Kevin Goh’s Post

EMPLOYMENT (RECOGNIZED APPROVED ISSUER OF A DESIGNATED PAYMENT INSTRUMENT) ORDER 2024 Good news for employees who are blacklisted by banks!!! The Minister of Human Resources has issued the Employment (Recognized Approved Issuer of a Designated Payment Instrument) Order 2024 (please refer to attachment) which recognised the following: 1. Bayo Pay (M) Sdn. Bhd. 2. FINEXUS Cards Sdn. Bhd. 3. Merchantrade Asia Sdn. Bhd. 4. MobilityOne Sdn. Bhd. 5. TNG Digital Sdn. Bhd. 6. BigPay Malaysia Sdn. Bhd. as approved issuer of a designated payment instrument for the purpose of payment of wages with effect from 1 Aug 2024 to 31 July 2027. Employers may pay wages through any of the above mentioned approved issuers. Please feel free to:- a. drop me a friend "Connect" request or "Follow" me so that you will not miss my future posts. Don't worry, I won't spam you; or b. "Like", "Repost" or "Send" if you appreciate this post; or c. private message me for your in-house or public training needs or collaboration opportunities. d. share your personal experiences, thoughts, doubts, comments, feedback, brickbats, whatever in the "Comment" section below. Cheers. #misconducts #discipline #poorperformance #DI #domesticinquiry #employmentact #EA #employmentlaws #sexualharassment #industrialrelations Credit and Thanks: Ms. Saraswathi Ravindran. Source: Attorney General's Chambers of Malaysia.

Malaysia has been experiencing exponential growth, especially in the digital realm. The Malaysian Tax Authority's announcement to introduce e-invoicing by August 2024 is a significant milestone. What does this mean for businesses? How will it benefit them? E-invoicing marks a shift from manual paperwork to enhanced visibility, regulatory compliance, and cost savings. Embracing this digital transformation is crucial, and now is the perfect time to consider partnering with a trusted service provider. At Complyance, we’re passionate about supporting emerging businesses. Our e-invoicing solutions optimize your processes for efficiency from the start. Reach out to us for guidance and tailored recommendations to make a seamless transition to e-invoicing. #MalaysiaGrowth #DigitalTransformation #EInvoicing #BusinessEfficiency #TaxCompliance #CostSavings #RegulatoryCompliance #EmergingBusinesses #Complyance #InnovationInBusiness

Malaysia has been experiencing exponential growth, especially in the digital realm. The Malaysian Tax Authority's announcement to introduce e-invoicing by August 2024 is a significant milestone. What does this mean for businesses? How will it benefit them? E-invoicing marks a shift from manual paperwork to enhanced visibility, regulatory compliance, and cost savings. Embracing this digital transformation is crucial, and now is the perfect time to consider partnering with a trusted service provider. At Complyance, we’re passionate about supporting emerging businesses. Our e-invoicing solutions optimize your processes for efficiency from the start. Reach out to us for guidance and tailored recommendations to make a seamless transition to e-invoicing. #MalaysiaGrowth #DigitalTransformation #EInvoicing #BusinessEfficiency #TaxCompliance #CostSavings #RegulatoryCompliance #EmergingBusinesses #Complyance #InnovationInBusiness

In a recent incident, one of our team members, Hafidzah Abdullah, discovered an unexpected deposit of RM400 million in her bank account. This error, caused by a combination of human error and technological advancements, highlights the importance of ongoing training for employees. While the bank employee's mistake cannot be entirely dismissed, it's crucial to recognize that rapid technological changes can contribute to such errors. As systems evolve and processes adapt, employees may find themselves navigating unfamiliar territory, potentially leading to lapses in judgment or procedural errors. This incident serves as a stark reminder that training is not an expendable luxury but a necessary investment in preventing costly mistakes. Embracing continuous training allows employees to stay abreast of the latest technologies, refresh their understanding of established procedures, and adapt to the ever-changing landscape of their roles. Investing in employee training not only safeguards against costly errors but also enhances overall productivity and job satisfaction. By equipping employees with the knowledge and skills they need to excel in their roles, organizations foster a culture of competence and confidence, ultimately leading to a more successful and resilient workforce. Therefore, rather than viewing training as an unnecessary expense, businesses should recognize it as a strategic investment that protects their bottom line and empowers their employees to contribute to the organization's long-term success. Upskill your employee with Malaysia HR Forum with a long list of training courses. Get it here: https://lnkd.in/gbKN2vjT #MalaysiaHRForum

