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Key Changes in Malaysian Companies Act

March 12, 2017

By Admin

28

The following are the summary of the key points in Companies Act 2016 (CA 2016) effective from 31 January 2017. These are the key points for those who intends to incorporate a new Company in Malaysia and also for those who already have Companies incorporated under Comp....

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Companies Commission of Malaysia (CCM) or SSM has announced that the Companies Act 2016 will be in force, in stages, starting from 31 January 2017. For the time being, SSM is in the process of upgrading the existing MyCoID into MyCoID 2016 so that the new company incor....

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The following are the key features in the change of the above, compared to the year of assessment 2015, based on Malaysian Budget 2016 for personal taxes of which will affect resident and non-resident tax payers in Malaysia. Changes in Tax Rates for Resident Individuals.

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This article is based on Proposed Practice Directive 1/2017 on Audit Exemption issued by CCM/SSM on 8 November 2016. It was proposed that Dormant Companies and Small Companies will no longer need to prepare audited financial statements once the New Companies Act, 2016 r...

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ZAKAT AND INCOME TAX IN MALAYSIA

June 25, 2015

By Admin

28

In Malaysia, any amount paid for religious duty, which includes zakat al-mal (on wealth) and zakat al-fitr (charity), is given rebate as actual amount paid. This is as per the Section 6A (3) of the Income Tax Act (ITA), 1967 of Malaysia. Zakat paid in year 2014 can be claimed as tax rebate in the year of assessment (YA) 2014..

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