Happy Chinese New Year!

HAPPY LUNAR NEW YEAR 新年快乐

Dear valued customers and business associates,

Please note that during this festive season, our office will be closed from the 15^th February 2018 (Thursday) to 20^th February 2018 (Tuesday). We will reopen on the 21^st February 2018 (Wednesday).

We would like to take this opportunity to wish everyone a joyful, prosperous, and peaceful Chinese New Year.

In this newsletter, we would like to highlight some recent announcements for your reference. This newsletter covers:

GST Item 15 Amendment
Employment Insurance System (EIS)

Please find the details of each topic below and we hope the information is useful to you.

I) GST Updates

The Royal Malaysian Customs Department announced an amendment in the Fifth Schedule in relation to the GST-03 form.

Starting from the taxable period of January 2018, Item 15 of the GST-03 form will be amendment to “Total Value of Other Supplies”.

*These amendments begins from the January 2018 taxable period onward

KINDLY REFER TO THE LINK BELOW FOR THE FULL GUIDE:

GST GUIDE ON ACCOUNTING SOFTWARE ENHANCEMENT TOWARDS GST COMPLIANCE

II) EMPLOYMENT INSURANCE SYSTEM( (EIS)

Since January 2018, Malaysia has started enforcing EIS on every employee. EIS was set-up to assist employees who lose their job by providing them with financial assistance and other job support services. All employers in the private sector who has more than one employee must register and begin contributions. The contribution rate is 0.4% of the employee’s monthly salary (Employee and employer to contribute 0.2% each). We have outlined the submission procedures below:

Step 1 – Register for an account with PERKESO (Link to Forms SIP 1A and 2A)
(Non SOCSO registered employers, fill in Form SIP 1. Non SOCSO registered employees, fill in Form SIP2)
Step 2 – Download the EIS Contribution Schedule (Link to Lampiran 1 Jadual Caruman)
Step 3 – After downloading the file, complete the employee details accordingly
Step 4 – i) Email the completed Lampiran 1 form to carumansip@perkeso.com.my
ii) Email subject to be shown in the following format: [Caruman SIP］: kod
majikan-mm/yyyy
iii) Print a copy of the email sent as you will be required to show the officer when
making payment.
Step 5 – Bring the email with a cheque payable to PERTUBUHAN KESELAMATAN SOSIAL and head to a PERKESO office/counter to make payment. PERKESO has started to accept payments online. (Note: Kod Majikan and Date of Contribution submission to be stated at back of cheque)
Step 6 – Obtain receipt after making payment.

* Existing i-Perkeso users can now submit and pay EIS via the i-Perkeso portal. Please click on the button below for the guide by PERKESO below to submit and pay your January 2018 EIS Contribution.

EIS Portal Guide

*EIS payments are due before the 15^th of each month and are to be submitted separately from normal SOCSO contributions.

Yours Sincerely,
M.S.Wong & Co.