Jaz’s Post

e-Invoicing in Malaysia The Malaysian government is rolling out e-Invoice gradually to make tax management smoother as part of their plan to boost digital services. This new system lets businesses quickly validate and save transaction records for sales to other businesses, consumers, and the government. For businesses, there are two ways to send e-Invoices to the tax authority: 1. MyInvois Portal: – It’s like a website run by the tax authority. – Anyone can use it for free, even if they don’t have special connections. Read more at https://lnkd.in/gxjKGqGY

Navigating #bookkeeping and accounting in Vietnam presents unique challenges for foreign investors with subsidiaries in the country. The intricate regulatory landscape, frequent updates to financial laws, and cultural nuances require meticulous attention. Understanding these complexities is essential for compliance and optimizing financial operations, ensuring successful business ventures in this dynamic market. In this article, we seek to explain in practical terms what are some of the core challenges and specific processes related to undertaking bookkeeping and accounting in Vietnam. 💡 Read more about Bookkeeping and accounting in Vietnam: https://lnkd.in/g6DEV6uZ

The Inland Revenue Board of Malaysia (IRB) is simplifying the transition to e-invoicing under the new MyInvois system, which does not necessitate costly new software purchases. The IRB emphasizes compatibility with existing accounting tools, allowing businesses to use current accounting software while seamlessly integrating with the new system. To align with the timeline of the implementation, accountants should soon verify the compatibility of existing systems with the MyInvois API and consider participating in available training sessions to get up to speed. How do you think Malaysia's pace in adopting e-invoicing compares with other Asian countries? How would this e-invoicing implementation speeds up or slows down ongoing digital transformation initiatives across all accounting firms? Share with us your thoughts. #Accounting #MyInvois #IRB #LHDN #Tax #Technology #SaaS #Software #Malaysia #Audit

A Comprehensive Guide to Saudi Zakat Tax Second Phase (Phase II Integration) What Is Zakat Tax? Zakat is an obligatory contribution for Muslims, often viewed as a form of wealth purification. In Saudi Arabia, it is enforced as a form of taxation, regulated by the Zakat, Tax, and Customs Authority (ZATCA). Businesses operating in the Kingdom, particularly those owned by Saudi nationals or GCC residents, are mandated to comply with Zakat regulations. Understanding the Second Phase of Zakat Tax Integration The second phase, or Phase II Integration, is part of ZATCA's digital transformation strategy. It builds upon the foundations laid in Phase I, emphasizing compliance, transparency, and enhanced operational efficiency. Key Features of Phase II Integration 1.⁠ ⁠Enhanced Digital Integration:     Businesses are required to integrate their accounting systems with ZATCA’s digital platform to ensure real-time reporting and verification. 2.⁠ ⁠Mandatory E-Invoicing:     Phase II emphasizes electronic invoicing (e-invoicing) compliance. Companies must ensure their systems meet the technical and security requirements set by ZATCA. 3.⁠ ⁠Compliance with Unified Filing Requirements:     ZATCA now mandates unified filing of Zakat returns, aligning with international best practices for tax reporting. Who Is Affected by Phase II? The second phase applies to businesses falling under the Zakat system. These include:   •⁠ ⁠Saudi-owned companies.   •⁠ ⁠Mixed ownership businesses with Saudi or GCC nationals holding significant stakes.   •⁠ ⁠Certain non-profit organizations and associations subject to Zakat.   Preparation Checklist for Businesses To ensure a smooth transition to Phase II, businesses should take the following steps: Benefits of Phase II Integration 1.⁠ ⁠Improved Transparency:     The digital reporting framework ensures accurate representation of financial data, fostering trust with ZATCA.   2.⁠ ⁠Streamlined Compliance:     Businesses benefit from a standardized process, reducing administrative burdens and errors.   3.⁠ ⁠Enhanced Economic Stability:     Phase II promotes fair contributions, ensuring resources are allocated for public services and development projects.  Important Deadlines ZATCA has set specific timelines for compliance. Businesses must ensure adherence to these dates to avoid penalties. It’s crucial to regularly check for updates directly from ZATCA’s website or authorized sources. Final Thoughts The Saudi Zakat Tax Second Phase (Phase II Integration) represents a pivotal shift in the Kingdom’s tax landscape. By embracing this transformation, businesses can not only ensure compliance but also contribute to Saudi Arabia's vision of a diversified and sustainable economy. Contact us to know more about Zakat Tax Second Phase Integration: 8754813368 https://lnkd.in/dmzKnZWD

Stay tuned! Discover the Advantages of Accounting Outsourcing in China with Cathy Tax Firm. Explore how China's robust infrastructure and skilled workforce can optimize your financial processes and drive business growth. #AccountingOutsourcing #ChinaAdvantages #FinancialProcesses #BusinessOptimization #CathyTaxFirm #CostEffective #StrategicDecision

