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My New Year Resolutions for 2019 [ January 2nd, 2019 ] Posted in » imDavidLee Life, News & Announcement

The end of the year is a time of reflection and being grateful for what you have. It’s time to think about how you can be better. Be the change if you want to make you stronger.

1. Cut Down on Seminar Time. Earn More.

I do feel like my life is ruled a little too much by attending seminars and workshops. Committing to a few seminar-free hours each day might be exactly what I need to break my addiction. Cut down on seminar to make more time for earning extra income instead of wasting most valuable time doing low value work.

Earn More: Even billionaires are often looking for ways to earn more income, and we common folk can definitely use an additional income stream to make our life a bit more comfortable.

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GST is Part and Parcel of Our Life

Everything we touch seems to be related to taxation. However, not many are fond of taxation but somehow; we have no choice but to acknowledge its importance because the only things certain in life are death and taxes which no one can escape from.

While most of us work hard to increase our wealth and like to accumulate it via investment in properties when opportunities arise, some may have concerns on whether they are wealthy enough in the eyes of the Malaysia Inland Revenue (IRB) to afford properties which are viewed as “big ticket items”. This is especially for those who are pocket rich but who might not have declared their full taxable income to the IRB.

They are therefore not very sure if the IRB will pay them an unexpected visit when they start investing in properties. Hence, I noticed that if a person has yet to fully declare his true income which he has earned, he may choose to keep himself away from the radar of the IRB by being less active in property investment even though he is rich.

Property as an Ideal Investment

Nevertheless, most people including me agree that owning a roof over our heads is one of the most important personal goals life. In addition, putting our extra money in property investment could possibly bring better returns as compared to keeping our hard earned money in cash or placing it with the banks which can only give us a small return ranging from 0.2%-3% per year. Personally, I feel that at the end of the day, investment in properties is still smarter way to preserve and grow our wealth over the long term.

How GST plays an important role

In addition, with the proposed implementation of the Goods and Services Tax (GST) come April 1, 2015, most goods and services including certain properties will be subjected to 6% GST. This will affect the supply of property which will potentially impact the top and bottom line of property developers due to the expected increase in costs. Thus, with the coming GST, many are interested to know why it will affect the property market.

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January 21st, 2014 | Leave a Comment | 3,916 views

GST to be Implemented in Budget 2014

Malaysia may introduce the goods and services tax (GST) when Budget 2014 is tabled on Oct 25. This is prompted by worries of a ratings downgrade should Malaysia’s fiscal deficit remain unresolved.

 photo GSTmalaysia_zpse3a4dc0e.jpg

According to Fitch Ratings, one of the Top three global ratings agencies, the public finances remained as the country’s main weakness, namely the high federal government debt that stood at 53.3% of GDP at end of 2012 compared to 51.6% at end 2011. At the same time, the country’s low fiscal revenue base stands at 24.7% of GDP compared with the median of other A rated countries at 32.8%.

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October 16th, 2013 | Leave a Comment | 3,569 views

GST Malaysia 2011 & Its Implications

A Goods and Services Tax (GST) will be implemented in Malaysia soon. Basically, this consumption tax is imposed on consumers’ goods and services. However, for a business owner they also need to think carefully as they need to apply it to their business. If they fail to do that, then they may suffer the loss of the credit for input taxes.

GST Malaysia

Apparently, this GST will affect not only accounting, finance, or tax personnel, but it will affect all levels of staff also, including those from sales, operations, and even human resource.

My Opinions on GST Malaysia 2011

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May 13th, 2011 | 1 Comment | 4,941 views

What Do You Think About 6% Government Service Tax?

Effective from Jan 1, 2011, our government increases the Goods and Service Tax on all taxable services to 6% in order to generate extra tax revenue for our country development.

GST-Goods-Service-Tax

With this move, it will impact a great number of service industry. You may probably feel the effect of increasing service tax, you need to pay more money when visiting the fast food restaurants, or when you pay your telephone bills. However, this rate is not applicable to our credit cards where the service tax is charged at RM50 yearly on principal cards and RM25 for supplementary cards.

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March 14th, 2011 | 5 Comments | 6,073 views