The MIA Digital Economy and Reporting Insights provides quarterly updates on the areas of digital economy, tax and reporting. The Insights highlights content and initiatives that are of high value to members.
Preparing Accounting Graduates for Malaysia Digital Economy
MIA launched a ‘Report on a Study of Emerging Technology Adoption within the Accounting Programmes by the Higher Learning Institutions in Malaysia’ at the National Accounting Educators Convention 2021: Emerging Technology Adoption on 23 November 2021. The Report addresses the future skillsets of accounting graduates in Malaysia and the incorporation of emerging technologies in the accounting programmes to ensure future relevance. The Report further analyses the approaches to incorporate the emerging technologies into the accounting programmes as well as the delivery of those topics including who best to deliver them. The Report is one of the initiatives under the MIA Digital Technology Blueprint Operational Plan.
You can download the report here and view the launching video here.
Technology Adoption by the Accountancy Profession Survey 2022
Back in 2019, the Institute carried out a similar survey and the findings have been used in the implementation of the MIA Digital Technology Blueprint (Blueprint). The findings of the 2019 survey can be read at Technology Adoption by the Accountancy Profession in Malaysia. It is now timely for the Institute to undertake this Survey to ascertain the progress since the 2019 survey. As digital adoption has been accelerated by the pandemic, the findings will provide insights to the impact of the pandemic on the accounting profession’s digital adoption. This will also assist the Institute in identifying further initiatives to move the profession forward. Please click here to participate in the Survey and stand a chance to win a Grab and MIA vouchers!
MIA Digital Month 2022
For the first time ever, MIA will be organising MIA Digital Month 2022 (MDM 2022)! MDM 2022 is a virtual, month-long convention of digitalisation of the accounting profession in Malaysia. MDM 2022 aims to drive MIA’s aspirations in supporting digital technology adoption by the accounting profession in Malaysia. Among the exciting highlights of MDM 2022 includes updates by MIA on its digital initiatives as well as sharing of success stories of digital technology adoption by companies and organisations. Members will also be equipped with the information on relevant technology trends in the profession. MDM 2022 will enable members to be updated with funding options available for their digital transformation journey. The grand finale of MDM 2022 will be the MIA’s annual AccTech Conference that will further drive the digital transformation of the profession.
Enhancing Reporting Practices through Tax Governance Guide
On 18 November 2021, MIA and the Malaysian Institute of Certified Public Accountants (MICPA) jointly published the new Tax Governance Guide (the Guide) as part of the accountancy profession’s advocacy for tax transparency and good reporting practices amongst listed issuers. The Guide provides guidance to the directors of listed issuers in reporting the management of tax matters affecting the corporations in their annual reports and enhances the tax transparency of the listed issuers.
2022 Budget Commentary and Tax Information
Annually, MIA, The Chartered Tax Institute of Malaysia (CTIM) and MICPA collaborate in the publication of a Budget Commentary and Tax Information booklet. The 2022 Budget Commentary and Tax Information booklet has been published right after the tabling of 2022 Budget Proposals on 29 October 2021. Members can locate the pdf copy of each section of the said booklet at 2022 Budget Commentary & Tax Information.
During the quarter, MIA submitted the Joint Memorandum on Issues Arising from the 2022 Budget Speech and The Finance Bill 2021. The memorandum includes comments and suggestions on various issues for the consideration of the tax authorities including the repeal of exemption of foreign source income received in Malaysia by a person who is resident in Malaysia, imposition of Cukai Makmur (Prosperity Tax) and increase in stamp duty on contract note to trading of listed shares. Circular No 3/2022 was issued to notify members pertaining to the gazetted Finance Act 2021 and the MOF’s media release on foreign source income exemption and stamp duty remission on contract note.