Advancing Malaysia’s Digital Economy Malaysia is advancing rapidly and has great potential for further expansion in its digital economy. In the World Bank’s report, “Malaysia’s Digital Economy – A New Driver of Development”, it was pointed out that businesses still need to adopt digital technologies more readily to make full use of its benefits. Malaysia’s…
Value of Indebtedness Temporarily Increased to RM50,000 in Malaysia Malaysia’s Ministry of Domestic Trade and Consumer Affairs has announced a temporary increase in the value of indebtedness to more than RM50,000. This is pursuant to 466(1)(a) of the Companies Act 2016 (Act 777) (CA 2016) of the Malaysian Companies Act. Companies who are considered unable…
More International MNCs Choosing Malaysia for Regional Expansion Kuala Lumpur wows many with its world-class facilities, charming investors and visitors alike with its unique cultural mix and warm welcome. With the birth of Greater Kuala Lumpur, more foreign investors are looking to invest in Malaysia. Greater Kuala Lumpur continues to attract with the help of…
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…