MASB Announces Amendments The Malaysian Accounting Standards Board (“MASB”) recently announced certain amendments to the MASB approved accounting standards for application in relation to financial statements. These statements are those prepared or lodged under any law administrated by the Securities Commission of Malaysia, Bank Negara Malaysia or the Registrar of Companies: Long-term Interests in…
Exemption from Withholding Tax for Services rendered and performed outside Malaysia Effective 6 September 2017, the Government through the Income Tax (Exemption) (No.9) Order 2017 (P.U. (A) 323) dated 23 October 2017, exempts non-resident person from payment of income tax in respect of income from services which are rendered and performed by the person outside…
Osram Sets Up New Plant in Malaysia Osram recently opened it’s new semiconductor plant at the Kulim Hi-tech Park in Perak, Malaysia. The opening was officiated by Malaysian Minister of International Trade and Industry (Miti), Datuk Seri Mustapa Mohamed. In his opening speech, the minister said Osram was a good example of companies that has…
Malaysia Imposes Travel Ban On Those Who Fail To Settle Their GST Traders who fail to pay the Goods and Services Tax (GST) will be blacklisted from going abroad, the Royal Malaysian Customs Department has said. The Malaysian government recently announced that it will blacklist all traders who fail to pay the Goods and Services…
Tax treatment on digital advertising On 29 September 2017, the Inland Revenue Board of Malaysia (IRBM) has released a press statement to inform that the treatment of digital advertising payments would be determined based on the facts of the case and the Income Tax Act 1967. The IRBM also informed that they will not be issuing any…
EPF Encourage Use of Electronic Transactions for Contribution Payments MALAYSIA: The Employees Provident Fund (EPF) is working with Bank Negara Malaysia (BNM), Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) and local banks to minimise the usage of cheques and cash by encouraging the use of electronic payments. Campaigns to educate employers and encourage them to…
Managing director pleads guilty to providing false information A 59-year-old managing director in Malaysia, Goh Hee Seng pleaded guilty to two charges under Section 364 (2) of the Companies Act 1965 for providing false information to the Company Registrar with regards to an application to strike off a company name under Section 308 (1) of…
Revised Salary Requirements to Hire a Foreigner in Malaysia What Is an Employment Pass? Are you keen on experience work life in Malaysia and all the country has to offer? Malaysia is a country with no shortage of opportunity and despite being small in size, it has more than enough room for both locals…
Compulsory Use of Biodegradable and Compostable Plastics in Malaysia Malaysia has since enforced the compulsory use of biodegradable and compostable plastics bags and food containers in the Federal Territories. Following this, it was reported that the price of plastic bags is expected to increase by three to sixfold, while food containers will cost about 30%…
IKEA makes Malaysia it’s ASEAN Distribution and Supply Chain Centre Malaysia has been chosen as the location for IKEA to set up its Regional Distribution and Supply Chain Centre for Asean. Noted as a strategic decision by the world’s largest furniture retailer which is headquartered in the Netherlands, the company is expected to invest RM908…