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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…
Improved Exports Helps Malaysia’s Economy Gather Momentum in Q4 Malaysia’s economy grew at a much faster rate during the final quarter of last year. Its resilient exports were largely responsible for helping to promote growth despite the global slowdown from the US-China trade war. The country’s central bank – Bank Negara Malaysia- is expecting the…
The Procedure for the Filing of Income Tax Return Forms Based on Unaudited Accounts As of 4 August 2017, Malaysia’s SSM (Suruhanjaya Syarikat Malaysia) has issued Practice Directive No. 3/2017. This directive was named Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies. Under this directive, dormant companies, threshold-qualified companies and zero-revenue companies…
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…