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.
Driving the Sustainability Agenda of the Profession
On 5 December 2024, the Malaysian Institute of Accountants (MIA) hosted a Sustainability Workshop, bringing together more than 40 participants comprising Chairs and representatives from 16 MIA committees as well as secretariats and staff of MIA.
The workshop was a collaborative platform to deliberate on the MIA Sustainability Roadmap which will operationalise the MIA Sustainability Blueprint for the Accountancy Profession launched in June 2024. The Roadmap outlines actionable strategies to be achieved in the short-term, medium-term and long-term according to the sustainability aspirations set out in the Blueprint.
During the workshop, participants engaged in a structured discussion, providing valuable feedback on the Roadmap’s proposed initiatives. The workshop concluded with closing remarks from the Chairman of MIA Sustainability Committee, En. Wan Ahmad Ikram, who thanked all participants and encouraged continued collaboration among committees to ensure the successful implementation of the Roadmap.
By fostering collaboration and aligning our efforts, this engagement strengthens the Institute’s role in advancing sustainability of the accountancy profession, addressing key challenges, and paving the way for a sustainable future.
Survey on Technology Adoption by the Accountancy Profession in Malaysia 2024
The Institute has previously conducted surveys on Technology Adoption by the Accountancy Profession in Malaysia in 2017, 2019, and 2022 to all its members. To build upon these findings and gauge the progress since the 2022 survey, the Institute is now undertaking a new survey with the aim to assess the current state of technology adoption within the accountancy profession and identify new initiatives to advance the profession.
The survey is open to MIA members only and will close on 31 January 2025. Please click here to participate in the survey and stand a chance to win Grab vouchers. To find out more about the survey, click here.
Navigating the Cyber Security Act 2024
The Cyber Security Act, which aims to strengthen the nation’s cybersecurity, came into force on 26 August 2024. A webinar on Navigating the Cyber Security Act 2024 was successfully held on 9 December 2024. Moderated by Chari TVT, Member of MIA Digital Technology Implementation Committee (DTIC), the session featured insights from Azril Rahim, Head of Cyber Threat Intelligence Management, Tenaga Nasional Berhad (TNB), Jason Yuen, Technology Consulting Partner and Malaysia Cybersecurity Leader, Ernst & Young Consulting Sdn Bhd; and Wan Zuraida Wan Nawan, Senior Principal Assistant Director, Cyber Security Legal Division, National Cyber Security Agency (NACSA), Malaysia.
Nearly 400 MIA members attended the session, which provided an in-depth overview of the Cyber Security Act 2024, explored emerging cybersecurity trends, and discussed significant implications of cybersecurity for various sectors.
Launch of the e-2025 Budget Commentary and Tax Information
In November 2024, the Institute announced the release of the e-2025 Budget Commentary and Tax Information (e-2025 BB) via Circular No 52/2024 dated 29 November 2024.
This marks a significant milestone as this essential resource has been made available online in an interactive flipbook format for the first time.
e-2025 BB is interactive, mobile-friendly and easy to access. Other features include:
- Table of contents and thumbnails for easy navigation.
- Search function to quickly locate specific information.
- Ability to add notes and highlight texts for future reference.
- Accessible from multiple devices.
The download and print features will be available 60 days after the publication date of 19 November 2024 (i.e. in January 2025).
This new format ensures seamless access to crucial tax information while aligning with our commitment to sustainability and digitalisation.
To access the e-2025 BB across various devices, please visit the MIA Member Services Portal. You will be prompted to login with your membership credentials and click a dropdown menu – My Privileges > Knowledge & Resources > 2025 Budget Commentary and Tax Information.
Advocacy in Global Public Sector Accounting Standard Setting Activities
MIA has submitted comment letters to the International Public Sector Accounting Standards Board (IPSASB) for the following exposure drafts on 13 December 2024:
| ED 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement | ED 90 proposes amendments to IPSAS to introduce current operational value, add a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors and enhance the terminology in current value measurement disclosures. | Comment Letter Submission on ED 90 |
| ED 91, Limited-Scope Updates to First-Time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS) | ED 91 proposes to clarify and restructure existing guidance and add new non-authoritative guidance to IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs) to help public sector entities adopt accrual basis IPSAS. | Comment Letter Submission on ED 91 |
Advocacy in Direct and Indirect Taxes
Meeting with the Secretary-General of Treasury of the MoF
On 18 December 2024, the Institute participated in a consultation session with YBhg Datuk Johan Mahmood Merican, the Secretary-General of the Ministry of Finance (MoF) to deliberate on proposed amendments to the sales and service tax policies announced in Budget 2025. The session was an avenue of providing critical industry insights to facilitate the formulation of balanced and effective tax measures meeting fiscal objectives while minimising undue impact on businesses and consumers.
