MIDA Hold Special Briefing Sessions for Greater Opportunities

MIDA Hold Special Briefing Sessions for Greater Opportunities The Malaysian Investment Development Authority (MIDA) recently held a briefing session entitled, “An Update on Investment Opportunities in Perlis’ at the MIDA headquarters. The first of it’s kind, this session was part of MIDA’s efforts to provide in-depth opportunities in every state this year. The series follows…

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Latest GST updates in Malaysia

Latest GST updates in Malaysia   Beginning January 18, 2018, all applications for GST registration via Taxpayer Access Points (TAP) in Malaysia will be approved within 24 hours. In the event approval was not granted within 24 hoursafter submitting a complete application, those concerned can contact  1-300-888-500 or e-mail ccc@customs.gov.my Also, the Royal Malaysian Customs Department also announced that…

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Improvements to the MFRS issued

Improvements to the MFRS issued   On January 15, 2018, the Malaysian Accounting Standards Board (MASB) issued the annual improvements to the Malaysian Financial Reporting Standards (MFRS) 2015 – 2017 cycles. The improvement issued are as follows: MFRS 3 Business Combinations Under the amendments made to MFRS 3, it is clarified that whenever an entity gains control…

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MASB Announces Amendments

MASB Announces Amendments The Malaysian Accounting Standards Board (“MASB”) recently announced certain amendments to the MASB approved accounting standards for application in relation to financial statements. These statements are those prepared or lodged under any law administrated by the Securities Commission of Malaysia, Bank Negara Malaysia or the Registrar of Companies: Long-term Interests in Associates…

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Exemption from Withholding Tax for Services rendered and performed outside Malaysia

Exemption from Withholding Tax for Services rendered and performed outside Malaysia Effective 6 September 2017, the Government through the Income Tax (Exemption) (No.9) Order 2017 (P.U. (A) 323) dated 23 October 2017, exempts non-resident person from payment of income tax in respect of income from services which are rendered and performed by the person outside…

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Osram Sets Up New Plant in Malaysia

Osram Sets Up New Plant in Malaysia Osram recently opened it’s new semiconductor plant at the Kulim Hi-tech Park in Perak, Malaysia. The opening was officiated by Malaysian Minister of International Trade and Industry (Miti), Datuk Seri Mustapa Mohamed. In his opening speech, the minister said Osram was a good example of companies that has…

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Tax treatment on digital advertising

Tax treatment on digital advertising On 29 September 2017, the Inland Revenue Board of Malaysia (IRBM) has released a press statement to inform that the treatment of digital advertising payments would be determined based on the facts of the case and the Income Tax Act 1967. The IRBM also informed that they will not be issuing any…

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