Dear Valued Customers,
RM14 Billion In Investments Since 2011
Welcome to our June Newsletter! What a year it has been so far. The first quarter of Malaysia’s economy was certainly challenging due to the COVID-19 pandemic. Although countries around the world were reeling from the impact of the global lockdowns, it was a pleasant surprise that Malaysia’s first quarter achieved a positive 0.7% expansion of Gross Domestic Product (GDP).
RM14 billion in Investments since 2011
Malaysia has always been an attractive destination for investment. The country continues to experience an influx of investments since 2011 with over 91 multinational corporations (MNCs) making a base in Malaysia. More global MNCs continue to commit to investing in Malaysia with investments amounting to close to RM14 billion.
More Help for Businesses
Malaysia’s Ministry of Domestic Trade and Consumer Affairs has announced a temporary increase in the value of indebtedness to more than RM50,000. This is aimed to help ease the financial burden experienced by businesses because of COVID-19. This temporary increase will be effective until 31 December 2020. The directive was gazetted on 23 April 2020. Before this, the “Prescription of Amount of Indebtedness of a Company” was RM10,000 in the Federal Government Gazette.
MFRS Financial Instrument to account for expected COVID-19 Credit Loss
The Malaysian Accounting Standards Board (MASB) has released the MFRS Financial Instruments to account for expected credit loss during the COVID-19. MASB has assured its clients that the Malaysian Financial Reporting Standards (MFRS) framework accepts adjusted reporting for COVID–19. This is expected to address the upcoming accounting challenges. For assistance with your accounting needs, contact our friendly team at firstname.lastname@example.org.
Let’s keep our spirits up. With more countries re-opening their economies, we can look forward to more positive news in the second half of the year. Until then, stay healthy and stay safe!
Founder, 3E Accounting Group
Read More in our E-Newsletter June 2020.