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…
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…
The Launch of SME Digitalisation Initiative A New Initiative for a More Digitised Future The Ministry of Finance (MOF) recently launched the SME Digitalisation Initiative. This initiative is a working collaboration between the Government (via MOF) and the following organisations: Bank Simpanan Nasional (BSN) SME Bank Malaysia Digital Economy Corporation (MDEC) Working together,…
RM20 Billion Economic Stimulus Package 2020 Unveiled in Malaysia Malaysia Government Unveil RM20 Billion Economic Stimulus Package to Offset Covid-19 The Government has announced a RM20 billion Economic Stimulus Package 2020 to offset the economic impact from Covid-19 fallout. To mitigate the impact on the Malaysian economy, the Economic Stimulus Package 2020 is meant…
Malaysia’s Exports Expected to Increase in 2020, According to Economists Country Expected to Record a Growth of 1.5% in the Export Sector Economists are predicting Malaysia’s exports will experience a 1.5% growth year-on-year this 2020, strengthened by its commodity-based sectors. Based on the latest trade figures for the country, it seems the trade sector is…