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In the United Kingdom all employers, including self-employed persons, must register with HM Revenue and Customs. [1] In New Zealand, registration is made to the Inland Revenue. [2] In the United States, employers apply to the Internal Revenue Service to receive an Employer Identification Number. [3]
As of 2012, the EPF functions by requiring a contribution of at least 11% of each member's monthly salary and storing it in a savings account, while the member's employer is obligated to additionally fund at least 12% of employee's salary to the savings at the same time (13% if salary is below RM5,000).
The SSM was formed in 2002 under the Companies Commission of Malaysia Act 2001, assuming the functions of the Registrar of Companies and Registry of Business. [1] The main purpose of SSM is to serve as an agency to incorporate companies and register businesses as well as to provide company and business information to the public.
“One of our clients, a self-employed consultant, managed to cut his tax preparation costs by 40% in the first year after opening a business account,” Salahi said.
Self-employed persons sometimes declare more deductions than an ordinary employee. Travel, uniforms, computer equipment, cell phones, etc., can be deducted as legitimate business expenses. Self-employed persons report their business income or loss on Schedule C of IRS Form 1040 and calculate the self-employment tax on Schedule SE of IRS Form 1040.
Envisioned to provide an automated platform for accurately matching employers and jobseekers, Jobstreet was founded by Mark Chang Mun Kee as a spin-off of MOL.com in 1995. The starting capital of Jobstreet was reportedly US$2.6 million back then. [ 1 ]
The MASB had announced the effort to bring Malaysia to be in full convergence with the International Financial Reporting Standards (IFRS) by 2012. [6] In February 2014, the MASB issued Malaysian Private Entities Reporting Standard (MPERS) and this sets a new milestone for financial reporting of private entities in Malaysia.
Touch 'n Go eWallet joined DuitNow, an electronic transaction ecosystem in Malaysia which allows the funds from Touch 'n Go eWallet to be transferred to other competing services and vice versa, and allows users to make payments to merchants that use only one unified DuitNow QR code, which can also be used by competing e-wallet apps. Announced ...