The New Number Format Will Be Used for All Registered Companies in Malaysia With a steady economy, we are seeing more businesses and companies being registered. Every entrepreneur, big or small, is joining the entrepreneurship bandwagon as it is a viable alternative source of income. Just recently, a new business registration number format is introduced…
Is The Sales and Service Tax SST Malaysia Here To Stay? According to economists, the Sales and Service Tax (SST) Malaysia is here to stay because going back to Goods and Services Tax GST Malaysia just after it has been abolished will be harmful to businesses. While the SST Malaysia resulted in a lower burden…
Business Interest in Malaysia Still Going Strong Despite Global Economic Challenges Foreign Investments Increase Despite Economic Challenges Business interest in Malaysia continues to climb steadily despite the global economic challenges and competitive landscape. Approved investments in the first half of 2019 (1H2019) stemmed from manufacturing, primary sectors and the services sector. Growth in the…
Strong Q2 GDP for Malaysia Despite Cloudy Trade Risks Outlook Malaysia Recorded a Strong Gross Domestic Product (GDP) Growth in Q2 This Year Malaysia’s Q2 GDP grew faster than expected between April to June this year. This makes it the first Southeast Asian country to record accelerated growth. Spurred mainly by palm oil production…
Automatic Compound Reduction Implemented by the Companies Commission of Malaysia (SSM) The Companies Commission of Malaysia (SSM) will implement an automatic compound reduction rate method. This method is effective as of 1 July 2019. This measure is meant to help facilitate the settlement of compounds within a specified period. This approach encourages the corporate community…
Malaysia Continues to Remain an Optimistic Investment Destination Among Investors The outlook for Malaysia’s economy is still looking good, despite recent uncertainties surrounding the global economy and recent issues related to the US-China trade talks. Despite the challenges, Malaysia’s economy experienced a growth in Q1 of 2019, with a 127% rise in approved investments. The…
Change of LHDN’s Hasil Care Line Number The Inland Revenue Board of Malaysia (LHDN) has announced a change in its contact number for its Hasil Care Line (HCL) effective 16 May 2019. Customers who wish to contact LHDN may be so at the numbers provided above. For any concerns or queries relating to LHDN or other…
Submission of Estimated Tax Payable via E-filing in Malaysia for Year of Assessment 2018 The Inland Revenue Board of Malaysia (IRBM) has announced that in accordance with subsection 107C (1A) 107C (7A) of the Income Tax Act 1967 (ACP 1967), every company taxpayer is required to submit an Estimated Tax Payable (Form CP204) and Budget…
MIDA’s Launched I-Services Portal The Malaysian Investment Development Authority (MIDA) recently launched their i-Services Portal, connecting local service provides with potential clients both locally and abroad. MIDA’s new i-Services portal, accessible MIDA’s website, acts as a business platform link with three primary objectives: To help facilitate the linkage programmes run by MIDA and other agencies.…
Singapore Income Will Not Be Taxed – The Statement of Inland Revenue Board of Malaysia The Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negeri Malaysia or LHDN) released a statement addressing the confusion over the revenue received from Singapore and the basis of determining resident status for purposes of imposition income tax. Generally taxable…