Audit Exemption for Private Companies
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- Category: Malaysia News
Background
Subsection 267(1) of the Companies Act 2016 requires every private company to appoint an auditor for each financial year of the company for purposes of auditing its financial statements.
However, pursuant to subsection 267(2) of the CA 2016, the Registrar may exempt any private company from having to appoint an auditor according to the criteria and conditions as set out below.
Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies
The following categories of private companies will be qualified for audit exemption:
(a) Dormant Companies
(b) Zero-Revenue Companies
(c) Threshold-Qualified Companies
E-Filing of Form E (for Employers)
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- Category: Malaysia News
In accordance with subsection 83 (1B) of the Income Tax Act (ITA) 1967, it is mandatory for employers (Companies, including Labuan companies) to submit the Return Form of an Employer (Form E) via e-Filing for the Year of Remuneration 2016 and onwards.
Deadline for e-Filing of Form E is 30 April 2017. Paper submission will NOT be accepted.
However, employers other than companies have the option to submit Form E via e-Filing or manually (Paper Form).
Source: Inland Revenue Board of Malaysia
Public Holiday for Coronation of Malaysia’s 15th Yang di-Pertuan Agong
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- Category: Malaysia News
The Government declared 24 April (Monday) to be a public holiday for coronation of Malaysia’s 15th Yang di-Pertuan Agong, Sultan Muhammad V from Kelantan. The declaration was made under the Public Holidays Act 1951, which applies to states in the Peninsular as well as the federal territory of Labuan in Borneo Malaysia.
Our Malaysia office will be closed on above date in celebration of the coronation.
Frequently Asked Questions (FAQ) on The Companies Act 2016
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- Category: Malaysia News
ANNOUNCEMENT ON THE ENFORCEMENT DATE OF COMPANIES ACT 2016
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- Category: Malaysia News
8 THOUGHTS ON “COMPANIES ACT 2016: EFFECTIVE 31 JANUARY 2017”
- Introduction of single member/director company
- Change of “certificate of registration” to “notice of registration”
- Abolition of the authorized capital concept
- Abolition of concept of shares with nominal value
- Companies are no longer required to have constitution or memorandum & articles of association
- Companies are not required to have a common seal
- Abolition of the requirement for annual general meeting for private companies
- Decoupling of lodgement of Annual Return and Financial Statements
