Week 7

 

Furthermore, my supervisor had assigned me to jot down some notes by reading the book "Budget Commentary and Tax Informtion 2015" which is written by Harvindar Singh. The main objective of reading the book is because our company would like to know the latest information regarding about the system of tax deduction in Malaysia as the system will change in every year. Hence, I will need to highlight the key points which in only related to our manufacturing company. As a result, I have found out that if the company have given an allowance of more than RM500 to an intern, our company will be allowed to deduct a certain percentage of tax. Besides, I have also found out that there will be a further deduction of tax if the company has incurred a certain amount of training expenses that is used to obtain an industry certifications and professional qualifications. Moreover, I have also found out that all the training expenses that is used to purchase the GST software is exempted to pay a certain amount of tax. Then, I will compile all the information together and discuss with my supervisor to reconfirm the key points which I have highlighted is correct before I explain to other colleagues in the meeting room. One of the problem that I faced in compiling the information was the writter of the book did not specifically wrote that how many percent of tax is exempted for each situation. Therefore, I have done some additional research online to find out the details of the percentage of tax exemption on each situations. Besides, I have learnt how to remember the facts because I have fully understand the key points and I can explain the points clearly to my colleague. Hence, I hope that I can utilize my memorizing skills to improve my presentation skills in the future because I always forgotten the points that I want to explain during the past presentation that I have done.

 

 

 

 

 

 

 

 

 

 

Moreover, my supervisor had also assigned me to do a research on the "Industrial Technical Assisstance Fund (ITAF). The main objective of conducting the research is because our company's director would want to know the details for the different types of fund we can apply and what are the benefits that our company can enjoy from the funds. Hence, I had found out that our Malaysia government had decided to give an initial allocation of RM50 million to assist the small and medium-sized enterprise. Furthremore, the government will help the SMEs to bear the 50% of the project cost and the remainder of 50% will be borne by the applicant itself. For instance, the grant is divided into four categories such as business planning and development scheme, process and product development upgrading scheme, productivity and quality improvement and certification scheme and the last category was market development scheme. Each of these categories will have their own qualifying criteria such as the applicant's annual sales turnover should not be more than RM25 million. However, our company does not met the qualifying criteria because we had exceeded the amount of RM25 million. Furthermore, I had also faced a problem in conducting the research because I couldn't classify which categories of grant is suitable for our company. Therefore, I had asked my colleague to explain to me on our company's business operation in detail so that I can choose the correct grants that is suitable for our company before I the work to my supervisor. By conducting this research, I have learnt the demonstration skills by only selecting the important informations that is related to our company from all the informations. In the future, I hope that I can make use of these skills to increase my work productivity and also reduce the time that I need to used in conducting the research.

 

 

 

 

 

 

Besides, my colleague had assigned me to look out for the correct costing format for our company. After I had found the correct costing format, I will need to implement a cost management structure together with my colleague under the guidance of my supervisor. Furthermore, my colleague had also told me that many business will employ the cost management plan for a specific projects. Moreover, when we apply the cost management plan to a project, all the expected costs are calculated while the project is still in the process of planning. During the project, all the expenses are recorded and monitored to make sure that they stay in line with the cost management plan. After the project is finished, the predicted costs and actual costs can be compared and analyzed. Furthermore, we have also discuss and suggest some recommendations to our supervisor on how we can manage our production cost effectively. The objective of doing the job costing is because it can help our company to predict the impending expenditures of the project to ensure that we can reduce the chance of going over budget. However, one of the problem I faced in implementing the cost management structure was my company did not classify the salary that they have paid for the last few years into different categories such as the salary for the factory workers and the salary for the office staffs. Therefore, we need to calculate and reclassify again before we can include the amount into the cost management structure. Furthermore, I have learnt some budgeting skills by recommending the ways for our company to recude their production cost. Therefore, I hope that I can utilize these skills to help the company to reduce their production cost and increase the work productivity at the same time in the future.