Managing director pleads guilty to providing false information A 59-year-old managing director in Malaysia, Goh Hee Seng pleaded guilty to two charges under Section 364 (2) of the Companies Act 1965 for providing false information to the Company Registrar with regards to an application to strike off a company name under Section 308 (1) of…
Revised Salary Requirements to Hire a Foreigner in Malaysia What Is an Employment Pass? Are you keen on experience work life in Malaysia and all the country has to offer? Malaysia is a country with no shortage of opportunity and despite being small in size, it has more than enough room for both locals…
Compulsory Use of Biodegradable and Compostable Plastics in Malaysia Malaysia has since enforced the compulsory use of biodegradable and compostable plastics bags and food containers in the Federal Territories. Following this, it was reported that the price of plastic bags is expected to increase by three to sixfold, while food containers will cost about 30%…
IKEA makes Malaysia it’s ASEAN Distribution and Supply Chain Centre Malaysia has been chosen as the location for IKEA to set up its Regional Distribution and Supply Chain Centre for Asean. Noted as a strategic decision by the world’s largest furniture retailer which is headquartered in the Netherlands, the company is expected to invest RM908…
MASB issues new Insurance Standard and Interpretation on Income Taxes The Malaysian Accounting Standards Board (MASB) has issued the following pronouncements: Malaysian Financial Reporting Standards (MFRSs) – MFRS 17 Insurance Contracts – IC Interpretation 23 Uncertainty over Income Tax Treatments Financial Reporting Standard (FRS) – IC Interpretation 23 Uncertainty over Income Tax Treatments These pronouncements…
Small Companies in Malaysia Do Not Need Auditors under the Companies Act 2016 On 4 August 2017, the Companies Commission of Malaysia (CCM) issued a Practice Directive pursuant to Section 20C of the CCM Act 2001 and subsection 267 (2) of the Companies Act 2016 (CA 2016). The objective of the directive is to set…
Minister’s Relief 1/2017 – Relief from charging of GST on the supplies of services which are directly in connection with goods for export to overseas customer The RMCD has recently issued the Relief by Minister of Finance 1/2017 in relation to the following group of supplies: a. The supply of services directly in connection…
BURSA MALAYSIA SECURITIES BERHAD ISSUED NEW LEAP MARKET LISTING REQUIREMENTS Bursa Malaysia Securities Berhad (“the Exchange”) has, on 15 June 2017, issued the new LEAP Market Listing Requirements (“LEAP LR”) which governs the listing framework of the LEAP Market. The Exchange established a new market called the LEAP Market that is aimed at facilitating access…
Alibaba launches Tmall retail site Chinese e-commerce giant Alibaba Group Holding Ltd is now targeting the sizeable 500 million population from South-East Asia, namely, Singapore, Malaysia, Hong Kong and Taiwan With product offerings, promotions and logistics, these countries are experiencing rapid growth in terms of new users. Following the launch of the new service, Tmall…
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…