Continuous non-compliance of the OECD’s Economic Substance requirements by companies located in British Virgin Islands (BVI) or Cayman Islands may eventually subject such companies to be compulsorily STRIKE-OFF. By re-domiciling to Labuan, such companies may maintain the status quo of your BVI or Cayman Islands company.
Malaysia’s Economic Stimulus Package 2020 was launched by our Prime Minister on 27February 2020 to counter the economic effects to the country due to the ongoing COVID-19 outbreak. In the Stimulus Package, numerous initiatives were introduced to help affectedbusinesses and taxpayers.
The Movement Control Order (MCO) was recently implemented by the MalaysianGovernment, which at the point of writing of this alert, covers the period from 18 March2020 to 31 March 2020. This in turn affected several administrative matters with the temporary closure of the office of the Inland Revenue Board (IRB) nationwide duringthis period.
As you are all aware, the Movement Control Order (MCO) was recently extended by the Malaysian Government, which at the point of writing of this alert, covers the period from 18 March 2020 to 14 April 2020.
Our Prime Minister Tan Sri Muhyiddin Yassin had announced on 10 April, 2020 that the Movement Control Order (MCO)
will be extended by another two weeks, from April 15 to April 28, to curb the spread of Covid-19.
The 2012 TPG superseded the Guidelines previously issued in year2003, and was intended to provide detailed guidance to taxpayers onhow to comply with the requirements of the law under Section140A ofIncome Tax Act 1967 and the TP Rules 2012.
In the supplementary stimulus package announced on 6 April 2020 which was targeted to support small and medium enterprises (SMEs), the Prime Minister urged owners of private business premises to provide rental reduction or waiver to tenants that consist of SMEs.