Malaysia Continues to Remain an Optimistic Investment Destination Among Investors The outlook for Malaysia’s economy is still looking good, despite recent uncertainties surrounding the global economy and recent issues related to the US-China trade talks. Despite the challenges, Malaysia’s economy experienced a growth in Q1 of 2019, with a 127% rise in approved investments. The…
Change of LHDN’s Hasil Care Line Number The Inland Revenue Board of Malaysia (LHDN) has announced a change in its contact number for its Hasil Care Line (HCL) effective 16 May 2019. Customers who wish to contact LHDN may be so at the numbers provided above. For any concerns or queries relating to LHDN or other…
Submission of Estimated Tax Payable via E-filing in Malaysia for Year of Assessment 2018 The Inland Revenue Board of Malaysia (IRBM) has announced that in accordance with subsection 107C (1A) 107C (7A) of the Income Tax Act 1967 (ACP 1967), every company taxpayer is required to submit an Estimated Tax Payable (Form CP204) and Budget…
MIDA’s Launched I-Services Portal The Malaysian Investment Development Authority (MIDA) recently launched their i-Services Portal, connecting local service provides with potential clients both locally and abroad. MIDA’s new i-Services portal, accessible MIDA’s website, acts as a business platform link with three primary objectives: To help facilitate the linkage programmes run by MIDA and other agencies.…
Singapore Income Will Not Be Taxed – The Statement of Inland Revenue Board of Malaysia The Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negeri Malaysia or LHDN) released a statement addressing the confusion over the revenue received from Singapore and the basis of determining resident status for purposes of imposition income tax. Generally taxable…
Improved Exports Helps Malaysia’s Economy Gather Momentum in Q4 Malaysia’s economy grew at a much faster rate during the final quarter of last year. Its resilient exports were largely responsible for helping to promote growth despite the global slowdown from the US-China trade war. The country’s central bank – Bank Negara Malaysia- is expecting the…
The Procedure for the Filing of Income Tax Return Forms Based on Unaudited Accounts As of 4 August 2017, Malaysia’s SSM (Suruhanjaya Syarikat Malaysia) has issued Practice Directive No. 3/2017. This directive was named Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies. Under this directive, dormant companies, threshold-qualified companies and zero-revenue companies…
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…
Amendments to DG’s Decision 1/2018 & 3/2018 by the Royal Malaysian Customs Department The Royal Malaysian Customs Department has made amendments to the DG’s Decision for 1/2018 and 3/2018. The amendments affect the areas of tax invoice issuance, and submission of the goods and services tax return. Amendments to the Issuance of Tax Invoice…
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…
