The MIA Sustainability, Digital Economy and Reporting Insights provides quarterly updates on the areas of sustainability, digital economy, tax, reporting and research. The Insights highlights contents and initiatives that are of high value to MIA members.
Sustainability Blueprint Roadmap Development
Following the launch of the MIA Sustainability Blueprint for the Accountancy Profession (the Blueprint) in June 2024, the development of a sustainability roadmap is now underway to operationalise the Blueprint. This involves fifteen MIA Committees working together towards developing sustainability related initiatives that align with the sustainability aspirations and guiding principles outlined in the Blueprint. The exercise was kicked off with briefing sessions to the committee members. The committees will be developing their respective roadmap for submission to the Sustainability Committee in the next quarter.
The ongoing development of the sustainability roadmap is crucial towards achieving the MIA Sustainability Agenda. Our proactive engagement with the MIA Committees and their commitment to this exercise are testament of our dedication to ensure the future relevancy of the profession.
Digital Technology Adoption Awards (DTAA)
MIA marked a significant milestone by celebrating its inaugural Digital Technology Adoption Awards (DTAA), a programme dedicated to showcasing excellence in digital transformation within the accountancy profession. Introduced in 2023, the objectives of the awards are:
- To promote the need for digital technology adoption by sharing success stories across the accounting profession
- To raise awareness on how accountants can contribute to businesses and economy through digital technology adoption
- To recognise digital technology adoption efforts
The DTAA Presentation Ceremony held on 15 May 2024 at the Malaysia International Trade and Exhibition Centre (MITEC), transformed the venue into a hub of recognition for the fourteen deserving winners across various categories. The event was further elevated by the esteemed presence of Yang Berhormat Puan Lim Hui Ying, Deputy Minister of Finance, who highlighted the critical importance of digital technology adoption within the accounting sector. Catch the video highlights of the prestigious night here and find out more on the DTAA here!
The Rise of IT Audit in The Digital Era
As technology reshapes business landscapes, IT audit has evolved into a critical safeguard against risks, ensuring compliance and data integrity. Explore the article highlighting insights from industry leaders Steven Chong, Member of MIA Digital Technology Implementation Committee (DTIC); Eddie Leng, Founder and Director of ALE Advisory Sdn Bhd; and Sia Chin Hoe, Audit Partner and Head of IT Audit, KPMG Malaysia from a webinar titled “Exploring IT Audit: Empowering Auditors for the Digital Era” during the MIA Digital Month 2024.
Curious about the key takeaways from the session? Read here to discover why IT audits are no longer just a checkbox but a strategic asset vital for sustainable growth.
GenAI in The Accountancy Profession
How is Generative Artificial Intelligence (GenAI) reshaping the role of accountants?
Discover the insights from one of the panel sessions for the MIA Digital Month 2024, “Navigating Tomorrow: GenAI in The Accountancy Profession”. Moderated by Professor Dr David Asirvatham, the session featured industry leaders; Hoh Yoon Hoong, Partner and EY ASEAN Assurance Digital Leader, Ernst & Young PLT; Dr Kam Hong Shum, Founding Member, LedgerBrains AI Consortium; Khalil Nooh, Co-founder and CEO, Mesolitica and Professor Dr Rozainun Abdul Aziz, President, ASEAN Accounting Education Workgroup (AAEW) who highlighted the transformative impact of GenAI in the accountancy profession.
“It is often claimed that GenAI will automate many jobs, but it is equally true that it will generate new opportunities as well. This shift necessitates new skills and continuous learning, reconfiguring the future landscape of the accountancy profession in Malaysia,” said Professor Dr David during the webinar.
Find out more about GenAI in the profession and check out the session highlights here!
Complimentary Webinar – Navigating Malaysia’s Indirect Tax Landscape: Latest Updates and Implications
A complimentary tax webinar was held on 26 July 2024, with 353 members in attendance. The webinar featured two sessions: a presentation on the latest developments in indirect tax and a panel discussion.
Session 1: Presentation on Latest Developments in Indirect Tax
Presented by Ng Sue Lynn, Executive Director of Indirect Tax at KPMG Malaysia, this session focused on the recent expansion of the service tax scope, particularly highlighting newly taxable services such as maintenance and repair services. Ms. Ng also provided key updates on current legislation, policies, and compliance requirements, ensuring participants were well-informed about the latest regulatory changes in service tax.
Session 2: Panel Discussion
Moderated by Rasmimi Ramli, Executive Director of Sustainability, Digital Economy and Reporting Division at MIA, the panel discussion featured Ng Sue Lynn and Chandran T.S. Ramasamy, Tax Director at Deloitte Tax Services Sdn Bhd and member of the MIA Taxation Practice Committee. The panellists shared their experiences and insights on the current regulatory framework, exploring the challenges faced by taxpayers in meeting compliance requirements. The discussion provided practical insights, helping participants gaining deeper understanding of the evolving tax landscape and its impact on businesses.
Meetings with the Secretary General of Treasury of the MoF
Focus Group Discussion Session on Taxation for Budget 2025
MIA participated in a focus group discussion with YBhg Datuk Johan Mahmood Merican, the Secretary General of Treasury of the Ministry of Finance (MoF) on Taxation for Budget 2025 in September 2024. MIA Executive Director, SDER, Rasmimi Ramli, provided clarification on the recommendations that MIA and MICPA submitted for the 2025 Budget Consultation.
Discussion on the Implementation of E-Invoicing
In July 2024, MIA was invited by the MoF to provide an update on the implementation status and any issues related to the implementation of e-Invoicing that needed to be discussed in the above meeting. Surin Segaran (member of Taxation Practice Committee) shared insights and challenges from a commercial perspective on the implementation of e-Invoicing.
Joint Memorandum for Budget Consultation 2025
In July 2024, MIA submitted the Joint Memorandum for Budget Consultation 2025 to the MoF. There were 85 proposals in total, including both new and ongoing proposals. Four new proposals included expanding the individual tax band, reviewing personal reliefs for individuals, tax deductions for community service, and scholarship expenses (i.e., extending the current deductions to cover assistance for all levels of education and increasing the amount of monthly parental or guardian income up to the middle income).
Tee Off for a Purpose: MAREF Charity Golf Tournament 2024
Malaysian Accountancy Research and Education Foundation (MAREF) will host its Charity Golf Tournament on 16 November 2024 (Saturday) at Tasik Puteri Golf & Country Club in Rawang, Selangor. Introduced in 2023, the Tournament successfully promoted MAREF’s work as well as raised funds to continue meeting MAREF’s objectives. To participate in MAREF Charity Golf Tournament 2024, please click here to register and click here to view the available donation packages. Find out more about the tournament here!