Small Companies in Malaysia Do Not Need Auditors under the Companies Act 2016 On 4 August 2017, the Companies Commission of Malaysia (CCM) issued a Practice Directive pursuant to Section 20C of the CCM Act 2001 and subsection 267 (2) of the Companies Act 2016 (CA 2016). The objective of the directive is to set…
Minister’s Relief 1/2017 – Relief from charging of GST on the supplies of services which are directly in connection with goods for export to overseas customer The RMCD has recently issued the Relief by Minister of Finance 1/2017 in relation to the following group of supplies: a. The supply of services directly in connection…
BURSA MALAYSIA SECURITIES BERHAD ISSUED NEW LEAP MARKET LISTING REQUIREMENTS Bursa Malaysia Securities Berhad (“the Exchange”) has, on 15 June 2017, issued the new LEAP Market Listing Requirements (“LEAP LR”) which governs the listing framework of the LEAP Market. The Exchange established a new market called the LEAP Market that is aimed at facilitating access…
Alibaba launches Tmall retail site Chinese e-commerce giant Alibaba Group Holding Ltd is now targeting the sizeable 500 million population from South-East Asia, namely, Singapore, Malaysia, Hong Kong and Taiwan With product offerings, promotions and logistics, these countries are experiencing rapid growth in terms of new users. Following the launch of the new service, Tmall…
Malaysia to Impose Tourism Tax from July Malaysia will begin imposing tourism tax from July onward and not in August as planned earlier. According to Malaysian Tourism and Culture Minister Mohamed Nazri Abdul Aziz the money collected would be used to promote Malaysia overseas and refurbish tourism facilities. “The tax is necessary as the ministry…
Grow Local Businesses by Listing on Bursa Malaysia KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) recently organised a forum themed “Grow Your Business, List on Bursa” in conjunction with its 50th anniversary. The half day forum, at the MIDA headquarters here, was held in collaboration with Bursa Malaysia Berhad and focused on listing opportunities…
Clarification of Income Tax on Uber and Grabcar Drivers Inland Revenue Board of Malaysia (IRBM) has, on 31 March 2017, released a press statement to clarify that the individual income tax imposed on Uber and GrabCar drivers is similar to the tax imposed on an individual who is carrying on a business. Income tax is…
GST TAP System Now Charges Penalties Automatically As now is the tax season, there are things that you need to keep in mind. One of the important things you need to know is the penalty for late payment. If you file or pay late, or you do not file at all, you owe penalties and…
Issuance of Amendment to Private Entity Definition the Malaysian Accounting Standards A private entity is a private company as defined in section 2 of the Companies Act 2016 that: (a) is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and (b)…
World’s First Digital Free Trade Zone Outside China KUALA LUMPUR: The world’s first Digital Free Trade Zone outside China was launched in Malaysia recently – aimed at doubling the nation’s e-commerce growth and increase the Gross Domestic Product (GDP) contribution to RM211 billion by 2020. Estimated to create more than 60,000 job opportunities by 2025,…