Is waiver of debts taxable?

    Companies write off bad debts for a multitude of reason: the debtor has gone bankrupt or is under liquidation, disproportional effort to recover the money owed or just simply to recover as much as possible and get on with life. For the debtor, there are 2 ways that this write off might affect… Continue reading Is waiver of debts taxable?

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The differences between Income Tax Act, Public Rulings and PU order

Unknown to most, the Income Tax Act 1967 is not the only piece of document that has the force of law. When determining the deductibility of expenses and whether income from a certain source is subject to tax, tax consultants (me) would refer to several places and with reference to various other documents to make… Continue reading The differences between Income Tax Act, Public Rulings and PU order

Exclusion clause, a turning point ?

So I was just casually browsing the web when an article piqued my interest. ‘Bank can’t use exclusion clauses to escape liability, court rules’. This piqued my interest for several reasons. However, let me simply explain what is exclusion clause and what this ruling means.The word ‘exclusion clause’ would be familiar to law student. It… Continue reading Exclusion clause, a turning point ?

Budget 2019 Malaysia for the Malaysian Millenials

Last Friday, 2 November 2018, marks the first national Budget by the new government ever since the independence of Malaysia. As much as this is a historic and monumental event it is, it is also a day which would affect 32 million people coupled with a balancing act to solve the growing national debt hence… Continue reading Budget 2019 Malaysia for the Malaysian Millenials

5 Survival Tips for Students Awaiting CLP Results

It is only a couple of days away from the release of the long-awaited Certificate In Legal Practice (CLP) examination that was held in July 2018. What is the CLP exam? Every year, many hopefuls take the CLP exam in hopes of becoming a “qualified person” under the Legal Profession Act 1976 (“LPA”), which is… Continue reading 5 Survival Tips for Students Awaiting CLP Results