DRESS: Malay men often elect to wear traditional garb on Fridays, known as batik, while Malay women generally wear a kebaya and hijab that cover them from head to toe. The kebaya and hijab usually come in a myriad of different colours and patterns. Western-style attire is...
LEGAL SYSTEM: Malaysia’s laws are mainly a combination of Commonwealth-based common law and codified law. Whilst Malaysia consists of 13 states and three federal territories, the federal constitution is the paramount law of the land and clearly demarcates the boundaries between federal and state...
The Economic Transformation Programme (ETP) launched in late 2010 is no doubt a key strategic determinant of economic transformation. Since then, and more so in recent months, we have seen and felt the realisation and actualisation of some of these strategic reform initiatives. Broadly, these initiatives are designed to create an eco-system of...
THE CORPORATE ENVIRONMENT: The Economic Transformation Programme (ETP) was launched on September 25, 2010 by the government to transform Malaysia into a high-income economy by 2020. It is aimed at lifting Malaysia’s gross national income per capita from $6700 in 2009 to more than $15,000 in 2020....
I. INCOME TAX: Malaysia operates a self-assessment system of income tax. This requires taxpayers to be responsible for computing the correct amount of taxes as the tax returns filed are deemed to be the official notice of assessment. The Inland Revenue Board (IRB) through regular tax audits carries...
On October 25, 2013, Malaysian Prime Minister Najib Razak delivered his 2014 budget speech and made a bold announcement that a goods and services tax (GST) of 6% will be effective in Malaysia as of April 1, 2015. GST is considered necessary to tackle the country’s budget deficit and to provide a stable source of revenue to Malaysia and avoid...
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