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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…
Duty-Free Islands Will Still Be Taxed Under SST in Malaysia Malaysia has some duty-free islands where the foreign visitors can indulge in tax-free shopping. However, the SST in Malaysia kick starts on September 1 and is expected to affect specific items based on the orders of the country’s finance minister. Lim Guan Eng, the Finance…
Service Sector Remain 6% from GST into SST in Malaysia However, room tariffs may not increase after the new policy is deployed from September 1, 2018. As far as the service sector is concerned, the deployment of SST (Sales and Services Tax) starting from September 1, 2018, may not result in much of a price…
SST Malaysia to Impose 5-10% Tax on Goods and 6% on Services Saturday, September 1 will be a landmark day for Malaysia as a new tax policy comes into effect. Under the latest tax policy SST Malaysia, a tax will be imposed on the range of 5-10 percent on the sale of goods. Plus, a…
Alibaba’s Investments in Malaysia Continues The political power shift in the country did not spell an end to Alibaba’s investment in Malaysia. Despite the review of Malaysia-China mega projects, Alibaba’s founder Jack Ma has recently confirmed that Alibaba will continue its investments in Malaysia without disruptions. In 2017, Alibaba has inked a memorandum of understanding…
Transitioning from GST to SST in Malaysia Tax Changes are Coming to Malaysia There’s going to be a change of tax in Malaysia come 1 st September 2018. The new tax which is going to be introduced is known as the Sales and Services Tax (SST), and the SST is set to replace the…
Malaysia’s June Inflation Rate Dips After GST Scrapped Following the abolishment of the 6% Goods and Services Tax (“GST”) from June 1 onwards, Malaysia’s June inflation rate eased to a 3-year low of 0.8%. In June, the country’s inflation rate was recorded at 0.8 %, which is the lowest rate since February 2015 – the…
Revival of Malaysia Inc. to Help Stimulate Growth Malaysia’s PM to Reintroduce Malaysia Inc. Concept Malaysia Inc., a concept which was first introduced by Prime Minister Mahathir Mohamad, will be revived with the aim to make Malaysia regarded as one massive corporation that both government and private sector will work to ensure its success. Tun…