Understanding Audit Exemption in Malaysia: New Criteria
Audit exemption in Malaysia allows certain private companies not to have their financial statements audited annually. Here is an overview: So, in essence, audit exemption allows eligible private companies in Malaysia to skip the statutory audit requirement to ease their regulatory compliance burden. It is time to review the current framework. The Companies Commission of […]
e-Invoice Guideline Version 2.2：Acquiring Goods or Services from Individuals who are not conducting Business
Here is a brief overview of the e-invoice impact when acquiring goods or services from individuals who are not conducting business: 1）Self-billed e-invoice needs to be issued by the business acquiring goods/services from the individual 2）For example, if Company XYZ buys used furniture from John, an individual selling some household items, Company XYZ has to […]
Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) (Amendment) Rules 2024
The Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) (Amendment) Rules 2024 [P.U. (A) 45/2024] amends the Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) Rules 2012 to extend the tax incentives provided under the Returning Expert Programme. The […]
Income Tax (Exemption) Order 2024
The Income Tax (Exemption) Order 2024 [P.U. (A) 37/2024] provides tax exemptions for IDR-status companies undertaking qualifying activities in approved nodes within the Iskandar Development Region (“IDR“) This Order aims to promote investments in certain sectors to drive regional economic growth. The Order defines an IDR status company and specifies the qualifying activities across sectors […]
Customs (Amendment) Regulations 2024
The Customs (Amendment) Regulations 2024 [P.U (A) 53/2024] amends the Customs Regulations 2019 to gazette the Terengganu Silica Port in Setiu, Terengganu as a new customs port and legal landing place for all goods. This amendment inserts the Terengganu Silica Port, Setiu, into the First Schedule Part II to specify its location and working hours. […]
