A Guide to EPF Withdrawals in Malaysia The Employees Provident Fund (EPF) is the federal statutory body under the Ministry of Finance. The fund manages the compulsory savings plan and retirement planning for workers who are employed in the private sector in Malaysia. This is a mandatory requirement for Malaysian citizens, and voluntary for non-Malaysian…
General Data Protection Regulation (GDPR) – the EU Data Protection Compliance The enforcement of European Union’s new data protection law – General Data Protection Regulation (GDPR) has not only reshaped the data protection landscape in EU, but also has an impact outside of Europe, especially for companies that do business in the EU (even if…
Malaysia’s New Finance Minister Confident of Stronger Economy Malaysia’s newly appointed Finance Minister Lim Guan Eng recently stated that the country’s economy remained strong and was backed by sound fundamentals. However, he said there was still a need to improve the fiscal conditions and also iron out other pressing issues. “The country’s economic fundamentals…
SST Takes Effect in Malaysia on Sept 1 The new Sales and Service Tax (SST) will come into effect in Malaysian on September 1 this year, after the Goods and Services Tax (GST) was zero-rated on June 1. Following this, the price of goods dropped by at least six per cent once the zero-rated GST system kicked…
Dear Valued Clients, Welcome to our E-Newsletter June 2018 May has been another busy month for Malaysia. For more than 60 years, Malaysia has been ruled by the Barisan Nasional (BN) coalition. Giving the opposition coalition the opportunity to form a government is a profound change of direction for Malaysian’s voters. The Changing Tide…
Tax Incentive for Returning Expert Programme The Inland Revenue Board of Malaysia (IRBM) recently issued the Public Ruling (PR) No. 2/2018: Tax Incentive for Returning Expert Programme. The objective of this PR is to explain the tax treatment relating to tax incentives in respect of the Returning Expert Programme to attract Malaysian citizens who work…
Dear Valued Clients, New Government Will Be Business-Friendly While the world is cheering Tun Mahathir-led opposition’s stunning victory over the ruling party, both local and international investors are eyeing Malaysia’s economic performance after the opposition alliance’s historic win. What Does Malaysia 14th General Election’s Result Mean for the Country’s Economic Outlook? Undoubtedly, the surprise…
New Malaysian Government Fulfils Promise, Malaysia GST Reduced to Zero The Malaysian government has today thrilled citizens by fulfilling their promise – the Malaysian Goods and Services Tax (GST) will be reduced from 6% to zero come June 1st. The new Malaysian Prime Minister Mahathir Mohamad had earlier instructed the government to stop collection on…
MASB Issues Revised Framework On April 30, 2018, the Malaysian Accounting Standards Board (MASB) issued a revised Conceptual Framework for Financial Reporting and amendments to fourteen Standards under the Malaysian Financial Reporting Standards Framework. According MASB Chairman, Mohamed Raslan, the revised Conceptual Framework and Amendments to References to the Conceptual Framework in MFRS Standards are word-for-word…
Former Malaysian Prime Minister Makes Historic Return Malaysian prime minister Mahathir Mohamad created history when he became the world’s oldest political leader after claiming a shock victory in the nation’s recent general election. He is also the country’s longest-serving Prime Minister in Malaysia after previously holding the office from 1981 to 2003. The 92-year-old was…