MACC Launches Guidelines on Adequate Procedures The new Guidelines on Adequate Procedures will take effect from 1 June 2020, and is expected to prepare commercial organisations for the future. The guidelines were issued pursuant to subsection (5) of Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (Act 694) (MACC Act 2009). This was stated…
Amendments to DG’s Decision 1/2018 & 3/2018 by the Royal Malaysian Customs Department The Royal Malaysian Customs Department has made amendments to the DG’s Decision for 1/2018 and 3/2018. The amendments affect the areas of tax invoice issuance, and submission of the goods and services tax return. Amendments to the Issuance of Tax Invoice…
SSM Registered Business Entities to Have New Format for Registration Numbers Business entities registered in Malaysia will now have a new registration number format when they register with the Companies Commission of Malaysia (SSM). Beginning January 2019, these new registration numbers for business will contain 12 digit characters which are designed to help facilitate data…
Malaysia’s Inland Revenue Board Launches Special Program for Voluntary Disclosure On 3 November 2018, the Inland Revenue Board of Malaysia (IRBM) issued its Operational Guidelines No. 1/2018. This guideline outlines the implementation procedures of the Special Program for Voluntary Disclosure (Special Program), which is eligible for taxpayers. Malaysia’s Tax Reform Committee is part of the…
Malaysia Leapfrogs from 24th to 15th spot in World Bank Doing Business 2019 Report According to the recently released World Bank Doing Business 2019 Report, Malaysia advanced nine places to 15th spot among 190 economies worldwide. Last year the report had ranked Malaysia at 24. On the list of top five countries, New Zealand championed…
DuitNow Money Transfer Service to Launch in December in Malaysia Malaysia’s Payments Network Malaysia Sdn Bhd (PayNet) is set to launch the DuitNow money transfer service this December. This will allow customers to transfer money securely and immediately using just the recipient’s mobile number. As of now, 40 local and foreign banks are expected to…
Smoking Ban to Be Imposed at All Malaysian Eateries From 1 Jan 2019 Starting from 1 January next year, a smoking ban will be enforced at all Malaysian restaurants nationwide. This includes hawker stalls and coffee shops, covering air-conditioned and non-air-conditioned eateries, street stalls and open-air hawker centers. Malaysia’s Deputy Health Minister stated during a…
Malaysia Business Reporting System by SSM to Be Implemented Nationwide Malaysia Business Reporting System (MBRS) is a submission platform for the Securities Commission of Malaysia (SSM). This system’s platform is based on the XBRL (eXtensible Business Reporting Language) format. With the XBRL format, companies and businesses will be able to submit the following documents: The…
“Pool Money” Activities are Prohibited Malaysia Companies or business entities in this country are prohibited from organizing any schemes or activities involving “pool money”. The Act (Prohibition) of “Pooling Money” of 1971 clearly states that companies which are formed under the Incorporation Act of 2016 (previously known as Incorporation Act of 1965), or any registered…
1 Jan Next Year Sees a New Minimum Wage in Malaysia From 1 January 2019, Malaysian workers are set to receive a change in their minimum wages. The new amount has been set at RM1,050 per month, and this change was made following the National Wage Consultative Council (MPGN)’s proposed recommendations. This amount works out…