Incoming news for Malaysian businesses with respect to E-Invoicing- The Inland Revenue Board of Malaysia has announced a 6-month flexibility period for the mandatory e-Invoicing implementation. During this time, companies can issue consolidated e-Invoices, including self-billed ones, and include any transaction descriptions. The consolidated invoices would only need to be submitted monthly No prosecution for non-compliance will occur if the consolidated e-Invoice requirements are met. Plus, there's a bonus for early adopters: a reduced capital allowance claim period for IT equipment and software purchases. Details can be found in the attached press release that was released on Friday https://lnkd.in/eG-gU9Ta #globaleinvoicing #malaysia

🇲🇾 e-invoicing in Malaysia 🇲🇾 Malaysia Digitial Economy Corporation (MDEC) and Lembaga Hasil Dalam Negri (LHDN) are working on two initiatives: 1) Digitalising businesses through electronic invoicing and more specifically; Peppol - driven by MDEC. 2) Reporting of electronic invoices to LHDN, facilitating efficient tax filing - driven by LHDN. Delivery of electronic invoices to LHDN’s MyInvois platform will apply to all taxpayers engaged in commercial activities in Malaysia, encompassing business-to-business (B2B), business-to-consumer (B2C), and business-to-government (B2G) transactions. The initiative includes several phases: - Pilot Phase: The specifics of the pilot phase are yet to be confirmed. - Phase One: Commencing from 1 August 2024, this phase will apply to businesses with a turnover exceeding RM 100 million. - Phase Two: Starting on 1 January 2025, this phase targets businesses with turnovers ranging between RM 25 million and RM 100 million. - Phase Three: From 1 July 2025, e-invoicing will be mandatory for all remaining businesses in Malaysia. #einvoicing #CTC #Malaysia #Peppol #ereporting

The lack of transparency in Buy Now, Pay Later (BNPL) services, particularly concerning fees and late payment penalties, is a growing concern. In my commentary in The New Straits Times Press (Malaysia) Berhad, I highlighted the urgency for regulatory measures. The rise of BNPL schemes, while boosting retail spending, has led to increased consumer debt. Low-income and less-educated individuals are particularly vulnerable, often sacrificing long-term financial stability for short-term gains. Recent data from Bank Negara shows a worrying 17% increase in overdrafts among BNPL users in Q4 2022. This trend highlights the need for greater financial literacy and cautious spending habits. The upcoming Consumer Credit Act by Bank Negara Malaysia aims to provide a regulatory framework for non-financial companies offering credit. This act is set to introduce critical safeguards, including mandatory affordability assessments and clearer disclosure of credit terms. These regulations will parallel those already in place for credit cards, ensuring a level playing field for all credit consumers. This move is essential for promoting responsible and sustainable credit use in Malaysia. As BNPL services continue to grow, it is crucial for policymakers to address these transparency issues and protect consumers from the risks of unchecked credit provision. Thank you Faiqah Nasuha Kamaruddin for putting the piece together. https://lnkd.in/gc-zN-4T #BNPL #ConsumerProtection #FinancialRegulation #Transparency #ResponsibleCredit #FinancialLiteracy #BankNegaraMalaysia #ConsumerCreditAct

Exploring Different E-Invoicing Models in Malaysia 🌐 In this insightful video, we delve into the various e-invoicing models utilized in Malaysia and their impact on business efficiency. Discover how LHDN Malaysia is pioneering digital invoicing solutions to streamline financial transactions and ensure compliance. Whether you're a business owner, finance professional, or just curious about innovative tax solutions, this video is for you! Stay ahead in the world of digital finance and taxation. Watch now to learn more! 📹 #EInvoicing #LHDNMalaysia #DigitalTransformation #BusinessInnovation #Finance #TaxCompliance #MalaysiaBusiness

The clock is ticking!⏲️⏲️ e-Invoicing will be mandatory in Malaysia from 1st August 2024, requiring businesses to grasp the phased implementation strategy outlined by the Inland Revenue Board of Malaysia (IRBM). This guide encapsulates essential details for ensuring adherence to government standards. Swipe left to prepare ahead and embrace the future of invoicing in Malaysia. You can also read more here to navigate the seamless implementation process: https://ow.ly/XXMU50Rm7Jn #IRBMalaysia #MalaysiaEInvoicing #DigitalTaxCompliance #TaxCompliance #einvoicing #BusinessAutomation #einvoice #FintechMalaysia #APAC #InvoiceProcessing #LHDN #B2BInvoicing #DigitalInvoicing

e-Invoicing will be implemented in Malaysia in stages starting from 2024. starting with businesses with turnover of RM100m or more. Implementation is mandatory. How are you impacted, and what do you need to do to prepare for it? https://lnkd.in/gKu-teFA #abss #myob #einvoicing #malaysia