Sunday, 20 July 2014

Malaysia-Guidelines for Interbank E-Payment in Respect of Redemption or Disbursement of Financing Facilities

Guidelines for Interbank E-Payment in Respect of Redemption or Disbursement of Financing Facilities





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Circular No 154/2014
Dated 17 July 2014
To Members of the Malaysian Bar
Guidelines for Interbank E-Payment in Respect of Redemption or Disbursement of Financing Facilities
Bank Negara Malaysia ("BNM") emphasised the acceleration of the migration to electronic payments ("e-payments") in its Financial Sector Blueprint released on 21 Dec 2011.  BNM also directed all financial institutions that are members of the Inter-Bank Giro ("IBG") system and the Real-time Electronic Transfer of Funds and Securities System ("RENTAS") to cease issuing cheques for interbank payments by 30 Sept 2013.
The Bar Council and the Association of Banks in Malaysia have been working together and have agreed on a set of guidelines to immediately address the process flow for redemption or disbursement of financing facilities.
The guidelines are intended to facilitate the redemption or disbursement process as a whole with the inclusion of the solicitors involved where possible or, at the very least, for all the parties concerned to have a better understanding of the process flow.
A copy of the guidelines, which took effect on 14 July 2014 (Monday), is attached for your reference.
Should you have any enquiries, please contact Chuah Ying Ying, Executive Officer, by telephone at 03-2050 2106 or by email at yingying@malaysianbar.org.my.
Thank you.
Low Beng Choo
Chairperson
Conveyancing Practice Committee
If you are a registered user of the Malaysian Bar website, you may click here to access this circular and the attachment.



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Malaysia-Malaysia Newsletter July 2014

Malaysia Newsletter July 2014








SWEET & MAXWELL MALAYSIA 
NEWSLETTER
JULY 2014

Dear customer,
Please see the following key highlights of July 2014:

MALAYSIA GST SERIES

NEW ARRIVALS

Hong Kong
  • EMPLOYMENT LAW AND PRACTICE IN CHINA 2nd Edition
UK
  • MEGARRY'S MANUAL OF THE LAW OF REAL PROPERTY
  • CONSTRUCTION INSOLVENCY 5th Edition

FORTHCOMING TITLES

Singapore
  • LAW OF INTELLECTUAL PROPERTY OF SINGAPORE 2nd Edition
  • CONSTRUCTION CONTRACTS DICTIONARY 2nd Edition
UK
  • McGREGOR ON DAMAGES 19th Edition
  • LIMITATION PERIODS 7th Edition
  • MENTAL CAPACITY ACT MANUAL 6th Edition
UK Frontlist Titles

Australia GST Collection

Business Investment Guides - Thailand, Vietnam

The New Sweet & Maxwell Malaysia Website!

Asia Current Awareness - Sign Up for Free Trial


Yours sincerely,
Marketing Team
Thomson Reuters Legal
MALAYSIA GST SERIES
GOODS AND SERVICES
TAX ACT 2014
GST HANDBOOK FOR LEGAL PRACTICE GST HANDBOOK FOR CONSTRUCTION INDUSTRY
Available Now!
ISBN: 9789670735092
RM120.00 (Hardback) 
(coming soon)
Pub Date: Aug 2014
ISBN: 9780414028746

RM250.00 (Paperback)
(coming soon)
Pub Date: Oct 2014
ISBN: 9789670735153
RM250.00
**Event** Are you ready for GST?
Event details
NEW ARRIVALS

Hong Kong
EMPLOYMENT LAW AND
PRACTICE IN CHINA 2nd Edition
ISBN: 9789626615324
Print: RM2412.00
Print & e-book: RM3377.00
UK
MEGARRY'S MANUAL OF
THE LAW OF REAL PROPERTY 9th Edition
CONSTRUCTION INSOLVENCY
5th Edition
ISBN: 9780414032064
RM203.70 (Paperback)
ISBN: 9780414028746
RM1290.00 (Hardback)
FORTHCOMING TITLES

Singapore
LAW OF INTELLECTUAL
PROPERTY OF SINGAPORE 2nd Edition
CONSTRUCTION CONTRACTS DICTIONARY
2nd Edition
Pub Date: Aug 2014
ISBN: 9789810786496
RM780.00 (Paperback)
Pub Date: Aug 2014
ISBN: 9789810786526
RM540.00 (Hardback)
UK
McGREGOR ON DAMAGES
19th Edition
LIMITATION PERIODS
7th Edition
MENTAL CAPACITY ACT MANUAL 6th Edition
ISBN: 9780414028470
RM2610.00
Pub Date: Aug 2014
ISBN: 9780414028630
RM1350.00 (Hardback)
Pub Date: Aug 2014
ISBN: 9780414034389
RM330.00 (Paperback)
UK Frontlist Titles
  • Practical Guide to Corporate Governance, A (9780414030978) - RM1350.00
  • Exclusion Clauses and Unfair Contract Terms (9780414031012) - RM1230.00
  • Expert Determination (9780414034266) - RM1140.00
  • Formation and Variation of Contract (9781847038029) - RM1170.00
  • Gas and LNG Sales and Transportation Agreements (9780414034198) - RM1841.00
Australian GST Collection
GST Legislation Plus 2014

Written in an easy-to-read format and containing helpful section notes and comprehensive cross-references, GST Legislation PLUS 2014 will guide you through the GST maze and provide insights into how unexplored issues might be resolved by Australian courts and tribunals.

