Malaysia to Impose Tourism Tax from July Malaysia will begin imposing tourism tax from July onward and not in August as planned earlier. According to Malaysian Tourism and Culture Minister Mohamed Nazri Abdul Aziz the money collected would be used to promote Malaysia overseas and refurbish tourism facilities. “The tax is necessary as the ministry…
Grow Local Businesses by Listing on Bursa Malaysia KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) recently organised a forum themed “Grow Your Business, List on Bursa” in conjunction with its 50th anniversary. The half day forum, at the MIDA headquarters here, was held in collaboration with Bursa Malaysia Berhad and focused on listing opportunities…
Clarification of Income Tax on Uber and Grabcar Drivers Inland Revenue Board of Malaysia (IRBM) has, on 31 March 2017, released a press statement to clarify that the individual income tax imposed on Uber and GrabCar drivers is similar to the tax imposed on an individual who is carrying on a business. Income tax is…
GST TAP System Now Charges Penalties Automatically As now is the tax season, there are things that you need to keep in mind. One of the important things you need to know is the penalty for late payment. If you file or pay late, or you do not file at all, you owe penalties and…
Issuance of Amendment to Private Entity Definition the Malaysian Accounting Standards A private entity is a private company as defined in section 2 of the Companies Act 2016 that: (a) is not itself required to prepare or lodge any financial statements under any law administered by the Securities Commission or Bank Negara Malaysia; and (b)…
World’s First Digital Free Trade Zone Outside China KUALA LUMPUR: The world’s first Digital Free Trade Zone outside China was launched in Malaysia recently – aimed at doubling the nation’s e-commerce growth and increase the Gross Domestic Product (GDP) contribution to RM211 billion by 2020. Estimated to create more than 60,000 job opportunities by 2025,…
Malaysia Poised To Be Leader In Solar Industry KUALA LUMPUR: The Malaysian Solar PV Roadmap 2030, to be launched by the end of 2017 will pave the way for the further development of the country’s photovoltaic (PV) industry. The effort, which involves key stakeholders from the industry, government departments and academia will be instrumental in…
Alipay now available in Malaysia KUALA LUMPUR: The country’s largest financial service providers – Malayan Banking Bhd (Maybank) and CIMB Bank Berhad, recently partnered with China’s Ant Financial Services Group to enable the Alipay mobile wallet in Malaysia as an alternative cashless payment for Chinese tourists. Operated by Ant Financial, Alipay is an eWallet payment…
Changes implemented by the Companies Act 2016 The Companies Act 2016 came into force in Malaysia on January 31, 2017. However, certain sections have yet to come into operation. These relate to: the company secretary’s registration with the Registrar of Companies; and the corporate rescue mechanisms. Effectively, all companies in Malaysia will now have to…
e-Filing of Form CP204 AND CP204A For the purpose of tax administration, the IRB has confirmed that SMEs are still required to submit the Form CP204 within the stipulated deadline but without any estimate of tax payable. Furthermore, the IRBM has announced that companies are required to furnish Form CP204 and CP204A via e-Filing with…