Narrow – Scope Amendments to Pension Accounting in Malaysia The Malaysian Accounting Standards Board (MASB) recently issued narrow-scope amendments to pension accounting. The amendments to the Malaysian Financial Reporting Standards (MFRS) Employee Benefits are word-for-word Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) issued by the International Accounting Standards Board. Under the amendments, an…
New Trade Deal Signed By 11 Countries Eleven countries in the Trans-Pacific Partnership free trade agreement recently sent a strong message to Washington against its increasing protectionism in trade. The countries proceeded to sign a new deal known as The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It was signed in Santiago, Chile, by…
Pahang Set to Woo Investors with Mammoth Projects Pahang looks set to woo both foreign and local investors with numerous large-scale projects, including the East Coast Railway Line (ECRL) project, Malaysia-China Kuantan Industrial Park (MCKIP), Kuantan Port expansion and Tanjong Agas Oil & Gas and Logistic Industrial Park. These mammoth projects will play a big…
No more Change In The Registered Address lodgments at SSM counters Beginning December 1, 2017, all lodgments of the Notification of Change In The Registered Address (CRA) through the Companies Commission of Malaysia (SSM) counters will be rejected. This includes all counters at SSM’s head office, state offices and branches. According to a recent announcement from the SSM,…
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…
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…
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…
A Guide to Public Holidays Celebrated in Malaysia for the Year 2018 This guide contains a comprehensive list of all the public holidays in Malaysia for 2018. The dates may be subject to modifications as changes. It is advisable to check back regularly for announcements regarding the public holidays. Employers should take note of the…
More Than 91,500 Jobs Created From 3,886 Projects Last Year Malaysia recorded a total of RM113.5 billion worth of approved investments involving 3,886 projects in the manufacturing, services and primary sectors from January to September, 2017. However, this was 26.5% lower than the investment of RM154.3 billion approved in the same period last year. These…
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…