News and Updates

OPERATIONAL GUIDELINES NO. 1/2018 (AMENDMENT) INLAND REVENUE BOARD OF MALAYSIA

The inland revenue board has issued guidelines for the implementation of  the special Program for Voluntary Disclosure (Special Program) for eligible taxpayers following the 2019 Budget announcement by The Honorable Minister of Finance Malaysia on 02 November 2018.

The establishment of the Tax Reform Committee is part of the government’s effort in reforming the tax system to address tax leakages, reduce the existing tax gap and explore new sources of revenue to increase tax collection

For more information please visit the LHDN website at http://lampiran1.hasil.gov.my/pdf/pdfam/GO_012018_02_amd_27112018.pdf

Notice: All information in this post are gathered from Inland Revenue Board of Malaysia circular as per link above..  Please note that ICIA is not responsible for any error or omission therein.

The Companies Commission of Malaysia (SSM) has introduced a new registration systems for business entities registered with them starting Jan 2019.  See lampiran A extracted from SSM's notice dated 22 November 2018 below. The new convention will use a single numbering convention for all entities and is expected to harmonize  with the number system of entities under other registration bodies.  For details please refer to the SSM link below.

Numbering system

Click the link below for more information.

SSM circular_new format of registration no._22Nov2018 

Notice: All information in this post are gathered from SSM circular as per link above..  Please note that ICIA is not responsible for any error or omission therein.

Kuala Lumpur 14 December 2018-  The Malaysian Accounting Standards Board (MASB) announce in a press release today clarifications with regards to the definition of "business" and the definition of "Material".

(a)     Definition of a Business (Amendments to MFRS 3 Business Combinations).

(b)    Definition of Material (Amendments to MFRS 101 Presentation of Financial Statements and Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors).

The amendments were triggered by amendments of Definition of a Business (Amendments to IFRS 3 Business Combinations) and Definition of Material (Amendments to IAS 1 Presentation of Financial Statements and Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors) respectively issued by the International Accounting Standards Board.

Members are encouraged to read further on this matter at http://www.masb.org.my/press_list.php?id=301