Pub Date: Jan 2014
ISBN: 9780864608444
RM546.00
Australian GST Handbook 2014-15

Providing a comprehensive explanation of the operation of the GST system, the Australian GST Handbook 2014-15 covers all aspects of the GST legislation and its relationship with other taxes, including income tax and FBT. It simplifies complex issues and facilitates a solid understanding of the GST system, alerting readers to common traps and pitfalls.  It helps readers to comply with GST requirements and provides insights into how GST can be used to benefit businesses.

Pub Date: Sep 2014
ISBN: 9780864608888
RM467.00 
Business Investment Guides


Business Investment Guide: Thailand
Pub Date: June 2014
ISBN: 9789670735061
RM396.00


Business Investment Guide: Vietnam
Pub Date: June 2014
ISBN: 9789670735054
RM396.00
The New Sweet & Maxwell Malaysia Website! 
We have re-launched our Sweet & Maxwell website! The new website gives you a more pleasant browsing experience with the following features:
  • Navigation between Malaysia/ Singapore/ Hong Kong websites
  • Special sections for Law Reports and Journals
  • Links to our eBooks Library for ProView
  • A special GST Focus page highlighting key new services related to the new Goods and Services Tax Act 2014 and our services related to this.
  • Links to login to our online portfolio
  • A search of the online store
  • Advertising boxes on the right for key services/products
Visit the website now
Asia Current Awareness - Sign Up for Free Trial
  • A daily e-newsletter sent directly to your mailbox for easy access
  • Covers Asian legal and regulatory development news:
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          - Hong Kong      - Philippines
          - Indonesia        - Singapore
          - Japan               - Taiwan
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Bar Wars 2: IPR Strikes Back (21 July 2014)

Bar Wars 2: IPR Strikes Back (21 July 2014)




If this email does not display correctly, please click here to view the content online.

Please note the new venue and updated details of the event.


This circular and the registration form may be accessed here.


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Malaysia-1 Day Course on GST Implementation for Professional Service Provider

1 Day Course on GST Implementation for Professional Service Provider




GST IMPLEMENTATION FOR PROFESSIONAL SERVICE PROVIDER
A "Hand-Holding" Programme Where You Will Gain Certainty & Clarity in Your GST Implementation Issues Through The Authority's View
   

         Date                     :  8th September 2014 (Monday), 9.00 a.m. – 5.00 p.m.
         Venue                   Seri Pacific Hotel, Kuala Lumpur (formerly known as Pan Pacific Hotel, opposite PWTC LRT station)
         Trainer                 : Mr. Wan Leng Whatt, Ex Deputy Director of the Royal Malaysian Customs (retired in May 2014)
         Registration Fee : RM 750 - RM 850 per person (For full brochure and registration form, please download HERE)

Malaysian Bar Council

6 CPD Points

(CPD Code : T2/08092014/CCPEK/KL141087/6)

For participants who are registered with the Institution of Engineers Malaysia, Board of Quantity Surveyors, Board of Architects Malaysia, Board of Valuers, Appraisers & Real Estate Malaysia, kindly contact the organiser for the number of CPD hours. 

INTRODUCTION
On 7th April 2014, the Goods and Services Tax (GST) Bill 2014 was passed in the Dewan Rakyat. The Bill will pave the way for GST of 6% to be imposed from 1st April 2014 onwards. Under the GST 2014 Bill, any person who is liable to be registered but fails to register commits an offence and shall, on conviction, be liable to a fine not exceeding RM50,000 or to imprisonment not exceeding 3 years or both.

The penalty rates for failure or late payment of GST is 5% for 30 days and the penalty rate increases every 30 days up to 25% for 181 days and more. Therefore, meeting the GST compliance is no longer an option but mandatory to save business owners severe financial implications and company's reputation.

Until to date, many are still confused with the complex GST treatments and are unable to get definite answers on how to adhere and comply with GST. Hence, this 1 day course is designed to equip participants with the necessary knowledge on Malaysian GST concept, legislation and its impact on your business. It will focus on the practical application of the tax and further provide an opportunity for participants to discuss their transactions and practical situations and provide them with clear and concise answers to their GST implementation.

OBJECTIVES

·    Learn first hand updated GST development in Malaysia.
·    Gain knowledge of the GST regime, framework and how to register.
·    Know how to manage transitional issues on GST implementation.
·    Gain awareness of factors to be considered in getting ready for GST compliance (Tips on GST compliance).
·    Understand accounting format for GST.
·    Learn how to apply the correct GST treatment to your business transactions.
·    Learn the requirements relating to submission of GST Returns.

PROGRAMME OUTLINE
8.00 am - 9.00 am          
Registration

9.00 am - 5.00 p.m.

