Dear Valued Customers,
The World Health Organisation Declares Novel Coronavirus a Global Emergency
Welcome to our February newsletter! The World Health Organisation has declared the novel coronavirus a global emergency and the world is coming together to fight it.
In this issue, I will share some steps on how we can protect our environment from the spread of the virus. All travellers should monitor your health closely upon return to Malaysia. If you have recently travelled and experience respiratory illness symptoms (e.g. cough, shortness of breath), seek medical attention and inform your doctor of your travel history. For more information on how to prevent the spread of the novel coronavirus, refer to the Kementerian Kesihatan website.
In 2020, Malaysia is taking a leap forward to boost digital adoption and cashless payments.
Better E-Wallet Incentives to Encourage the Adoption of Cashless Payments
One step at a time, Malaysia is inching closer toward becoming a cashless payment nation. The introduction of new e-wallet incentives is a testament to that. Eligible Malaysians have already began receiving the RM30 e-wallet incentive. E-Wallet operators GrabPay, Boost and Touch ‘n Go e-wallet have partnered with the government and all payments will be made through any of these three e-wallet operators. The programme is called the e-Tunai Rakyat and is implemented by Khazanah Nasional Berhad.
SSM to Use Advance QR Code Technology to Verify Authenticity
The Companies Commission of Malaysia (SSM) is making full use of technology to ensure that the SSM will have the original and certified true copy of registered documents. Prior to this, the public would need to know how to use PosDigicert, which is used by SSM to validate digital certified true copies. Since technology continues to improve all the time, there are now better ways to validate digital certified true copies and SSM plans to make full use of that. Moving forward, advanced QR codes will be used to verify document authenticity.
World’s First Options Contract on Palm Olein Unveiled by Bursa Malaysia
The world’s first palm olein Options contract on US Dollar Denominated Refined, Bleached and Deodorised (RBD) Palm Olein Futures (OPOL) has been launched by Bursa Malaysia. The new contract is going to complement the existing US Dollar Denominated RBD Palm Olein Futures Contract (FPOL).
Income Tax (Form E) Submission
Tax season is approaching. 3E Accounting would like to take this time to gently remind all employers that it is now time to start preparing Form E [Return Form of Employer–Remuneration for the Last Calendar Year].
It is mandated by Malaysian law that all employers need to furnish the EA Form (EA for private sector employees; EC for public sector employees) to all employees under their care. This means that employers need to prepare a statement on or before the final day of February of the following calendar year. This is to allow each employee to complete and submit their personal tax returns (including any new, existing or employees who have resigned). As for Companies, LLPs, Trust Bodies and Co-operative Societies, it is compulsory that Form E (Borang E) be filed by 31 March. The grace period for the final date of submission is until 30 April 2020. All tax forms and e-filings must be completed by that time.
It also should be noted that all organisations and business need to complete the actions above, even if you have no employees. You must still complete these actions even if you are a dormant company, and even if you have not conducted business during the 2019 calendar year. If a business owner or company director has an e-Filing PIN registered to the business entity, they will be given a grace period until 30 April 2020 to complete and file Form E online.
Lawrence Chai
Founder, 3E Accounting Group
Read More in our E-Newsletter February 2020.
