Finances

After various setbacks, the government has finally decided that the tourism tax will be officially  implemented from 1st September onwards. Find out how much the tourism tax will be, and the  reason behind its implementation. What is the tourism tax? The tourism tax rate will be fixed and charged on a per-room and per-night basis. But it will not  apply to homestays, premises maintained by religious institutions for non-commercial purposes, and  premises (for example Airbnb ) with fewer than 10 rooms. So this means Airbnb residences with 10  rooms and more will have to charge the customers the tourism tax. Among the reason that the tourism tax is being implemented is due to the annual federal budget  cuts that the Tourism and Culture Ministry has been subjected to. As such, the Ministry could benefit  from added revenue in the form of additional charges. Additionally, the tax is said to be necessary  because the government needs to lessen uncertainties in the oil-and- gas industry. R

From 1 August 2017 onwards, every Private Retirement Scheme (PRS) contributors can make a nomination on your PRS savings. The purpose of making a nomination is to make it easy for your loved ones to receive your gift in the event of your passing on. Without your nomination, your loved ones may encounter difficulties when making a withdrawal from your PRS account, which may be a lengthy process. How to make a nomination??? First of all, we must understand there is a body called " Private Pension Administrator (PPA)". It is the central administrator for the PRS scheme with following benefits: Provide lifetime account management and reporting for PRS members Provide online access to PRS members’ accounts Provide one-stop center for PRS learning and information on retirement The nomination is provided by PPA (not respective PRS providers). Meaning, the nomination will take effect on all the PRS money although you may have invested with a few PRS funds with different companies.

The new bill has been tabled in parliament for first reading a few days ago. Whether you like it or not, this will affect all the employees in the country once it was being passed. Yup, it's everyone and every employer also! Let's unveil the amazing Employment Insurance Scheme (EIS) ... What's the objective of EIS ??? To provide financial assistance to private workers who lost their jobs until they find new employment Retrenched workers will also be given help to search for new jobs, career counseling, and training. How much premium and who's going to pay for it? The premium rate will be based on the monthly salary of the employee at around 1.5% . And, employer and employee have to share the cost equally . Example, for an employee with RM3,000 salary, the premium is RM45 monthly shared equally by both parties. Can it be by a way of salary reduction/adjustment? Clause 24 (1) of the Bill states: “[The] Employer shall not , solely by reason of his liability for any co