1. GST FRAMEWORK AND REGISTRATION
·      Types of Supply
·        Proposed Malaysian GST Model
·        Imported Services
·        Registration for GST

2. ACCOUNTING FOR GST
·     Charging Output Tax
    - Full Tax Invoice
    - Simplified Tax Invoice
    - nvoice Quoted in Foreign Currency
·      Entitlement of Input Tax
    - Claiming Input Tax
    - Incidental Financial Services
    - Blocked Input Tax
    - Criteria to Claim Input Tax
·      Accounting Basis
    - Invoice Basis
·      GST Adjustments
    - Credit Note and Debit Note
    - Bad Debt Relief
·      Filing of Tax Return
·      Payment of Tax
·      Record Keeping

3. PREPARING FOR THE TRANSITIONAL PERIOD
·      Transitional Issues
    - Supplies Spanning GST
    - Non Reviewable Contract
    - Special Refund
    - Effects of Service Tax Act 1975

4. IMPACT AND GST TREATMENT ON PROFESSIONAL SERVICE PROVIDERS
·       Professional Service Providers i.e. Lawyers, Tax Consultants, Accountants, Engineers, Architects, Surveyors, Valuers, Registered Real Estate Agents etc.
·       International Services
·       Other Service Industries
·       Disbursements
·       Employee Benefits

5. GST UPDATES
     WHAT SHOULD YOU DO FROM NOW?
·       GST Latest Updates
-  Registration of Foreigners
-  Price Display and Pricing under GST
-  Islamic Financial Services
-  Tourist Refund Scheme
-  Limousine Services and Hotel Taxis
-  Hotel Accommodation
-  Tax Codes and GAF Format

TRAINER'S PROFILE

MR. WAN LENG WHATT

Ex Deputy Director of the Royal Malaysian Customs

Mr. Wan was the Deputy Director of the Royal Malaysian Customs attached to the GST Special Unit of the Customs Headquarters, Putrajaya. He had 34 years of experience on tax matters in the areas of service tax, sales tax, import, export and most importantly of all the goods and services tax. Mr. Wan has just recently retired from the Customs in May 2014.

He was part of the MOF/Customs team responsible for the setting up of GST policies, model and procedures since 1993. As a member of the GST team, Wan had visited Canada, UK, Netherlands, Australia, New Zealand, Thailand and Singapore to study the various countries on VAT/GST practices. Recognised for his knowledge on GST, he had participated in international forums to discuss practical issues and solutions.

He was a lead member entrusted with the drafting of the GST Act 2014, GST Regulations and GST Orders. Being an experienced member, he had been chairing meetings and leading the GST teams to discuss GST issues and policies with many industries and actively engaged in numerous public consultations and presentations pertaining to GST preparation and implementation.

With his in-depth experience, both practical and academic, he is indeed one of the most suitable and capable GST guru for us to learn from.

WHO SHOULD ATTEND ?

·       Professional Service Providers i.e. Lawyers, Tax Consultants, Accountants, Engineers, Architects, Surveyors, Valuers, Registered Real Estate Agents etc.
·       Lawyers, Engineers, Architects, Surveyors, Valuers, Registered Real Estate Agents
·       Auditors, Accountants, Tax Agents, CFO, Treasurers, Financial Controllers
·       Directors, CEO, COO, General Managers, Office Managers and Executives
·       Consultants
·       And other related professionals and service providers.



ORGANISER:

Emerge Knowledge Connection Sdn. Bhd.
43-3, Jalan Puteri 2/3,
Bandar Puteri,
47100 Puchong,
Selangor Darul Ehsan.

Contact Person : Puan Nafisah/ Puan Norhamimi

Tel :  03-80277228, 03-80635430
Fax : 03-80636626
Email:    : admin@emergekc.com.my

Notes :
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Malaysia-Humanitarian Fund for the Palestinians

Humanitarian Fund for the Palestinians





​________________________________________________________________________________________________________________

Circular No 156/2014
Dated 17 July 2014
To Members of the Malaysian Bar
Humanitarian Fund for the Palestinians
The Bar Council has set up a humanitarian fund to collect donations from Members of the Bar to assist Palestinians affected by the current Israeli-Palestinian conflict.
Donations can be made by:
(1) direct deposit to CIMB Bank Berhad (Account: 8000281191; SWIFT code: CIBBMYKL); or
(2) cheque or bank draft, payable to "Bar Council"; or
(3) cash, at the Ground Floor of the Bar Council Secretariat.
To contribute, please complete and submit the attached reply slip, together with proof of payment, to Roslina Razak by fax at 03-2050 2133 or by email at finance@malaysianbar.org.my.  Please indicate "Palestine Humanitarian Fund" on the back of the cheque or on the bank-in slip.

Please note that all donations should reach us by 25 July 2014 (Friday).
It is hoped that the legal community will once again rise to the occasion and show that we care for the unfortunate victims in the Israeli-Palestinian conflict.
Should you have any enquiries, please contact Nurhidayah Johari, Officer, by telephone at 03-2050 2120 or by email at nurhidayah@malaysianbar.org.my.
Thank you.
Christopher Leong
President
Malaysian Bar
This circular and the attachment may also be accessed here.



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Proview eBook Bi-Weekly Offer - Get your copy at 20% off!

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