GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016


SSM has issued a guideline  pursuant to section 20C of the Companies Commission of Malaysia Act 2001. Its objectives is to serves as a guidance for individual swho wish to act as a secretary pursuant to section 241 of the Companies Act 2016 (CA 2016).  In general, persons who meets the fundamental requirements and has one of the following qualifications are eligible to apply for a practicing certificate;

  • Malaysian Institute of Chartered Secretaries and Administrators (MAICSA);
  • Malaysian Institute of Accountants (MIA);
  • Malaysian Bar (BC);
  • Malaysian Association of Company Secretaries (MACS);
  • Malaysian Institute of Certified Public Accountants (MICPA);
  • Sabah Law Association (SLA); or
  • Advocates Association of Sarawak (AAS).

However, it stated that a person who has been appointed as a secretary of a company prior to the enforcement of section 241 of the CA 2016 may continue to act as a secretary to the company and is required to register with the Registrar within 12 months from the enforcement date.for more information click the link below

GUIDELINES RELATING TO PRACTISING CERTIFICATE FOR SECRETARIES UNDER SECTION 241 OF THE COMPANIES ACT 2016

SSM Practice Directive: 3/2017

SSM has introduced new rules for certain companies to be exempted from Auditing their accounts, subject to certain criteria. However, accounts still will need to be submit ed if the companies are active. In brief criteria is as follows;

For the purpose of this Practice Directive, the following categories of private companies will be qualified for audit exemption:
(a) Dormant companies
(b) Zero-Revenue Companies
(c) Threshold-Qualified Companies

Source: https://www.ssm.com.my/en/companies_act_2016

For more information dowload PD3/2017 in pdf format here

PUBLIC RULING NO. 1/2017

The objective of this Public Ruling (PR) is to explain the tax treatment accorded to a person in respect of goods and services tax (GST) paid or to be paid as –
(a) input tax on the purchase or acquisition of goods and services other than capital assets by a person if he is registered or liable to be registered under the Goods and Services Tax Act 2014 (GSTA); and
(b) output tax on the sale of goods and services which is borne by a person if he is registered or liable to be registered under the GSTA.
: http://lampiran.hasil.gov.my/pdf/pdfam/PR_1_2017.pdf

PUBLIC RULING NO. 2/2017
The objective of this Public Ruling (PR) is to explain –
(a) whether the qualifying expenditure (QE) incurred by a person, on the purchase or acquisition of capital assets for the purpose of claiming allowances includes the goods and services tax (GST) paid or to be paid;
(b) the income tax adjustment made to the QE of a capital asset if the asset is subject to GST adjustments under the Goods and Services Tax Act 2014 (GSTA);
(c) the income tax adjustment made to the QE of a capital asset if the asset that is subject to GST adjustments is disposed of; and
(d) the income tax adjustment made to the QE of a capital asset that is subject to GST adjustments where the asset is transferred between related parties.
: http://lampiran.hasil.gov.my/pdf/pdfam/PR_2_2017.pdf