understanding (MoU) in November 2017 on the programme to co-operate on the sharing of information.

For the successful implementation of this programme, the Principal Committee on the Sharing of Information (comprising of senior management from both agencies) and the Technical Working Committee have been established for the purpose of studying the scope, legal aspects and method of sharing information.

The above-mentioned programme is precipitated under the National Blue Ocean Strategy (NBOS) co-operation which is in line with the Government Transformation Plan. 

The MoU will enable the tax agencies to obtain information from each other such as the information found in the various tax forms and other information which are under their care. 

The information and data obtained will assist in the data matching and analysis process to identify potential taxpayers, select audit cases and identify investigation cases as well as to improve tax collection.

 

GST

The Royal Malaysian Customs Department (RMCD) recently announced that a GST registrant may now request to the Director General of Customs (DG) for a two month taxable period (Bi-Monthly) subject to the following conditions:

· Applicable only for GST registrants with a monthly taxable period;

· GST Registrants involved in sectors that are cash based such as retailing are not eligible; and

· All applications will be subject to the DG’s approval.

The application must be made only via the Taxpayer Access Point.

 

Mutual Agreement Procedure Guidelines

The Inland Revenue Board issued a media release dated 11 January 2018 informing that it has uploaded the Guidelines on Mutual Agreement Procedure dated 19 December 2017.

This is an update of the 2014 Guidelines and is meant to be aligned with the Base Erosion Profit Shifting (BEPS) Action 14 minimum standards following the announcement of the final report on OECD BEPS Action 14 – Making Dispute Resolution Mechanism More Effective, which is one of the mandatory requirements for all Inclusive Framework members which includes Malaysia.

 

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Key Contacts

 

 

Head of Business Entities

Entity

Email

MALAYSIA

 

 

Leow Mui Lee

Axcelasia Taxand 

lml@axcelasia.com

Derek Lee

Axcelasia Columbus

dl@axcelasia.com

Kenny Harris Wong

Axcelasia Softnex 

khw@axcelasia.com

Sylvia Anita Rockey

Axcelasia HR Consulting

sar@axcelasia.com

Datin Chai Seow Lin

Axcelasia Corporate Services
Axcelasia Global Business Services

csl@axcelasia.com

SINGAPORE

 

 

James C Wong

Axcelasia Singapore

jcw@axcelasia.com

VIETNAM & LAOS

 

 

Ranjit Singh

 

 

Axcelasia Vietnam
Axcelasia Laos

 

rs@axcelasia.com 

 

 

Disclaimer:
This newsletter contains general information only, all of which may be subject to change. Independent professional advice should be obtained where necessary. 

Axcelasia Inc. (LL12218) | Suite 13A.02 Level 13A | Wisma Goldhill | 67 Jalan Raja Chulan | 50200 Kuala Lumpur.
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