Is electronic receipts for tax valid?

We would say keeping receipts is still the best way to assess your business annual spending accurately. The key to success lies in commitment to a system that makes it more like a daily habit than a chore.

The deadline to file taxes slowly approaching, you start checking your home on a mad hunt to cull all those receipts from business trips, work lunches and any other necessary expenditure that might help you improve your chances of reduce your chargeable income. The best solution from e-BizBook community = Snap every single business receipts paid with cash via mobile phone, then print it or sort it with your tax accountant once a year. receiptThere is whole lot of app in smart phone that help snap receipts, choose what that suit your needs.

So, whether scanned, photographed or otherwise electronic receipts are legal and accepted by the for tax purposes? Read more

Your idea, Your brand, Protect it!

Trademarks are often some of the most valuable assets of a business – legend has it that Coke® is the second most well known word in the world after “hello.” The Google® brand is estimated to be worth more than $20 billion. A trademark is a brand name, logo, or slogan that distinguishes your business’ products or services from those of competitors. Regardless of how big or small the business, the value and protection of brands is critical, particularly in the online word of today where domain names and user names such as Facebook® and Twitter® can be key to connecting with customers.

brandHere are five ways to strengthening your trademark protection:

1. Choose Your Brand Name Wisely
The more creative your brand name is, the greater the odds that it is unique. A more distinctive and create name or slogan is generally more capable of standing out among the competition and becoming a brand with real value. Which sounds like a more exciting brand, a more valuable brand: “Jim’s Gym” or “Vantage Fitness“? “Cincinnati Frozen Yogurt” or “fraîche”? “Joe’s Pizza” or “Pie-tanza”? “” or “Google”? Read more

Proper Bookkeeping Records? Why we care?

After all this time it still amazes me that business owners don’t understand the importance of having good records. They usually hire a clerk to do their taxes and then forget about it.

The problem – it’s not enough. I truly believe that a business where the owner understands the importance of good numbers is one of the main things that separate successful businesses from those that failProper Bookkeeping Records
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Malaysian Source Income

Malaysia income tax is based on territorial concept. Tax on income derive from Malaysia for resident/non-resident. Thus employment and business income that exercised in/rendered in Malaysia liable to tax, regardless place of payment/contract is signed.

However, with effect from the year of assessment 2004, income received in Malaysia from outside Malaysia is exempted from tax. Hence, an individual, either or non-resident, is taxable only on income accruing in or derived from Malaysia.
Malaysia source income
Taxability of income in short: –
a)X capital (sell properties/share)
b)Derived during the year
c)In Malaysia
d)By any person (any age) Read more

GST Introduction

GST is a broad based consumption tax borne by end consumers. It is a tax collected at every level of supply chains, production and distribution. It is a tax on the value added at each stage of the chain which is the difference between the tax on sales and purchases.

GST shall be levied and charged on the taxable supply of goods and services made in the course or furtherance of business in Malaysia by a taxable person. GST is also charged on the importation of goods and services.


A taxable supply is a supply which is standard rated or zero rated. Exempt and out of scope supplies are not taxable supplies.

GST is to be levied and charged at the proposed rate of 4% on the value of the supply.

GST can only be levied and charged if the business is registered under GST. A business is not liable to be registered if its annual turnover of taxable supplies does not reach the prescribed threshold. Therefore, such businesses cannot charge and collect GST on the supply of goods and services made to their customers. Nevertheless, businesses can apply to be registered voluntarily.

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