The Tax Position of Companies Limited by Guarantee, Foundations and Non-Profit Organisations
Introduction A business entity in Malaysia is subject to the Income Tax Act 1967 (‘ITA 1967’) to pay taxes for any income generated through its operations. Pursuant to section 2 of the ITA 1967, most business entities are generally taxable given the wide definition of a taxable person. Nevertheless, Malaysia offers tax exemptions to a …
Case Commentaries: Suit Against Boustead Ex Directors – Analysis of Business Judgement Rule
A] INTRODUCTION With the recent announcement from Boustead Holdings Bhd that it had file a suit against its former managements for negligence; breach of fiduciary duties under the Companies Act 1965 and is seeking a sum of £6.4 million (RM35.37 million current value)1, this article will provide an insight as to directors’ duties and principle …
The Laws in Relation to Safety and Health at Work in Malaysia
Legislative Framework of Occupational Safety and Health in Malaysia The legislative structure of occupational safety and health in Malaysia is governed by the Constitution. The main legislations the Occupational Safety and Health Act 1994 (“OSHA 1994”), the Factories and Machinery Act 1967 (“FMA 1967”) and the Petroleum (Safety Measures) Act 1984. This article will focus …
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New SC Guidelines on Conduct of Directors of Listed Corporations and Their Subsidiaries
Introduction On 30th July 2020, the Securities Commission Malaysia (“SC”) issued new Guidelines on Conduct of Directors of Listed Corporations and Their Subsidiaries (“Guidelines”) to strengthen board governance and oversight in listed issuers and their subsidiaries.
MIIP Reform Update: Granting of Citizenship for Exceptional Services
By virtue of Legal Notice 437 of 2020 which was issued on Friday 20th November 2020, the Granting of Citizenship for Exceptional Services Regulations has been launched.
Public procurement in Poland and COVID-19
The COVID-19 epidemic also has an impact on public procurement. Currently, the situation has forced the need to make changes in legislation in this area. Please find below some of the statutory changes which, in our view, are the most essential from the point of view of the public procurement contractor.
Restructuring of the MFSA Loan Funds Regime
Mindful of the fact that certain businesses are finding it increasingly difficult to gain access to capital through traditional lending sources, on the 10th of November 2020, the Malta Financial Services Authority (‘MFSA’) restructured the Loan Funds Regime by publishing a revised version of the Loan Funds Rules, the aim of which is to achieve a …
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Transformation of a limited partnership into a registered partnership
In connection with the announcement of CIT taxation of limited partnerships in Poland, many entrepreneurs are deciding to change the legal form of their business. A registered company may be one of the most beneficial forms. Below we present the most important problems and procedures related to the transformation.
Legal Updates on the Solar Energy Industry in Malaysia
Introduction In an effort to pave the way towards a more sustainable and green future, the Government of Malaysia (“Government”) in 2018 announced a target for the country to increase renewable energy in its energy generation mix to twenty percent (20%) by the year 2025. In carrying out this agenda, one of the key renewable …
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Forced Labour Laws: An International Perspective
Introduction The International Labour Organization (“ILO”) Forced Labour Convention (No. 29) defines forced labour as “all work or service which is exacted from any person under the menace of any penalty and for which the said person has not offered himself voluntarily”. According to ILO, various indicators can be used to determine whether a situation …
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