Monday 28 March 2016

Companies Bill 2015 – Doing business will not be the same anymore

A comment by Dr Aiman Nariman Binti Mohd Sulaiman, Professor at the International Islamic University Malaysia and author of Malaysian Company Law: Principles and Practices:

(Speaker for the upcoming Wolters Kluwer (WK) seminar, “Companies Bill 2015 – Doing Business Will Not Be The Same Anymore” to be held at Concorde Hotel, Kuala Lumpur)

The Companies Bill 2015 contains wide ranging reforms including the introduction of several provisions that impact on shareholders’ right to participate in decision making and directors’ authority to manage the company’s business.There are also changes in relation to meeting rules and procedures. 

Wednesday 23 March 2016

Singapore Budget 2016

This is it, folks.

After weeks and weeks of discourse from people from various walks of life - economists, market leaders, MPs and the people - we are less than 24 hours away from hearing Minister for Finance, Mr Heng Swee Keat, deliver the 2016 Budget Statement.

Here is a quick summary of the expectations for the Budget (because we at Wolters Kluwer believe in presenting you with the necessary information without unnecessary noise):


Source: http://blog.gopenske.com/
  • There will be a re-focus on the economy to boost the new Government's coffers.
  • There will not be any massive social handouts, as high-impact social measures were implemented prior to the Government wrapping up the elections in 2015. 
  • There is a huge spotlight on small and medium-sized enterprises (SMEs). SMEs are expecting short-term measures to cope with the slow economy. 
  • The Government will also implement medium-term strategies for SMEs and local businesses, with a view on internationalisation and enhancing value creation, productivity gains and innovation.
  • Bigger businesses will not be left out, however, help will be targeted to industries that are greatly affected by the uncertain global and domestic economy.
  • The Government may impose GST on e-commerce transactions to expand their revenue base.
  • There will be no removal of property cooling measures, as the property market is just beginning to stabilise.
  • The transition to reduce dependency on a foreign workforce will continue.
  • The Budget is expected to be mildly expansionary, with a token deficit.

It should be noted that the broad swath of middle-income citizens will be watching the Budget to see if they will receive some form of handout to cope with the increasing living costs.

How to catch it?
The Budget Speech will be available via the following channels:
  • • A live broadcast on Channel NewsAsia, with Mandarin interpretation.
  • • A live broadcast on the radio on 938Live.
  • • A live webcast on the Singapore Budget Website (www.singaporebudget.gov.sg), on the Channel NewsAsia website (www.channelnewsasia.com), and on MediaCorp’s Toggle interactive service (www.toggle.sg), as well as the Singapore Budget mobile application.
If you do not have time to catch the Budget Speech, fret not. Wolters Kluwer will be coming up with a special report on the Budget, so stay tuned for further details!

Thursday 17 March 2016

CCH Integrator, your solution for compliance and reporting!

In this era of rapid evolution, businesses need to continuously adapt to changing circumstances to stay relevant. Trends that are hot today may be stone cold tomorrow. At the same time, compliance and reporting requirements continue to increase as the need for transparency becomes more important than ever. How does an organisation keep up? 

That's where Wolters Kluwer comes in. If you're a company that has multiple layers of businesses that report to a wide range of jurisdictions, we have the solution for you.

Friday 11 March 2016

Questions and Answers on Malaysian GST

"I have been working for a second-hand motor vehicle dealer, as an employee, for several
years. I think I know the business now, and I am making plans to acquire a licence and
commence business on my own account. I am aware of the GST margin scheme, but can you tell me how the scheme works?"

Tuesday 1 March 2016

Looking for help on hedge accounting?

For many accountants out there, financial instruments has always been a tricky area to master. There are so many variables, and the need to exercise your own judgement. Hedge accounting is a specific area of financial instruments that accountants spend a lot of time trying to get right. 

IFRS 9 Financial Instruments (FRS 109 in Singapore) was released recently which introduced new rules for hedge accounting effective 1 January 2018. One of the key reasons for the new Standard is due to criticisms that the hedge accounting rules covered in the current IAS 39 Financial Instruments: Recognition and Measurement (FRS 139) can't be related back to an entity's risk management activities, the whole point of using derivatives in the first place.

One month extension for SST returns and payment of tax

The Royal Malaysian Customs Department (RMCD) has announced a one month extension (until 31 July 2021) for the submission of SST-02 forms an...