MASB issues amendments to several Standards and a new Interpretation (29 December 2016) The Malaysian Accounting Standards Board (MASB) has today issued a few amendments to certain existing Standards and one new Interpretation. They are: (1) Malaysian Financial Reporting Standards (MFRSs) > Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts (Amendments to MFRS…
Trader are only allowed to organise four (4) special sales a year starting in 2017 Under the new rules starting from January 1, 2017, traders and retailers are allowed to hold just four mega sales a year, compared to five times previously. Three of the new sales dates are to be set by the Government…
Price Control and Anti-Profiteering Regulations 2017 In a bid to protect the rights and interests of consumers as well as to curb profitering, the Domestic Trade, Cooperatives and Consumerism (KPDNKK) ministry announced the enforcement of the Price Control and Anti-Profiteering Regulations 2016 (Mechanism To Determine Unreasonably High Profits for Goods) which came into force on…
Students are exempted from business registration fees from Jan 1, 2017 In a bid to encourage more young people especially students to join the workforce as entrepreneurs, the Malaysian government has announced an initiative of exemption of business registration fees, starting from Jan 1, 2017. The main reason why is to encourage more young people…
Personal Income Tax Filing Season for YA 2016 in Malaysia Time to file your Malaysia personal tax return Under the self-assessment system which is based on the concept of “File and Pay”, individuals are required to: File their completed income tax return forms to the Inland Revenue Board (IRB) together with the payment of…
Malaysia Regulatory Update: Foreign Exchange Administration (FEA) Rules In a bid to calm the markets and to improve liquidity, Bank Negara Malaysia (BNM) recently issued the revised Foreign Exchange Administration Rules (FEA Rules) effective 5th December 2016, as a measure to accelerate the development of Malaysian financial market and to promote financial stability. The objectives…
MIDA Strengthens Cooperation with Jetro 16 November 2016, Tokyo – The Malaysian Investment Development Authority (MIDA) and Japan External Trade Organisation (JETRO) signed a memorandum of cooperation (MoC) in the presence of both the Prime Minister of Malaysia, Dato’ Sri Najib Razak and the Prime Minister of Japan, His Excellency Shinzo Abe. The two leaders…
Pay Your Tax on Time and Accurately What will happen if our tax payment is not on time, inaccurate or maybe we did not pay the tax? Will it affect our daily life routine? As all of us noticed, without the aid of technology, the result of IRB tracking for those who didn’t pay their…
IRBM Public Ruling No. 7/2016 We are hereby informed that the Inland Revenue Board of Malaysia (IRBM) has, on 7 October 2016, issued Public Ruling (PR) No. 7/2016: Basis Period for Companies Under Liquidation. The objective of this PR is to explain the determination of the basis period for companies under liquidation. Related Links…
Implementation of Online Submission for The Application of Import Duty Exemption on Machinery & Equipment and Raw Materials & Components All applications for import duty exemption which involve PC1, PC Services, PC2, PC2A, PC2-1, SPM1 and SPM2 need to be submitted online with effect from 1 November 2016. With effect from 1 November 2016, all…
