ABSS Accounting v28.8 ABSS Premier v23.8 Released March 2021 In this release, ABSS has extended the tax code, company name character limits, and improved time for report generation. Extended Tax Codes characters limit To cater to the various length of the tax code characters provided by the authority, ABSS have extended the maximum length of…
Form CP22 This is required to be submitted by the employer for newly recruited employees Form CP22A When an employee ceases employment, the employer needs to submit CP22A Both CP22 & CP22A have to be submitted to the nearest assessment branch within one month of the employee joining/leaving the company. Form CP58 This is a…
Released January 2021 Compliance updates Personal income tax rate update Tax calculations have been updated in line with the budget that was tabled. These rates come into effect from 1st January 2021. The tax rate for resident individuals with chargeable income in the band of RM50,001 to RM70,000is reduced to 13%. See below for the…
With the release of ABSS Accounting v28.3 and ABSS Premier v23.3, ABSS included a financial analysis report. This report helps business owners understand how their business is performing and identify areas that would need improving. Before you can start using this report, you will need to set it up within your company file. Edit account…
Released June 2020 In this release, ABSS have made compliance updates to Sales & Service Tax (SST) reports as well as introduced enhancements. Compliance updates SST02 include overdue Service Tax New checkbox “Include Overdue Invoices Since 1-Sep-2018” added to allow user capture past overdue invoices from SST effective date (1st Sept 2018) onward. User is…
From January 2019, LHDN began requesting selected employers to provide payroll details for audit. Employers who received notification were required to provide: Employee Master File Payroll Register, and, Payroll Chart of Account. With the release of ABSS Payroll v11 in January 2020, you can now generate the LHDN Audit file when required. To access this…
Released January 2020 Personal Income Tax Rate Update Tax calculations have been updated to comply with the new changes as announced in Malaysian Budget 2020. A new chargeable income band now introduced for resident individual with income exceeding RM 2 million. The fixed income tax rate for non-resident individuals is increased from 28% to 30%…
Released September 2019 In this release, ABSS have extended tariff code selection into all types of Sales layout.Also included are SST compliance updates and some minor enhancements. New SST tax types New SST tax types, as shown in the table below have been added for use in line with Royal Malaysia Customs Department (RMCD) requirements…
Tax Relief Updates Contribution to Employee Provident Fund (EPF) and life insurance premium is now separated as follows: Contribution to EPF – up to RM4,000 Life Insurance Premium – up to RM3,000 Net savings in SSPN – increased up to RM8,000 Removal of Tax Relief for Housing Loan Interest Paid Compliance Update In compliance with…