THE ACCOUNTANT'S MIND: 2025 AREAS OF FOCUS 1. Digital Tax Reforms Businesses providing digital services such as e-commerce, streaming, and app-based services will need to ensure compliance with the Digital Services Tax (DST). 2. Corporate Tax Reforms. Gok contemplates adjusting corporate tax rates or introduce new incentives, especially for businesses focused on innovation, tech startups, or green initiatives. - Transfer Pricing Guidelines: The KRA continues to focus on transfer pricing rules to ensure that multinational companies are paying their fair share of taxes in Kenya. Accountants will need to be aware of updates to these regulations and help companies in the preparation of transfer pricing documentation. 3. Enhanced Focus on ESG (Environmental, Social, Governance) Reporting - There is an increasing emphasis on sustainability and corporate responsibility. Accountants will play a key role in ensuring these reports comply with local and international standards. 4. IFRS Implementation and Updates - IFRS for SMEs and Full IFRS: Entities are required to comply with the International Financial Reporting Standards (IFRS). In Accountants will need to stay updated on any new IFRS updates, particularly related to financial instruments, leases, and revenue recognition. IFRS 16 (Leases):IFRS 16, which requires companies to recognize nearly all leases on their balance sheets, will continue to be relevant for accountants in Kenya as businesses align their financial reporting with this standard. 5. Taxation of Cryptocurrency and Digital Assets - There's increasing interest in regulating cryptocurrencies. The government may introduce more guidelines or regulations around this area this year. 6. Kenya's Adoption of E-Invoicing and E-Receipts -E-Invoicing System: KRA is expected to continue pushing for the widespread adoption of e-invoicing and e-receipts as this shift aims to reduce tax evasion and improve VAT collection efficiency. 7. Changes in Payroll and Employment Taxation - PAYE& WHT: There may be updates to the tax rates or thresholds for PAYE and other withholding taxes. - NSSF and SHA Contributions: Adjustments in NSSFand SHA contributions, including potential increases in contribution rates, may require updates to payroll systems. 8. Public Sector and Infrastructure Accounting Updates - Public institutions may undergo reforms that affect the accounting systems and financial reporting processes, which accountants in the public sector will need to adopt. 9. Taxpayer Audits and Risk Management - With enhanced data analytics, the KRA is expected to focus on more targeted audits. Accountants will need to be vigilant in maintaining transparent financial records and preparing for potential audits. Accountants, stay updated on these changes, particularly in tax and reporting requirements, in order to guide businesses through an increasingly complex financial landscape.

Finding the right accounting firm in Thailand is a significant challenge for companies in Thailand. Businesses often face a choice between expensive international firms and local firms who may not meet even basic standards, like performing bank reconciliations. This leaves many companies searching for a reliable mid-sized firm that offers professional services and English communication at a fair price. As Thailand continues to update its systems and enforce stricter compliance standards, choosing the right accountant has never been more important. Beyond routine bookkeeping, businesses need an accounting firm who understands their operations and offers strategic tax advice to support long-term success. 🟢 Understanding the Pricing of the Accounting Services Offered When choosing an accounting firm, it's important to understand their pricing model. Most firms provide monthly packages that include bookkeeping and tax filings, such as withholding tax and VAT. Additionally, annual compliance requirements should be considered. Transparency in quotes is essential to avoid hidden and unexpected costs. 🟢 Understanding How the Communication With Your Accountant Works Foreign business owners must assess how their accounting firm handles communication. Effective and quick communication in English or your preferred language is important for addressing inquiries about invoices or documents. It's recommended to make sure you can contact your accountant through messaging platforms like LINE or WhatsApp for quicker responses. 🟢 Does your Accountant Offer Advisory Services? Many firms limit their role to bookkeeping and tax filings, but businesses often need more comprehensive advice. Businesses should confirm whether their accounting package includes advisory services, allowing for quick responses to basic questions without being subject to extra fees. 🟢 Does Your Accountant Truly Understand Your Business? Choosing an accountant familiar with your industry is essential for relevant advice, especially if your business has specific accounting requirements. A knowledgeable accountant can significantly improve business optimisation and compliance with local regulations. ✅ Follow us now for part 2! 👉🏻 Read the full article about how to choose your accounting firm in Thailand here: https://lnkd.in/deB7R7Xa 📞 Consult about accounting or change your accounting with our experts: https://lnkd.in/g8XS94Bb #VBandPartners #AccountingThailand #AccountingFirm #TaxGuidance #ThailandBusiness #AccountantAdvice

