Strengthening Governance – Malaysian Code on Corporate Governance (MCCG) 2021
On April 28, 2021, Securities Commission Malaysia (“SC”) released an updated version of the Malaysian Code on Corporate Governance (“MCCG”), which includes the introduction of new best practices and additional guidance to strengthen the governance culture of corporate Malaysia. The previous version of the MCCG was published in 2017. The MCCG is based on three […]
Income Tax (Exemption) (No. 3) Order 2022: Venture Capital Management Company (VCMC)
1. Exemptions would be extended for a period of four years, with the qualifying investment period being extended to the end of December 2026, according to the Budget 2020 proposal. 2. For the purposes of the legislation, on 15 April 2022, the Minister, in the exercise of the powers conferred by paragraph 127(3)(b) of the […]
Income Tax (Exemption) (No. 2) Order 2022: Venture Capital Company
1. As proposed in Budget 2020, the incentive would be extended for a period of four years, with the qualifying investment period being extended to the end of December 2026. Applications for the incentives must be filed to the SC by December 31, 2023, for certification purposes. 2. For the purposes of the legislation, on […]
Industrial Relations (Amendment) Regulations 2022: Regulation 13
1. On 6 April 2022, the Minister, in the exercise of the powers conferred by section 62 of the Industrial Relations Act 1967 [Act 177], gazetted the Industrial Relations (Amendment) Regulations 2022 [P.U. (A) 99] to amend the Minister’s decision on Trade Union recognition. π The Industrial Relations Regulations 2009 [P.U. (A) 356/2009], which are […]
The IRBM has revised 3 Tax Audit Frameworks
1. The Inland Revenue has revised three tax audit frameworks, which can be found on its official website: π Tax Audit Framework is effective from 01 May 2022 and is repealed Tax Audit Framework dated 15 December 2019; π Petroleum Tax Audit Framework is effective from 01 May 2022 and canceled the Petroleum Tax Audit […]
Income Tax (Exemption) Order 2022 – Foreign Sourced Income in calculating Cukai Makmur
1. On 5 April 2022, the Minister, in the exercise of the powers conferred by paragraph 157(3)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Exemption) Order 2022 [P.U. (A) 96]. 2. For the year of assessment 2022, the Minister grants an exemption from the application of the provisions of subparagraph […]
2022 edition of OECD Transfer Pricing Guidelines
1. The Organization for Economic Cooperation and Development (OECD) announced the release of the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations on January 20, 2022. 2. The transfer pricing rules serve as a framework for examining transfer prices between associated enterprises, guiding the arm’s length principle implementation. 3. […]
5: Tax Incentives for The East Coast Economic Region (ECER) – Tax Exemption
1. The East Coast Economic Region (ECER) was formed in 2007 with the launch of the ECER Master Plan by the Federal Government. 2. The formation of ECER was intended to accelerate economic growth and ensure equitable distribution of wealth across the country, in line with national aspirations to become a high-income developed nation by […]
4: Tax Incentives for The East Coast Economic Region (ECER) – Tax Exemption
1. The East Coast Economic Region (ECER) was formed in 2007 with the launch of the ECER Master Plan by the Federal Government. 2. The formation of ECER was intended to accelerate economic growth and ensure equitable distribution of wealth across the country, in line with national aspirations to become a high-income developed nation by […]
Tax Incentives for Sabah Development Corridor (SDC)
1. The Sabah Development Corridor (SDC) Blueprint, which was launched on 28 January 2008, is implemented with the aim of bringing the quality of life of Sabahβs people up another level as well as accelerating the economic growth for Sabah while promoting regional balance and bridging the rural-urban divide and concurrently ensuring sustainable management of […]
