We enter into contracts every day. Almost everything that we do from buying KFC and McDonald’s to buying clothes in clothing retail stores, to buying a property, is regulated by the law of contracts. A contract, in simple terms, is an agreement between two parties that is enforceable by law.
Author: Boss Boleh
Guideline on Closing Down of a Company
These guidelines are provided for the responses of Incorp E-training, Questionnaire, and Request for Advice furnished during the E-training on 17th April 2020.
Contribution on EPF, SOCSO & EIS in Malaysia as an Employer
Apart from monthly salaries, Malaysian employers must contribute to their employees’ EPF, SOCSO, and EIS accounts. During your time as an employee before beginning a business, you may have observed a deduction from your monthly gross compensation as shown on your payslip.
Budget 2022: Others
The tourist exemption will be extended for one year until December 31, 2022, according to the most recent budget proposal for budget 2022.
Budget 2022: Excise Duty
In terms of excise duty, the budget for 2022 proposes levying a tax on nicotine-based gel or liquid products used in vapes and electronic cigarettes. The government intends to widen the scope of excise tax to include premixed sugary drinks produced from chocolate, malt, coffee, and tea in order to promote a healthy lifestyle.
Budget 2022: Financing Package
Under the Program Semarak Niaga Keluarga Malaysia (SemarakNiaga) for 2022, financing packages worth a total of RM40bil will be provided in an effort to revitalize businesses, particularly micro, small and medium enterprises (MSME) and the formal sectors.
Budget 2022: Grant
Grants and start-up funding have been set down in Budget 2022 to help the country’s innovation and technology thrive. For research and development, RM423 million has been set aside under the Science, Technology, and Innovation Ministry (MOSTI) and the Ministry of Higher Education.
Budget 2022: Real Property Gains Tax
Real Property Gains Tax (RPGT) is a tax imposed by Malaysia’s Inland Revenue Board (IRB) on chargeable gains resulting from the sale of real estate. For Budget 2022, from the sixth year forward the RPGT would not be applied to property sales and this would mean that the RPGT rate for property disposals in the sixth and subsequent years.
Budget 2022: Stamp Duty
Stamp duty exemption on loans and funding for Peer-to-Peer (P2P) Financing was included in the budget for 2022. Peer-to-peer loan or financing arrangements between SMEs and investors performed from 1 January 2022, to 31 December 2026, are exempt from all taxes.
Budget 2022: Indirect Tax
In terms of indirect taxes, the budget for 2022 proposes a two-phased special voluntary disclosure program for indirect taxes. From 1st January 2022, real estate gains tax will be exempt. Mergers and acquisitions are free from stamp taxes.