In light of the new budget for 2025 by the Malaysian government, new tax schemes have been proposed, this article aims to revisit and refresh the understanding of the current tax structures and their definitions while getting acquainted with the various terms and policies that shape the financial landscape in Malaysia.
The five new proposed taxes for 2025 budget include unhealthy food tax, inheritance tax, carbon pricing tax, AI tax and high value goods tax.
2024年9月20日，马来西亚第二财政部长拿督斯里阿米尔韩沙•阿兹占宣布在柔佛州的森林城市设立新的金融特区（又称“SFZ”）。一系列激励措施已被推出，以吸引企业和人才进入这一新的金融特区，尤其是针对家族财富管理办公室及更广泛的金融行业。以下是已概述的主要激励措施。
On 20th September 2024, Malaysia’s Minister of Finance II, Datuk Seri Amir Hamzah Azizan, announced the establishment of a new Special Financial Zone (‘SFZ’) in Forest City, Johor. A range of incentives have been introduced to attract businesses and talent to this new SFZ, particularly, targeting industries such as family wealth offices and the broader financial sector. Below are the key incentives that have been outlined.
Malaysia My Second Home (‘MM2H’) is a distinguished initiative endorsed by the Ministry of Tourism Malaysia, aimed at promoting Malaysia as an appealing destination for potential residents from around the globe. This program offers non-Malaysian expatriates and retirees the opportunity to reside in Malaysia, providing them with a social visit pass and a multiple-entry visa issued by the Malaysian Immigration Department.
In light of the rapidly growing trend of ESG and its growing influence on global business practices which led to the existence of a vacuum of information on ESG, this article serves as an update to our previous discussions on the topic. Rather than revisiting the fundamentals of ESG, we will focus on an update of recent developments, with particular attention to changes within Malaysia’s commercial and legal framework, alongside significant global trends.
The Companies (Amendment) Act 2024 (“Amendment Act”) came into force on 1 April 2024, with four provisions namely on changes to the content of a company’s annual returns, changes to the kinds of companies exempted from Division 8 Subdivision I , and a new option to publish or advertise information on the CCM website to come into force at a later date. It lays out a framework for the identification of a company’s beneficial owners, and revises existing provisions on scheme meetings and corporate rescue mechanisms.
In recent years, the landscape of transportation in Malaysia has undergone a significant transformation with the introduction of electric vehicles (EVs). While countries around the world have embraced EV technology for some time, Malaysia has only recently welcomed these eco-friendly alternatives to traditional combustion engine vehicles.
Occupational safety and health are fundamental rights in any modern society. Every individual has the right to work in an environment free from hazards that could jeopardise their well-being. Hence, the Occupational Safety and Health Act 1994 in Malaysia plays a pivotal role in ensuring workplace safety and health, profoundly impacting both employers and employees alike.
In recent months, the Ministry of Investment Trade and Industry (“MITI”) introduced the National Industry Environmental, Social & Governance Framework (i-ESG). This is an active step taken by the government in embracing ESG. Between the years of 2024 to 2026, the ‘Just Transition’ phase aims to support industries to embark on the ESG journey by providing guidelines, capacity building and outreach programmes, mentoring and financing.
In the current commercial world of Environmental, Social and Governance (“ESG”) compliance and Sustainable Development Goals (“SDG”), more duties and responsibilities are placed on the shoulders of directors of corporations and companies to ensure that their business is in compliance with ESG and/or SDG practices.
