SRAO 2017 and Changes to Property-Related Legal Fees The Malaysian Bar Council in November 2012 approved the amendments to the Solicitors’ Remuneration Order 2005 (“SRO 2005”) that have been gazetted as the SRAO 2017. The amendments were made to adjust the scale fees upwards for several chargeable items in respect of professional fees for the…
Malaysia records 4.5% economic growth KUALA LUMPUR: Driven by private sector spending and the manufacturing and services sector, Malaysia’s economy grew 4.5% in the fourth quarter of 2016 – exceeding economists’ survey of 4.4%. The nation’s central bank, Bank Negara Malaysia (BNM) said this was the strongest expansion compared to a 4.3% growth in the…
Bright Outlook for Malaysian Rubber Industry KUALA LUMPUR: Once a major source of income for the country, the production of rubber was reportedly declining and some investors even labeled it as a sunset industry. However, the recovery in the global economy and the shortage of natural rubber have since enhanced prospects for the industry this…
Tax Filing Programmes for Income Tax Return in the Year 2016 The Inland Revenue Board has issued a filing programme for Income Tax Return Forms in the year 2016. Here’s some quick information for tax payers. What’s my deadline for filing taxes? Which form do I fill? 30 April 2017 for individuals without business…
Update on GST and commercial property in Malaysia Do you know that you need to register for GST when investing in commercial property? It is a crucial step in your investment roadmap. However, some investors might forget to include GST into their budget and this is a big mistake- because the figures involved can be…
Amendments To Form E, CP8D, EA & EC in Respect of Remuneration for The Year 2016 The IRB has recently updated the following: Filing program for 2017 tax returns 2016 version of Forms EA, EC and CP 8D (employer related) With regards to the amendments of Form C.P.8D and Form EA / EC, the improvements…
MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are: (1) Malaysian Financial Reporting Standards (MFRSs) > Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS…
Trader are only allowed to organise four (4) special sales a year starting in 2017 Under the new rules starting from January 1, 2017, traders and retailers are allowed to hold just four mega sales a year, compared to five times previously. Three of the new sales dates are to be set by the Government…
Price Control and Anti-Profiteering Regulations 2017 In a bid to protect the rights and interests of consumers as well as to curb profitering, the Domestic Trade, Cooperatives and Consumerism (KPDNKK) ministry announced the enforcement of the Price Control and Anti-Profiteering Regulations 2016 (Mechanism To Determine Unreasonably High Profits for Goods) which came into force on…
Students are exempted from business registration fees from Jan 1, 2017 In a bid to encourage more young people especially students to join the workforce as entrepreneurs, the Malaysian government has announced an initiative of exemption of business registration fees, starting from Jan 1, 2017. The main reason why is to encourage more young people…