Malaysia’s Inland Revenue Board Launches Special Program for Voluntary Disclosure On 3 November 2018, the Inland Revenue Board of Malaysia (IRBM) issued its Operational Guidelines No. 1/2018. This guideline outlines the implementation procedures of the Special Program for Voluntary Disclosure (Special Program), which is eligible for taxpayers. Malaysia’s Tax Reform Committee is part of the…
Malaysia Leapfrogs from 24th to 15th spot in World Bank Doing Business 2019 Report According to the recently released World Bank Doing Business 2019 Report, Malaysia advanced nine places to 15th spot among 190 economies worldwide. Last year the report had ranked Malaysia at 24. On the list of top five countries, New Zealand championed…
DuitNow Money Transfer Service to Launch in December in Malaysia Malaysia’s Payments Network Malaysia Sdn Bhd (PayNet) is set to launch the DuitNow money transfer service this December. This will allow customers to transfer money securely and immediately using just the recipient’s mobile number. As of now, 40 local and foreign banks are expected to…
Smoking Ban to Be Imposed at All Malaysian Eateries From 1 Jan 2019 Starting from 1 January next year, a smoking ban will be enforced at all Malaysian restaurants nationwide. This includes hawker stalls and coffee shops, covering air-conditioned and non-air-conditioned eateries, street stalls and open-air hawker centers. Malaysia’s Deputy Health Minister stated during a…
Malaysia Business Reporting System by SSM to Be Implemented Nationwide Malaysia Business Reporting System (MBRS) is a submission platform for the Securities Commission of Malaysia (SSM). This system’s platform is based on the XBRL (eXtensible Business Reporting Language) format. With the XBRL format, companies and businesses will be able to submit the following documents: The…
“Pool Money” Activities are Prohibited Malaysia Companies or business entities in this country are prohibited from organizing any schemes or activities involving “pool money”. The Act (Prohibition) of “Pooling Money” of 1971 clearly states that companies which are formed under the Incorporation Act of 2016 (previously known as Incorporation Act of 1965), or any registered…
1 Jan Next Year Sees a New Minimum Wage in Malaysia From 1 January 2019, Malaysian workers are set to receive a change in their minimum wages. The new amount has been set at RM1,050 per month, and this change was made following the National Wage Consultative Council (MPGN)’s proposed recommendations. This amount works out…
Duty-Free Islands Will Still Be Taxed Under SST in Malaysia Malaysia has some duty-free islands where the foreign visitors can indulge in tax-free shopping. However, the SST in Malaysia kick starts on September 1 and is expected to affect specific items based on the orders of the country’s finance minister. Lim Guan Eng, the Finance…
Service Sector Remain 6% from GST into SST in Malaysia However, room tariffs may not increase after the new policy is deployed from September 1, 2018. As far as the service sector is concerned, the deployment of SST (Sales and Services Tax) starting from September 1, 2018, may not result in much of a price…
SST Malaysia to Impose 5-10% Tax on Goods and 6% on Services Saturday, September 1 will be a landmark day for Malaysia as a new tax policy comes into effect. Under the latest tax policy SST Malaysia, a tax will be imposed on the range of 5-10 percent on the sale of goods. Plus, a…