MACC Launches Guidelines on Adequate Procedures The new Guidelines on Adequate Procedures will take effect from 1 June 2020, and is expected to prepare commercial organisations for the future. The guidelines were issued pursuant to subsection (5) of Section 17A of the Malaysian Anti-Corruption Commission Act 2009 (Act 694) (MACC Act 2009). This was stated…
SSM Registered Business Entities to Have New Format for Registration Numbers Business entities registered in Malaysia will now have a new registration number format when they register with the Companies Commission of Malaysia (SSM). Beginning January 2019, these new registration numbers for business will contain 12 digit characters which are designed to help facilitate data…
Smoking Ban to Be Imposed at All Malaysian Eateries From 1 Jan 2019 Starting from 1 January next year, a smoking ban will be enforced at all Malaysian restaurants nationwide. This includes hawker stalls and coffee shops, covering air-conditioned and non-air-conditioned eateries, street stalls and open-air hawker centers. Malaysia’s Deputy Health Minister stated during a…
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…