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 ACCA V7, Global Body for Professional Accountants

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nothingz
post Mar 19 2012, 09:12 AM

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QUOTE(lovecorruption @ Mar 19 2012, 12:51 AM)
do i need LCCL before can take ACCA? or i can just directly take ACCA.
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as per the latest feedback from one of our members here, you need to start from FIA instead of ACCA F1 even for mature students (21 years old and above)


Added on March 19, 2012, 9:16 am
QUOTE(Blofeld @ Mar 18 2012, 06:53 PM)
Thanks a lot.
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not all medical expenses for yourself are deductible, only for serious disease such as heart problem, cancer, diabetes etc or other illness certified by doctor as serious disease

This post has been edited by nothingz: Mar 19 2012, 09:16 AM
nothingz
post Mar 21 2012, 11:19 PM

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QUOTE(tzxsean @ Mar 21 2012, 09:38 PM)
can anyone tell me what is the difference between investment tax allowance (ITA) and reinvestment allowance (RA)?

other than qualifying projects, 36 months at least after commenced operation, tax resident company?

precisely, i'm looking for the reason company choose ITA over RA and vice versa since the incentives are very similar
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ITA and Pioneer Status you need to apply to Ministry of Finance or MIDA. RA you don't need to apply, you can just claim if you feel that you are qualified. RA is limited to manufacturing/agricultural (rearing chickens and ducks) companies while ITA and Pioneer status are not.

Capital intensive projects will better go for ITA instead of Pioneer Status. Those cash cows/high level profit companies better go for Pioneer Status. 2 of them are mutually exclusive (choose either one). ITA and Pioneer Status are awarded to approved projects such as R & D, agriculture, tourism (hotels) etc.

RA is only for manufacturing/agricultural companies who meets the criterias, such as modernisation. The definition of manufacturing was redefined by IRB in 2010 (IINM) therefore read carefully. The scope that ITA claims should be wider than RA

QUOTE(Blofeld @ Mar 21 2012, 10:29 PM)
Ohhh, i see.

ok here is my true story.

I'm working full time.

I took some normal blood test for my personal annual medical check-up. I did not claim from company since I did it at BP Health Lab.

Also, I'm doing part-time postgraduate studies at a local public university. I did not claim from company.

Is that blood test medical expenses deductible?

And

Is the tuition fees in a local public university deductible?

Thanks in advance, bro.
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medical check up can claim up to RM500 annually under the self medical fees relief. part time studies can claim personal relief depends on what field you are studying. this should be the list you can claim - law, accounting, Islamic financing, technical, vocational, industrial, scientific or technological skills or qualifications

This post has been edited by nothingz: Mar 22 2012, 09:05 AM
nothingz
post Mar 22 2012, 09:06 AM

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QUOTE(White Knight @ Mar 22 2012, 06:36 AM)
I am amazed and you're a real tax expert. Well done. This is the quality of acca grad.
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these are basics only, i only know little since these are rare cases

This post has been edited by nothingz: Mar 22 2012, 09:07 AM
nothingz
post Mar 22 2012, 11:36 AM

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QUOTE(tzxsean @ Mar 22 2012, 11:13 AM)
actually...for RA , approved project and agriculture are allowed to use it as well ..

the difference you mentioned earlier I already know about it, apart from the % thing on Statutory income and QCE for different industries for ITA

it's harder to know what split ITA and RA apart

my lecturer said usually IRB will suggest company who failed to get ITA to apply RA if i'm not mistaken...

then she asked us to find out what's the difference...

for tax treatment it's really similar... unabsorbed allowance and business loss can be c/f..just tat RA can be used for 15 consecutive years

so like for manufacturing company who can apply either ITA or RA (ignore PS) .. how to choose since I duno how to determine

which 1 is better?
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ITA you need to apply from MOF or MIDA but RA, you don't need to do any application.

for the rest, read what i sent to you
nothingz
post Mar 23 2012, 02:22 PM

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lol, get a new TS, start a new version. almost 2.5k post already

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