Latest News in Malaysia

MFRS Financial Instrument to Account for Expected Credit Losses During the COVID-19

AccountingBy 3E Accounting MalaysiaMay 4, 2020

Releases of MFRS Financial Instrument to Account for Expected Credit Losses During the COVID-19 The Malaysian Accounting Standards Board (MASB) releases the MFRS Financial Instruments to account for expected credit losses during the COVID-19. MASB is working closely with regulators to monitor the developments of the coronavirus pandemic (COVID-19).  MASB is also monitoring how much of an impact this is going to have on Malaysia’s financial markets, along…

Workplace Guide And SOP For Resuming Work And Business Operations After Malaysia MCO

SMEBy 3E Accounting MalaysiaMay 2, 2020

Workplace Guide & SOP For Resuming Work & Business Operations After Malaysia MCO   A Guide to SOP Required at the Work Place Once Operations Resume after MCO The Government has given the go-ahead for most businesses to resume work on 4 May 2020. They will need to abide by the Guide for Work Place…

New Digital Services Systems Service Tax

Invest in MalaysiaBy 3E Accounting MalaysiaApril 20, 2020

New Digital Services Systems Service Tax for Foreign Registered Persons (FRP) in Malaysia   Guideline for Filing Procedures Available Online The Royal Malaysian Customs Department (RMCD) announced a new service tax that will be applicable for digital services systems applicable to those registered as foreigners. The announcement was made by the RMCD on 30 March…

SSM Initiatives Announced to Ease MCO Burden

Invest in MalaysiaBy 3E Accounting MalaysiaApril 15, 2020

SSM Initiatives Announced to Ease Movement Control Order (MCO) Burden   New Initiatives to Help Corporations Ease Their Burden The Companies Commission of Malaysia (SSM) announced seven new initiatives to help the corporate sector ease their burden during the Movement Control Order (MCO). SSM made the announcement on 10 April 2020. Out of the 7,…

Stimulus Package Introduced in Malaysia

SMEBy 3E Accounting MalaysiaApril 8, 2020

Stimulus Package Introduced to Add Approximately 1.4% Points to Malaysia’s GDP Growth The Global Economy Is Taking a Hit, and The Introduction of This Package Will Change That Economies around the globe have taken a hit and the Malaysia Government hopes the new stimulus package will boost the country’s 2020 GDP growth. The package is…

Postponement of Tax Payment and Amendment of Tax Assessment for Tourism Sector

Taxation and GSTBy 3E Accounting MalaysiaApril 8, 2020

Tax Payment Postponement and Tax Assessment Amendments for Tourism Sector in Malaysia New Application Forms Uploaded by the IRB Malaysia’s Inland Revenue Board (IRB) has allowed the companies in the tourism sector to do amendment to this year’s tax assessment. The IRB is also postponing tax payments for the sector and has provided the application…

FAQ on Tax Matters During the MCO Period

Taxation and GSTBy 3E Accounting MalaysiaApril 7, 2020

Frequently Asked Questions (FAQ) on Tax Matters During the MCO Period In line with the Movement Control Order (MCO), the Inland Revenue Board (IRB) has issued a list of frequently asked questions (FAQ) on tax matters during the MCO period. While there are numerous FAQs covering different tax matters, the following are the pertinent highlights for your…

Extension of Deadline for Filing Malaysia Income Tax 2020

Taxation and GSTBy 3E Accounting MalaysiaApril 6, 2020

Extension of Two Months for Filing Malaysia Income Tax 2020 The Government has announced an extension of two months for filing income tax from the original deadline in consideration of the Movement Restriction Order (MRO) that has been enforced during the COVID-19 pandemic. The new deadline for filing income tax returns in Malaysia is now…

MASB Publishes New Classification Notice for Liabilities

AccountingBy 3E Accounting MalaysiaMarch 27, 2020

MASB Publishes New Classification Notice for Liabilities to Ensure Consistency   New Amendments Will Clarify Debts and Liabilities as Current or Non-current As of 16 March 2020, the Malaysian Accounting Standards Board (MASB) has published a new notice which will better classify debts and liabilities. MASB has amended the MFRS101 Presentation of Financial Statements. The…

Malaysia COVID-19

SMEBy 3E Accounting MalaysiaMarch 24, 2020

Malaysia COVID-19: What Is the Government’s Advice to Businesses? Looking at The Impact on Businesses and The Malaysia Economy Uncertain times lie ahead amid the global economic uncertainty because of the virus pandemic. Here’s a look at the Malaysia COVID-19 situation and the Government’s advice to businesses.     What the COVID-19 Means for Malaysia…