Now, we talk about Private Company(Firm)

Greetings, Sergeant again

But this time, far away from grasping in an public atmosphere, i wish to share a tiny bits about some life in a private firm.

KPMG-

for Accounting muggles, KPMG is one of the Big Four Accounting firm in the world, after PricewaterHouse Coopers, Ernst and Young and Delloitte.

The firm offers a variaties of services. As far as i know, we have Auditing, Taxation, Business Advisory, and Financial Advisory. In this case, i was in the Taxation department (corporate tax)

KPMG Selangor locates in Damansara....i think so, to ilustrate it in precision, its next to One Utama, or One World Hotel.

Tax 11th Floor, nice scenary from the office. !!!

the main road is the congestion-famous LDP

Here, we dont have 8 -5 working hours thingy. The reason is simple. They assign you a job, you must complete it within a time frame. Why? if you cannot do it on time, your client will be penalise by the Inland Revenue Board (IRB) or Lembaga Hasil Dalam Negeri. Guess who will be pointed finger at? ..

Of course not you, your boss will kena, but so do your hope to promote in the firm =.=

So what happen is, some came by 7, like the hardworking Joseph Ho, one of the director in KPMG who served for more than 20 years.

Some came by 8, 9, 10

Some back by 4, 5, 6, 7, 8, .........4am !!wow

Some came to work by 6 AM, work work work around the clock till 4 AM, then go home, have a bath, then back to work again at 6 AM . Madness!!!!! how could they ever survive?

But i was told, these bunch of people are prospectus PARTNER ^^. do podek them ! praise them!

Anyway, Mr Jospeh doesnt want to become a Director because the decision making part always makes him stress ^^.

The working environment here is very nice. As an intern, i got my own desk, own laptops, own locker etc.

OK, the seniors's table were loaded with papers but not mine ^^ i have some space to put on some feng shui thingy to generate good luck . Sayang dint take picture on that.

So , now we talk about the heirachy of the firm.

First, you have Partners, at the top of the heirachy. note that within the partner's stage, they have their own heirachy as well (CEO, head of department, senior partner, junior partner)



MEET LEANNE!! Mdm Leanne Koh is my direct superior, the senior partner for corporate tax , my group ^^. Each group have 2 partner and 4 group at all for my devision

I always spent good time in her office. Until her secretary asked me

"you're just an intern, why Leanne always asked you to get into her office?"

What a privilage.She was a Lawyer in LeeHishamuddin Alen and Gladhill. Double Degree in Accounting and LAw from Monash University. She likes to assign me some legal related job instead of dile tax calculation (though i spent some time on it^^)

Then meet Mr Neoh Beng Guan !!! the junior partner from my group.

What a pleasant to meet him. why?

I am from Sungai Petani Kedah.

Guess what? he's from there too!!

went on further, i am from SMK Ibrahim

Guess what?he's from there too !!

He is my super super senior!!. thats why i spent some good time in his office, talking about teachers, old school etc. I never thought that mr Lai Min Soon had taught him before ^^

NEXT >>>>>
Mr Chris !! A very friendly person, The 3rd man after Mr Seow and Mr Chew in KPMG Tax Department ^^

He was a graduate, a LAW graduate from Queen Mary University (UOL) and a MAster in Taxation law of the same Uni.

What an inspiration. I think i decided to follow his footstep as a guideline for my future studies.

BTW, i met him some monthes ago, and he was promoted as the head of Business Advisory department, Congratulation mr Christ!



Now, we talk about the working nature for tax calculation WARNING !!

(might be boring, please skip this if you are not interest how corporate tax was counted -colour in yellow)

If you always have the opinion that tax deduction is how much MONEY we can DEDUCT from TAX PAID, is WRONG!!

The Inland Revenue Board wont be so kind to deduct the tax and pay back to you

The basic concept is

Gross profit Earned - ( COST ) = Net profit

then

Net profit times 25% = Tax payable to IRB

so where do we step in?

let me ask a question

>You are a boss for a pencil company

>Your company sold 100, 000 pencil this month hence you earned RM 100 000

>You use Rm 25 000 to buy a new house for your mom

>your children take 100 pencil cost Rm 100 (ambilan),

>you donate to your Hailam association Rm 20, 000 for ,

>So the gross profit is

>Rm 100 000 -cost (Rm 25 000 + 100 + 20 000) =

>Rm 54 900(net profit)

So you pandai pandai use Rm 54900 x 25% =Rm 13 725and pay to IRB

Tell you what, the IRB will smile, and come to your office, either tell you that they are thirsty or something or ISSUE YOU A SAMAN!

the moral value is, dont pandai pandai, leave the job to professionals

Buy your house is a NON Deductable cost

Ambilan is NON Deductable cost

Donation without approval is NON deductable cost

So the right amount you should pay is Rm 100 000 x 25% = RM 25 000!!

sounds complex. but in reality more complex

If you buystationary, you can incure it as a cost up to Rm 10, 000. And amount beyound that is taxable

what does it mean

means if you earn Rm 100 000 , and you buy Rm 17 000 stationary for company use

You should pay tax like this

Rm 100 000 - (Rm 10 000 (incurred cost up to Rm10 000 for stationary)

=Rm 90 000 x 25 % = RM22 500 tax should be pay, Sorry for the remaining Rm7000 (17000 - 10 000) , cannot deduct for tax

If you pandai pandai do your own tax, deduct all 17 000 (Rm 100 000- 17000 )

=83 000 x 25% = RM20 750, IRB will cari pasal with you

this is just stationary. computer got computer de rules, car got car de rules, so many many many many many!!!!!!!!!!!!!!

HEADACHE@!!!#@#%$^$^%# argh

Nevermind

Let the tax officer worry about your tax, do trust them. They do a lot of works for you ^^.

Now let go to the associate life.

Below Partner, we have Director

Joseph, as i mentioned, is a director,

So we have 2 more director here

Ms Teh and Ms.....ahem..sorry..i call her mdm until forgot her name..(ops)

Ms Teh told me something that touched me

" Zee How, if you dont want to become a lawyer, the KPMG tax department always welcomes you!" yipee ^^

And Mdm......(sorry..) she is nice nice to me. Why? coz i always update her current issue. Razak Baginda's trial, Balasingam, what happen in Malaysia political Arena ^^.

After Director,

We got MANYZER....erm...Manager. My manager is Mr Robin Nakamura Noronha. dunno he is a chinese, japanese portugese or something ^^HE likes to assign me some legal job as well .too bad, he was transfered before i leave.

Besides. i am very close to this auntie. Ops, i forgot her name.She always consult me how to teach her son to be as brilliant as i ( i am not! ok?) . haha . She insisted to treat me a lunch before i leave and i think we have a great time eating along the riverside .haha

BTW, she's a secretary ^^

NEXT

Who is this lengzai?

He is mr

He is from the Human Resource Department.

A Dutch guy ^^ nice talking with him. Hope that he still remembers me

FAREWELL sob sob sob

I am a law student, thats why i dont have to spend 6 monthes like other accounting student. that makes me the first person to leave the team ^^. I have 2 farewells party, one from my fellow interns collegue and another from my lovely group

i have a good time in KFC with my fellow interns collegue,Miss them

And my group, treated me in a vegetarian shop in One Utama ^^ they are so cute. and two of them are going to become Mama ^^ congratulation

Great time in KPMG

Good pay as well.

ALL THE BEST TO ALL OF YOU!