Notification of Penalty Due to Failure/Late Payment of Goods and Services Tax In accordance with amendments made to Section 41 of the Goods and Services Tax Act 2014, with effect from 1/1/2016 failure to pay the amount of goods and services tax to be paid within the period specified will be penalized. Imposition of penalties…
Annual Declaration by a Limited Liability Partnership (“LLP”) The Companies Commission of Malaysia (“SSM”) had, on 29 February 2016, issued Practice Note No. 1/2016 “Limited Liability Partnerships Act 2012 – Requirements Relating to the Lodgement of Annual Declaration by a Limited Liability Partnership (“LLP”)“. This Practice Note serves to clarify on the areas below: Time…
Amendments to Main Market and Ace Market Listing Requirements The Bursa Malaysia Securities Berhad (“Bursa Malaysia”) had, on 24 March 2016, issued amendments to the Main Market Listing Requirements (“Main LR”) and ACE Market Listing Requirements (“ACE LR”) (collectively referred to as the “LR”) relating to the following areas together with the relevant Questions &…
Youth Housing Scheme (YHS) announced by YAB Dato ‘Seri Najib Tun Razak, 1st Minister of Finance and the Prime Minister’s Malaysia under Budget 2015 Bank Simpanan Nasional (BSN) as a Development Financial Institution has been appointed to carry out this scheme and is currently in the midst of implementing this smart partnership with Cagamas Berhad…
Malaysia Investment Performance 2015: Driving Sustainable Growth A moderate global growth was recorded in 2015, which declined to 2.4 per cent from 2.6 per cent in 2014, due to post-crises lows in commodity prices, restrained capital flows and subdued global trade. Malaysia, however managed to retain its position as one of the top investment destinations…
Commercial Property More Than RM2 Million have to Registered for GST in Malaysia Custom Malaysia has updated silently the DG’s Decision 4/2014 Item 6 and the amendments were effective from 28 October 2015. This DG’s decision clarifies the GST treatments for Individual supplies commercial properties i.e. whether an individual has to charge GST when…
IESBA Invites Comments on Limited Re-Exposure of Proposed Changes to the Code Addressing the Long Association of Personnel With an Audit Client The International Ethics Standards Board for Accountants (“IESBA”) has, on 4 February 2016, released an Exposure Draft (“ED’) titled “Limited Re-exposure of Proposed Changes to the Code Addressing the Long Association of Personnel…
MASB defers accounting changes for associates and joint ventures (31 December 2015) The Malaysian Accounting Standards Board (MASB) today has deferred the effective date of Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to MFRS 10 and MFRS 128). However early application of ‘Amendments to MFRS 10 and…
Accounting Standards for Malaysian SMEs to include latest improvements (28 October 2015) The Malaysian Accounting Standards Board (MASB) today issued limited amendments to the Malaysian Private Entities Reporting Standard (MPERS). These amendments shall be effective for annual periods beginning on or after 1 January 2017, but early application is permitted. The most significant change is…
MASB launches Malaysian Private Entities Reporting Standard (MPERS) (27 October 2015) The Malaysian Accounting Standards Board (MASB) today launched Malaysian Private Entities Reporting Standard (MPERS), the new financial reporting framework for private entities. The MPERS is practically identical to the International Financial Reporting Standards (IFRS) for SMEs set by the International Accounting Standards Board…