The "Tax Declaration - Financial Report Establishment" support program is one of the programs that has special significance for all business partners without accounting staff or businesses with an accounting department but operating ineffectively..... with the scope of application of the program being for all customers who are using services or cooperating with OIA in many different aspects globally. Accounting is a particularly important part of every business and is considered a "vital" step... helping businesses achieve benefits, including: ✔️ Helps businesses save on business costs through professionalism in tax balancing ✔️ Helps businesses avoid the risk of being prosecuted by government agencies for tax evasion or for buying fake invoices ✔️ Helps businesses create a system of high-quality & transparent tax reporting - financial reporting content..... to serve as a foundation for capital mobilization needs, attracting investors & bank loans ✔️ Helps businesses enhance their reputation in front of government agencies & the social community ✔️ Promotes businesses to have a stable career development and growth path. ✔️ Helps businesses to be proactive in controlling the quality of accounting personnel & preventing negative behaviors of the accounting department that can harm the business due to personal interests. .etc This program opens up opportunities for business partners to access excellent accounting human resources at OIA without having to worry about salary and bonus costs & is 100% sponsored by OIA. Business groups, including 👇👇👇 ✔️ SME enterprises ✔️ Mid-sized joint stock enterprises ✔️ Public enterprises - OTC ✔️ Public enterprises - securities ..... This program will be implemented through 4 groups of work content related to accounting operations: ✔️ Tax declaration ✔️ Financial report setup ✔️ Audit content setup ✔️ Tax declaration consulting support ..... In addition, partners who are in the strategic cooperation category under long-term specialized contracts with OIA will be given free of charge all high-quality digital transformation software products - data information security. OIA implements this program with the aim of sharing all difficulties with partners and demonstrating the spirit of readiness to co-exist - develop together in prosperity in the long term. Under the strong impact of AI technology, there will also be strong changes in business tax regulations and tightening of tax management issues from government agencies.... forcing businesses to be more alert and comply more deeply from all aspects of business to avoid regrettable mistakes leading to serious consequences. OIA is ready with the best accounting staff with over 10 years of tax declaration experience & with strong support from a team of lawyers with in-depth experience in business regulations.... OIA hopes to further support all partners to develop their careers stably. #tax #account #law

Empowering German Companies Through Specialized Outsourcing Solutions: As the workforce in Germany continues to shrink, the need for skilled resources has never been greater. At VENKAT TECH GLOBAL SOLUTIONS PRIVATE LIMITED, we specialize in providing tailored outsourcing solutions to help German companies navigate these challenges while ensuring operational efficiency and growth. With a strong focus on: DACH region, particularly Germany, we offer unique advantages that set us apart: German language proficiency: Intermediate and professional levels, ensuring seamless communication. Cultural affinity and local understanding: Collaborating with local partners to offer unparalleled support. Deep domain expertise in German regulations: From DATEV accounting to German GAAP compliance and German VAT regulations, we have the technical skills and knowledge. Our Expertise Includes: Generalist Accountants: Proficient in international GAAP, able to handle a range of accounting activities, including AR/AP management, travel expenses, vendor master management, procurement support, and bank reconciliations. Specialist Accountants: Skilled in managing fixed assets, accounting operations, and more, we provide expert support tailored to your company’s specific needs. Local GAAP Experts: With knowledge of German Local GAAP (Bilanzierung nach § 5 EStG, § 4 Abs. 3 EStG, UStVA), we ensure compliance. DATEV Knowledge: Our team is well-versed in DATEV software, with the ability to support your accounting needs. Why Choose Us? Cost-effective solutions: Without compromising on quality, we offer competitive pricing to ensure your company remains efficient and profitable. Cultural alignment: Our team’s familiarity with German business culture allows us to integrate seamlessly with your operations. Speed and Efficiency: Our hiring and transition timelines are structured to meet your business needs quickly, helping you to scale and grow without delays. At Venkat Tech Global Solutions, we combine German language skills, technical expertise, and cultural understanding to provide the right outsourcing solutions that help your business thrive. Let us help you fill resource gaps, ensure compliance, and achieve sustainable growth in a rapidly changing market. #CFO #Finance #TalentDevelopment #Outsourcing #Buchhaltung #Finanzen #Indien #DSGVO #Datenschutz #DATEV #Steuerberatung #Offshoring #Wachstum #Deutschland #CFO #Bilanz #Unternehmen #SharedServices #SAP #OracleNetSuite #QuickBooks #Germany #Kanzlei #BusinessSolutions #Growth #Finance #Accounting #HR #TrustedPartner #OutsourcingSolutions #KPIManagement #OperationalExcellence #ClientSatisfaction #ServiceExcellence #KnowledgeProcessOutsourcing #CPAUS #SatelliteOffice #Steuerberater #Rechtsanwalt #Wirtschaftsprüfung #Kanzleiberufe #GermanLanguageSkills #GlobalBusiness #SkilledTalent #AccountingServices #VAT #HireToRetire #DACRegion #Austria #Switzerland #Efficiency #OffshoreServices #IndiaOffshore