Mega trade pact delivers

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Because RCEP’s coverage is wider than that of a standard free trade agreement, it presents industries and professions, including accountancy, with novel opportunities and challenges. The Malaysian Institute of Accountants (MIA) has been an active participant in the ASEAN Economic Community (AEC) and sees RCEP as an extension and enlargement of the AEC’s trade cooperation activities.

Ng Sue Lynn FCCA, Head of Indirect Tax at KPMG in Malaysia, says that, in the long run, RCEP may mean service providers can have greater access to other markets within the free trade zone.

The extent to which the RCEP rules for professional services will apply to accountancy is still unknown, and Ng advises accountants to keep abreast of developments so that companies can get prompt advice on how to take advantage of the free trade area’s benefits.

‘Malaysia has lower costs and has already embraced international standards. Its accountants should see RCEP as an opportunity and not a threat,’ she adds.

Read the full article by clicking here as published in the Accounting and Business Magazine Malaysia (ABMY).

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KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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