News and Updates

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

The following are excerpts from a Press Release of the Inland Revenue Board of Malaysia on the 30th of January 2019

Taxpayers who have received letters or e-mails from the Inland Revenue Board of Malaysia (IRBM) on the Special Voluntary Disclosure Programme (SVDP) have nothing to worry about, instead they should contact IRBM for further explanation.

Around 8.3 million letters and e-mails have been issued by IRBM to registered taxpayers informing on the SVDP which started on 03 November 2018 and will end on 30 June 2019 as announced by Yang Berhormat Tuan Lim Guan Eng, Finance Minister of Malaysia during the tabling of the 2019 Budget.

Through this programme, the following category of taxpayers are offered low penalty rates of 10% and 15% on the additional tax raised:

  • Registered taxpayer who failed to submit the Income Tax Return Form (ITRF)/Petroleum Return Form (PRF)/Real Property Gains Tax Return Form (RPGTRF) in an orderly manner;
  • Taxpayers who have submitted the ITRF/PRF/RPGTRF but did not declare the right income declaration (under-declared income) or claim the right expenses and tax reliefs (over-claimed deductions);
  • iii. Duty payers who failed to execute instruments in the stipulated time.

Taxpayers who have declared income, expenses and tax reliefs in an orderly manner to IRBM and have executed instruments in the stipulated time may ignore the letters and e-mails received.... more

FClick here for the press release at LHDN Website

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.