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Ybhg Tan Sri Dato' Seri Mohd Hassan Marican August 2008 www.micpa.com.my KDNPP 3809/3/2009 The Malaysian Accountant AUGUST 2008 EDITORIAL BOARD Datuk Robert Yong Kuen Loke (Chairman) Dato’ Nordin Baharuddin Dato’ Hj Maidin Syed Ali Loh Lay Choon Ng Kim Tuck See Huey Beng Sam Soh Siong Hoon Tan Chin Hock Chia Kum Cheng (Co-opted) Chong Kian Soon (Co-opted) PRINCIPAL OFFICE BEARERS President Dato’ Nordin Baharuddin Vice President Dato’ Ahmad Johan Mohammad Raslan PRINCIPAL OFFICERS Executive Director FEATURE page 3 Foo Yoke Pin ([email protected]) Technical Manager PERSPECTIVE 2 Melissa Yeoh ([email protected]) Education & Research Manager FEATURES Jenny Chua ([email protected]) Malaysian Tax Updates 3 Public Affairs & Communications Manager Corporate Governance Analysis in Malaysia 7 Vicky Rajaretnam ([email protected]) Overview of Takaful in Malaysia 10 Marketing Manager Corporate Governance for Takaful 12 Evelyn Lim ([email protected]) Examination Officer INSTITUTE NEWS Lee How Lai ([email protected]) MICPA Turns 50 14 Assistant Manager, Membership Recipient of Anugerah Presiden 2008: Salyasusanti Achom YBhg Tan Sri Dato’ Seri Mohd Hassan Marican 17 ([email protected]) November 2008 Examination 20 Single Copy: RM7.50 May 2008 Examination Results 21 Subscription: 6 issues Continuing Professional Development (CPD) Programmes 22 RM43.50 per annum Career Talks at Secondary Schools 22 (including P&P within Malaysia only) Career Fairs and Exhibitions 23 The Malaysian Accountant is published Collaboration and Career Talks at Universities 24 by: The Malaysian Institute of MICPA–BURSA MALAYSIA Business Forum 2008 24 Certified Public Accountants (3246-U) 15, Jalan Medan Tuanku YOUNG CPA 50300 Kuala Lumpur, Malaysia Tel: 03-2698 9622 Fax: 03-2698 9403 Young CPA Malaysia Symposium 2008 E-mail: [email protected] - Charting the Future of Accounting and Finance Professionals 18 Website: www.micpa.com.my PROFESSIONAL NEWS Note: The views expressed in this journal are not MASB Update 26 necessarily those of the Institute or the Editorial Board. All right reserved; no part of this publication may be IASB Update 27 transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, IFAC Update 30 without prior pernission of the Institute or the Editorial Board. CASE LAW HIGHLIGHTS Concept & Design See Teow Guan & Ors v Liquidators of Kian Joo Holdings Sdn Bhd Digibook Sdn Bhd (in Liquidation) & Ors 35 Reign Associates Sdn Bhd Printer GLOBAL INSIGHT Thumbprints Utd Sdn Bhd News from Down Under 36 World News 38 LIFESTYLE Taiping – A Town of Many Firsts 39 PERSPECTIVE t was a significant night for the members of the MICPA as they got together to celebrate the Institute’s 50th Golden Anniversary on July 26, 2008. To commemorate the auspicious occasion, members of the accounting fraternity attended the Golden Jubilee Gala Dinner aptly themed A Golden Celebration on the Red Carpet. IThe night of fellowship and camaraderie also saw the launch of the Institute’s 50th Anniversary Logo by the guest of honour YB Dato’ Hj Hasan bin Malek, Deputy Minister in the Prime Minister’s Department. Several individuals who had made contributions in one way or another were also acknowledged at the gala night. One of the most significant recognition was accorded to YBhg Tan Sri Dato’ Seri Mohd Hassan Marican, President and Chief Executive Officer of Petronas Berhad. The Deputy Minister presented the Anugerah Presiden 2008 to Tan Sri Hassan who was admitted as a member of the MICPA in 1992. Tan Sri Hassan whose eminent career spans over 35 years has made exceptional contributions to society, the accountancy profession and the Institute. YBhg Dato’ Nordin Baharuddin, the President also honoured the early members of the Institute as well as the first CPA graduate member. Also discussed at great length is the subject of corporate governance. Corporate governance can be viewed as the financial health tool for management and directors to monitor the health status of the organisation. In managing an organisation, there must be systematic and procedural ways to ensure the sustainability and survival of the business in the fast-moving economy coupled with highly competitive market forces. Corporate governance is aimed at enhancing accountability, transparency and trustworthiness. It recognises the role of market forces in the efficient allocation of resources, socio-economic justice and well-being of all through an integrated role of moral values, market mechanism and good governance. In the local bond market context, the article inside highlights four broad categories of poor corporate governance: non-compliance of information covenants; related party transactions and improper payments; misappropriation of funds; and earnings manipulation. This issue also touches on the Young CPA Malaysia Symposium themed Charting the Future of Accounting and Finance Professionals. The symposium was held to address relevant issues in today’s business environment which would help them to capitalise on their career development opportunities. Participants were advised to continuously