The MIA Sustainability, Digital Economy and Reporting Insights provide quarterly updates on the areas of sustainability, digital economy, tax, reporting and research. The Insights highlight contents and initiatives that are of high value to MIA members.
The Malaysian Institute of Accountants (MIA) is currently developing the MIA Sustainability Blueprint for the accountancy profession in Malaysia. The Institute carried out a survey on Understanding Sustainability in the Accountancy Profession Survey 2023 from 16 November to 3 December 2023 with the main objective to ascertain the collective views of its members on the sustainability outlook for the accounting profession in Malaysia as part of the development of the Blueprint.
In addition, the Institute has also engaged individual members from various sectors which are commerce and industry, public practice, public sector and academia. The engagement is aimed to gather valuable insights from each sector, contributing to the enhancement of the Blueprint. Learn more about MIA’s sustainability agenda here.
The Malaysian Institute of Accountants continuously strives to foster ethical commitment and awareness among its members while advocating for digital transformation to future-proof the profession. A panel session centred around MIA Ethical Guidelines on Technology Usage for Public Practitioners was held during the Ethics Webinar and Quiz on 3 November 2023. The Guidelines were published on 30 June 2023. Moderated by Ms Lim Fen Nee, Chair of MIA Digital Technology Implementation Committee (DTIC), the insightful session featured Ms Josephine Phan (Member of MIA DTIC), Ms Kam Leung (Principal, International Ethics Standards Board for Accountants) and Mr Tan Khoon Yeow (Member of MIA Ethics Standard Board and Partner of BDO) as panellists.
Adoption of technology is inevitable and yet, there is an ethical dimension which is rarely discussed or even considered. The panel session highlights valuable insights from top-notch speakers and practical real-life cases illustrating how the Guidelines be used when utilising technology in their daily roles. The Guidelines, which are principles-based, focus on six potential risks of using technology and the ethical principles that should be applied when dealing with the associated risks. Public practitioners as well as non-practitioners would be able to benefit from the Guidelines to serve ethically in this digital era. Visit here to read the full Guidelines.
The Institute continues to play a pivotal role in advocating for its members and providing technical support in the ever-evolving landscape of taxation. This commitment is exemplified through its active involvement in discussions, submissions, and collaborative efforts with other professional bodies.
One of the significant initiatives undertaken by MIA is the annual joint submission of non-technical tax compliance and operational issues to the Inland Revenue Board (IRB). In partnership with The Malaysian Institute of Certified Public Accountants (MICPA), MIA has consistently addressed various challenges faced by taxpayers. The issues range from disclosure of controlled transactions, issues with e-Withholding Tax (e-WHT) payments and errors in downloading acknowledgment slips and e-Income tax return forms.
The DESIRE Dialogue No 1/2023, held on 15 November 2023, served as a platform for discussing these submitted issues. The minutes of this dialogue, available through Circular No 58/2023 dated 27 December 2023, provide insights into the deliberations and outcomes.
Beyond addressing current issues, MIA, in collaboration with the Chartered Tax Institute of Malaysia (CTIM), MICPA, and The Malaysian Institute of Chartered Secretaries and Administrators (MAICSA), submitted a Joint Memorandum on issues arising from the 2024 Budget and Finance (No. 2) Bill 2023 to the Ministry of Finance and the IRB. The memorandum highlights key concerns such as gains or profits from disposal of capital assets, Global Minimum Tax, and proposed amendments to crucial tax-related acts.
In addition to addressing contemporary concerns, the institutes have actively followed up on the status of outstanding gazette orders for the 2014 to 2023 Budgets, emphasizing the importance of transparency and clarity in tax regulations.
MIA, with CTIM and MICPA, have been providing substantial technical support to its members for many years through publishing Annual Budget Commentary and Tax Information (normally known as Budget Booklet). This is evident through the preparation, production, printing, and distribution of the Booklet. The booklet, a result of collective efforts, offers comprehensive insights, commentary, and technical inputs on budget proposals related to direct and indirect taxes.
The recent completion of the 2024 Budget Booklet underscores MIA’s commitment to keeping its members informed. This publication not only delves into the intricacies of the 2024 budget proposals but also provides valuable tax-related information. The softcopy of the publication will be disseminated to members in early February 2024.