The Year 2020 is a Surprising Year for the Malaysia Economy The year first quarter of the year 2020 has turned out to be a challenging period due to the Covid-19 pandemic. Everywhere across the globe, countries are reeling from the economic downturn. No country escapes this slump. Therefore, it is a pleasant surprise that…
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 & 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 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 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 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…
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…
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 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 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…