upgrade their knowledge, skills and expertise in order to provide relevant and high quality services to employers and clients. It is important for the young CPAs uphold their objectivity, integrity and technical excellence to fulfil the needs of both the local communities and global markets. The lifestyle section focuses on a local destination – the unassuming and quiet town of Taiping, the second largest town in Perak after Ipoh and the wettest town in Peninsular Malaysia. In the 19th century the town had a thriving mining business and was the social focus of the British administration. This former state capital is a pioneer in many fields achieving many ‘firsts’ in the country. Look inside to find out. 2 | The Malaysian Accountant | August 2008 www.micpa.com.my FEATURE Malaysian Tax Updates BY RENUKA BHUPALAN n recent months, we have witnessed significant taxed on the portion of chargeable employment income developments which have affected businesses and attributable to the number of days that they are in individuals alike in the form of rising fuel prices, the Malaysia. This treatment for expatriates working for IPCs resulting escalation of energy costs and the increase and RDCs has now been enacted in the recently gazetted in food prices. The 2009 Budget proposals due to be Income Tax (Exemption) (No.2) Order 2008. Iannounced on August 29, 2008, will undoubtedly include tax developments as well. This Article (written prior to the Issuance of Islamic Securities by Special 2009 Budget proposals) provides an update of tax Purpose Vehicles (SPVs) developments in the last quarter. This includes several gazette orders which have been enacted to implement SPVs which were established to issue Islamic securities were changes, some of which were proposed in the 2008 Budget. exempt from tax in respect of income derived from such securities but were required nonetheless to maintain Expatriates working for International separate accounts in respect of other sources of income Procurement Centres (IPCs) and (under the Income Tax (Exemption) (No.14) Order 2007). Regional Distribution Centres (RDC’s) The 2008 Budget proposed that income of such SPVs be treated as income of the company establishing the SPV and In the 2008 Budget, it was proposed that expatriates that the SPV need not comply with the provisions of the working for IPCs and RDCs enjoy the same tax treatment Income Tax Act, 1967. A new provision, Section 60I was as those working for companies enjoying the Operational enacted in the Income Tax Act, 1967 (via the Finance Act Headquarters incentive. Such expatriates travel extensively 2007) to allow for this. (Note however that this does not in the course of their employment and hence are only apply to SPVs issuing asset-backed securities). As a result of www.micpa.com.my August 2008 | The Malaysian Accountant | 3 via a withholding tax charge. To enhance skills in the Islamic Financial sector to promote Malaysia as an Islamic financial hub, an exemption from withholding tax is given to non-resident individuals in respect of income arising from the provision of technical advice, assistance or services rendered in relation to Islamic Finance as proposed in the 2008 Budget and enacted in the Income Tax (Exemption) (No. 3) Order 2008. To qualify for this withholding tax exemption, the non-resident individual must be verified by the Malaysia International Islamic Financial Centre Secretariat as an expert in the field of Islamic finance. This exemption is in force from September 8, 2007 until December 31, 2016. Islamic Fund Management Services The exemption from tax on income from the provision of Islamic fund management services to foreign investors has been widened to the provision of such services to local investors pursuant to the Income Tax (Exemption) (No. 6) Order 2008. The exemption is available to licensed Malaysian incorporated fund management companies. Accelerated Capital Allowances on Security Equipment The Income Tax (Accelerated Capital Allowance) (Security this new provision, the 2007 Order referred to above is no Control Equipment or Monitor Equipment) Rules 2008 longer required and has been revoked by the Income Tax have been gazetted and are effective for the years of (Exemption) (Revocation) Order 2008. It should be noted assessment 2008 to 2012. Accelerated capital allowances that revocation is effective from the year of assessment 2007. will be given in respect of specified equipment installed for security in factories and for monitor equipment installed in Revocation of Income Tax (Accelerated specified lorries. An initial allowance of 20% and an Capital Allowance) Renewable Energy annual allowance of 80% will be given in relation to such Rules (2005) equipment. Effectively therefore, the equipment will be fully depreciated for tax purposes in the first year. The 2008 Budget proposed that companies generating renewable energy for their own consumption be granted Non-Profit Oriented Schools 100% investment tax allowance on their qualifying capital expenditure over a period of 5 years.
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