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Summary of Due Date Extension During MCO Period (Updated as at 14 April 2020)
*Tax payer are not require to pay deferred instalment. The balance of tax payment has to be settled upon the submission of the tax return.
Introduction of new business /company registration number
The Companies Commission of Malaysia (SSM) has issued a 12-digit registration number for business entities registered from 11 October 2019.
The new format is to replace the old registration number format and will apply to all locally incorporated entities including foreign companies and limited liability partnerships.
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All existing companies which are currently registered with SSM prior to this date will also be provided a new registration number during the transition period.
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Please be advised that the existing registration number may be displayed together with the new registration number as following for a period of time to be determined and announced by SSM.:
ABC Sdn. Bhd.
Registration No. 201901000001 (123456-A)
WEBSITE & ONLINE BUSINESS-Failure to display Company Name & Registration Number is an offence under Section 30 (2) of the Companies Act 2016
Reminder to display your business name and registration number on your website/e-commerce store front
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Section 30(2) of the Companies Act 2016 ("CA 2016") requires a company to disclose its name and registration number on its websites, business correspondences, etc.
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Failure to comply with Section 30 (2) of CA 2016 will attract a RM 50,000 penalty or a three-year prison term or both
PLEASE CHECK AND ACT NOW TO ENSURE YOU COMPLY WITH SAID LAW
The Importance of Audit Opinion in Auditor's Statement
SSM has just issued a postcard (attached) to remind company directors of the importance of audit opinion found in your company’s audited report.
According to SSM the audit opinion in your audited report is important because it tells the reader if the financial statements were presented fairly and in accordance with standards set by the Malaysia Accounting Standard Board (MASB) and The Companies Act 2016. Accordingly, an audit opinion may be a:
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Qualified opinion;
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Adverse opinion; or
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Disclaimer of opinion.
Google & Facebook will be charging 6% digital tax starting in 2020
Google had confirmed the 6% charge will be applicable to G Suite services, which will be charged on user purchases and reflected under billings and statements.
G Suite is a suite of services offered by Google to businesses and individuals, including a custom email, cloud storage, file sharing and video conferencing.
Facebook has announced that they will collect 6% service tax on the sale of ads in Malaysia starting 1st January 2020. This is in line with the introduction of service tax on digital services that was first announced last year.
2020 budget - Personal Income Tax Priorities
