Search Results for: Malaysia
10 results out of 766 results found for 'Malaysia'.
ASIAN REGULATORY ROUND UP – JAPAN BLOCKS LEAD IN PAINTS FOR PUBLIC SECTOR PROJECTS
THE MANUFACTURE, distribution and use of leaded paints in projects funded by Japan’s public sector has been banned from March (2019), at the end of the 2018-19 fiscal year. For instance, Japan’s ministry of education, culture, sports, science and technology revised its building construction standards for educational facilities in April (2019), requiring manufacturers to use a non-leaded primer or sealer before applying antibacterial paint on surfaces such as gypsum board.…
ASIAN REGULATORY ROUND UP – MALAYSIA EXTENDS UNPAID TAX AMNESTY
MALAYSIA has extended its grace period for taxpayers who have under-paid in the past, allowing for low penalties should undeclared income be filed on returns this year. This even covers taxpayers who have yet to register with the Inland Revenue Board of Malaysia, and those who have registered but have not submitted ITRF/PRF/RPGTRF returns.…
BANGLADESH – A CASE STUDY IN THE CHALLENGES OF IMPOSING TRANSFER PRICING IN TAX COLLECTION
IN a country where tax collection remains weak, Bangladesh accounting experts now hope that a 2012 transfer pricing (TP) law is finally starting to increase revenues, although progress is slow. Demonstrating the difficulties involved in rolling out complex tax legislation in emerging market states that targets powerful multinationals, the country’s National Board of Revenue (NBR) says that it collected just USD1.2 million’s worth more taxes from 10 multinationals (which it would not name) in the financial year to last June (2018) than without taking TP into account.…
ASIAN REGULATORY ROUND UP – HONG KONG 2019 BUDGET INCLUDES SIGNIFICANT PROFITS AND SALARY TAX BREAKS
THE HONG Kong government’s 2019 budget is to include a planned 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2018-19 tax year, up to Hong Kong dollars HKD20,000 (USD2,547) per case. These breaks will cost HKD18.9 billion (USD2.4 billion), benefiting about 2.05 million taxpayers.…
LEADERS IN MARINE SEISMIC SURVEY SUGGEST CONTINUED RECOVERY IN A STILL TOUGH MARKET
RECOVERY in the global marine seismic survey market for oil and gas E&P (exploitation and production) is entering its third year, with the surviving leaders in the sector starting to sound more optimistic after making painful adjustments.
Business intelligence provider Visiongain (London, UK) estimated the value of the global marine seismic acquisition and equipment market at USD5 billion in 2018, far below the USD8 billion it estimated in 2014, but nearly 15% higher than in 2017.…
SFO ENDS GSK AND ROLLS-ROYCE GRAFT PROBES
BRITAIN’S Serious Fraud Office (SFO) has closed two long-running major investigations into allegations of corruption and bribery at two of the UK’s largest companies: aero-engine maker Rolls-Royce and medicine manufacturer GlaxoSmithKline. Rolls-Royce has been subject to a deferred prosecution agreement (DPA), approved in January 2017, where it paid a GBP497.25 million (USD616 million) plus interest penalty and GBP13 million costs (USD16.1 million) over 12 counts of conspiracy to corrupt, false accounting and failure to prevent bribery in Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia.…
ASIA REGULATORY ROUND UP – SINGAPORE BUDGET SCRAPS FOREIGN WORKER TAX CONCESSIONS
THE SINGAPORE government is to phase out between 2020 and 2024 a ‘not ordinarily resident’ tax scheme, where talented overseas workers enjoy tax concessions over five years. This includes not being taxed on work undertaken outside Singapore and an employer’s contribution to a non-mandatory overseas pensions or provident fund being tax exempt.…
ASIA REGULATORY ROUND UP – SINGAPORE BUDGET SCRAPS FOREIGN WORKER TAX CONCESSIONS
THE SINGAPORE government is to phase out between 2020 and 2024 a ‘not ordinarily resident’ tax scheme, where talented overseas workers enjoy tax concessions over five years. This includes not being taxed on work undertaken outside Singapore and an employer’s contribution to a non-mandatory overseas pensions or provident fund being tax exempt.…
MINIMUM WAGE RISE PRESSURES WILL POSE CHALLENGES FOR SOUTHEAST ASIAN MANUFACTURERS IN 2019
INCREASES in minimum wage rates are likely to be of significant concern to brands sourcing from south-east Asia in 2019, with pay on an upward trajectory – although governments’ approaches vary.
For some governments in the Association of Southeast Asian Nations (ASEAN) region, raising minimum wage serves as a populist measure (for instance by Thailand’s military government, whose supporters will face an election this year), while for others, an annual review is a statutory requirement, for example, in the Philippines.…
MALAYSIA’S NEW GOVERNMENT IS NEW BROOM ON BOOSTING AML ENFORCEMENT
Malaysia’s money laundering regulation and policies may be on par with international best practice, but their implementation has been tested of late, experts say. These concerns have been sharpened by the scandal related to Malaysia’s sovereign wealth fund 1 Malaysia Development Bhd or 1MDB, with Malaysia’s former Prime Minister Najib Razak accused of channelling more than Malaysian Ringgit MYR 2.67 billion (USD700 million) from the fund to personal bank accounts.…