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~ How To Check No-Claim Discount (NCD) For Free?

Posted by faisalrenzo on July 9, 2011

Are you looking for your current No-Claim Discount (NCD) status for renewing car insurance? If you do, you are at he right place. I am going to show on how to get it online for free. No more unnecessary headache to obtain the status.

You can obtain No-Claim Discount (NCD) status for free in 3 easy steps as below,

  1. Browse to ISM Insurance Services website.
  2. Key-in your Vehicle Registration Number, Identification Number, Name, e-mail & Contact Number.
  3. Click “Enquire NCD” Button. Your current NCD status will be displayed on the screen.

This services is a provided by ISM Insurance Services Malaysia Berhad to allow publics to check their latest NCD status.

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~ How Much Is The New Motor Insurance Premium?

Posted by faisalrenzo on July 8, 2011

Recently, Bank Negara Malaysia (BNM) announced that motor insurance premiums will be gradually increased starting from 2012 until 2015. The premium adjustments will only apply to the bodily injury portion of motor insurance, which will be de-tariff and liberalized in 2016.

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~ Call For Greater Global Regulation Of Islamic Finance Shariah Advisors

Posted by faisalrenzo on July 7, 2011

KUALA LUMPUR  – A global authority may be set up to oversee Islamic finance sharia advisers, a religious scholar said, amid calls to address the fragmented regulation which threatens to slow the industry’s growth.

The role of sharia scholars has been a growing point of debate as the $1 trillion industry’s rapid rise raises issues such as the shortage of advisers, conflicts of interest and a lack of transparency in their rulings.

Sharia scholars shape the direction of the Islamic finance industry by issuing fatwas on financial instruments and banking practices.

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Posted in Islam, Knowledge, Takaful & Medical | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

~ Who Regulates The Islamic Finance Industry?

Posted by faisalrenzo on July 5, 2011

Here is some information about the main bodies tasked with overseeing the sector and the challenges they face.

SINGAPORE/NEW DELHI  : Overseen by a patchwork of regulators and religious authorities, the Islamic finance industry has taken major steps to standardise products and reduce the regulatory uncertainty that is seen as impeding development of the market.

The debate over regulations flared last year when compliance of some Islamic bonds with syariah was thrown into question by the industry auditor, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Differing interpretations of the syariah also make regulation across jurisdictions a tricky task. For example, some Islamic contracts such as the bai bithaman ajil (deferred payment sale) are approved by Malaysian regulators but rejected by those in the Middle East.

Here is some information about the main bodies tasked with overseeing the sector and the challenges they face.

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Posted in Islam, Knowledge, Savings & Investments, Takaful & Medical | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »

~ 2010 Income Tax Exemptions, Deduction, Rates, Reliefs and Rebates

Posted by faisalrenzo on June 29, 2011

Similar to previous years, this is the time where we have to prepare and submit individual income tax return form to IRB. For 2010 individual income tax, the last date to submit the individual income tax return form is on the 30th April 2011.

Any delay is subjected to penalty as below;

Any tax due and payable but has not been paid by the taxpayer by the due date shall be increased by 10% and any balance remaining unpaid upon the expiration of 60 days from the due date shall be further increased by 5% of the balance unpaid.

Read more to find out more information on tax exemption, deduction, rates, reliefs and rebates for individual for year 2010.

If you are not sure what are tax exemption, rates, reliefs and rebates, you can read here.

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~ Tax Perks

Posted by faisalrenzo on June 28, 2011

 

Flat 15 per cent rate, two duty-free cars to woo Malaysians home.

KUALA LUMPUR: Malaysia is dangling new carrots, including a flat income tax rate, in its effort to woo back those working abroad.

Prime Minister Datuk Seri Najib Razak said returning Malaysians would be eligible for a flat income tax rate of 15 per cent for five years, under the new transitional income tax incentive.

“I certainly hope these changes will encourage more Malaysians working abroad, with their varied experience and expertise, to return and play an active part in our country’s economic transformation,” he told a 2,000-strong crowd of local and foreign fund managers as well as corporate executives at the Invest Malaysia conference yesterday.

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~ Tax Cuts In The Pipeline

Posted by faisalrenzo on June 27, 2011

Johor Baru: The government is considering reducing corporate and individual taxes in the Budget 2012 to be tabled in October.

Deputy Finance Minister Datuk Donald Lim Siang Chai said the tax reductions could be made once the implementation of the long-awaited goods and services tax (GST) takes place.

“There are more than 225 countries in the world that have already implemented the GST and Malaysia too will implement it soon,” he said after launching Pantech Stainless & Alloy Industries Sdn Bhd’s new RM100 million factory in Pasir Gudang Industrial Estate here yesterday.

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Posted in Knowledge, Tax Planning | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

~ Principles and Mechanics of Goods and Services Tax

Posted by faisalrenzo on June 25, 2011

Falling into the family of indirect taxes, the GST is intended to replace the Malaysian service tax and sales tax. GST will be introduced gently and at a rate that would not burden the poor or the middle-class.

It is assumed that the Royal Malaysian Customs would be the authority in charge of administering the GST.

The GST, also known as a consumption tax, is a tax levied on supplies of goods and services. To the man on the street, it is incurred only when money is spent.

If no consumption occurs, no GST is suffered by the individual. This can be contrasted with an income tax which is payable when income is generated.

Hence, some have viewed the GST as a more equitable means of collecting revenue for the government as it matches the tax with the ability to pay.

A number of countries including Singapore, Thailand and Australia, have already adopted a similar type of indirect tax.

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~ Tax Legislation : Terms and Their Meanings

Posted by faisalrenzo on June 23, 2011

If you are like the average taxpayer, chances are you are often confused by the terms “deduction”, “allowance”, “relief”, or “exemption”.

These words are not given separate meanings in the tax legislation but they all operate to reduce your tax bill. It is helpful to distinguish them and to know the meanings usually attributed to them.

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Posted in Child Education Planning, Knowledge, Life & Medical Insurance, Takaful & Medical, Tax Planning | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

~ Tax Relief & Rebates

Posted by faisalrenzo on June 21, 2011

Tax Relief for Resident Individual

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Posted in Child Education Planning, Knowledge, Life & Medical Insurance, Takaful & Medical, Tax Planning | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a Comment »