The following are the proposals announced in the 2025 Budget:
- The sales tax exemption on basic food items will be retained to ensure that these items remain affordable for the rakyat.
- Sales tax on non-essential imported premium goods will be enhanced to instill prudent consumption and raise fiscal revenues.
- Service tax coverage will be broadened to include new services, such as business-to-business (B2B) commercial transactions.
Notably, concerns regarding the expansion of service tax to B2B transactions were highlighted during the session, with recommendations for measures to mitigate cascading tax effects and compliance burdens.
The Institute welcomes the commitment of MoF to industry dialogues and is confident that the collaborative approach will lead to a well-calibrated policy framework. The finalised tax measures, which will be effective 1 May 2025, are expected to be announced after further stakeholder engagements.
Joint Memorandum on Issues Arising from the 2025 Budget Speech and Tax Bills 2024
In December 2024, the Institute and the Chartered Tax Institute of Malaysia (CTIM), The Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA) submitted a Joint Memorandum on Issues Arising from the 2025 Budget Speech and Tax Bills 2024 to the Inland Revenue Board (IRB) and the MoF (Tax Authorities). There are 42 issues submitted to the Tax Authorities in relation to dividend tax, gains or profits from disposal of capital assets, global minimum tax and other proposed amendments to the income tax, real property gains tax, stamp duty and tax incentives. Members will be informed on the responses from the Tax Authorities after engaging them in 2025.
DESIRE Dialogue No 1/2024 with the IRB
In December 2024, the Institute participated in DESIRE Dialogue No 1/2024 with the IRB to discuss the issues submitted through the joint letter with MICPA dated 23 October 2024. The non-technical tax compliance/operational issues submitted to the IRB relate to:
- revision of estimate of tax payable in the sixth month of the basis period and issuance of Notice of Instalment Payment (Form CP205) by the IRB to reinstate the original tax estimate;
- enabling tax agents to e-file the documents for CP22 and e-SPC via MyTax TAeF 2.0;
- the application process for stamp duty relief pursuant to Section 15 and Section 15A of the Stamp Act 1949 etc.
For more details, please refer to Circular No 58/2024 dated 30 December 2024.
Continuous Engagements with Stakeholders
Between October and December 2024, the Institute, represented by its Taxation Practice Committee, participated in eight engagements with various stakeholders. These engagements are mainly for advocating and providing constructive inputs for direct and indirect tax policy making. The Institute will continue to support the Tax Authorities on these initiatives.
MAREF Charity Golf Tournament 2024: Where Every Swing Makes a Difference!
The Malaysian Accountancy Research and Education Foundation (MAREF), with the support of the Malaysian Institute of Accountants (MIA), successfully hosted the second MAREF Charity Golf Tournament at Tasik Puteri Golf and Country Club on 16 November 2024.
A total of 76 golfers participated in the tournament which was held to raise funds and increase awareness on MAREF and its initiatives in advancing the accounting profession in Malaysia. Special thanks to Bank Islam Malaysia Berhad, our platinum donor, Prestige Golf Sdn Bhd, our gold donor and Afrizan Tarmili Khairul Azhar PLT (AFTAAS), A I Technic (M) Sdn Bhd, AKH & Partners PLT, Ernst & Young Consulting Sdn Bhd, and UMW Corporation Sdn Bhd, our silver donors as well as in-kind donors and individual contributors for their invaluable support. Congratulations to all winners, and a big thank you to all participants for making this event a huge success!
Please view the video of the tournament here. Visit https://maref.org.my/ for more information about MAREF.
Bridging Research and Practice: Advancing Technology Adoption and Shaping the Future Accountants
On 10 December 2024, the Malaysian Accountancy Research and Education Foundation (MAREF) supported by the Malaysian Institute of Accountants (MIA) successfully hosted a webinar featuring two research teams under the MAREF Priority Research Topics 3.0. The event began with welcome remarks by the MAREF Chair, Associate Professor Dr Zarina Zakaria.
This was followed by an insightful presentation by Dr. Siti Afiqah Zainuddin, Associate Fellow ANGKASA-UMK Research Academy, Universiti Malaysia Kelantan, who shared the key findings of her research on technology adoption in small and medium-sized practices and medium-sized entities. The webinar continued with a presentation by Dr. Siti Fariha Muhamad, Senior Lecturer at the Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan, who presented her research on data analytics competencies of future professional accountants. The webinar was attended by 115 participants.
We extend our heartfelt gratitude to our researchers and all participants for making this webinar successful. Let’s continue advancing research and shaping the future of the accounting profession together!
