In response to a significant rise in the number of retrenchments over the past years, the government announced several months ago its intent to introduce a new scheme in order to improve the protection of retrenched employees. The Employment Insurance System (“EIS”) Bill 2017 was finally passed on 25 October 2017. It provides retrenched employees with new benefits by implementing financial aid for retrenched employees and additional support in job’s search, which will be financed by a new social contribution. This new scheme will be managed by the Social Security Organisation (short “SOCSO”) and is expected to come into force on 1 January 2018.
Following the revision of the Transfer Pricing Guidelines published by the OECD resulting from the Base Erosion Profit Shifting – “Beps” – Project, many countries have reflected the new changes in their respective domestic laws.
The OECD has conducted a survey of the changes among 31 countries by way of a questionnaire. Participant countries have filled out the questionnaire on a voluntarily basis and returned it to the OECD for publication.
Based on it, the OECD has published a per-country profile reflecting the current countries’ domestic legislation regarding transfer pricing.
We have reproduced hereafter the transfer pricing profile of Malaysia as published in October 2017 by the OECD.
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Malaysia’s Budget 2016 - Tax Highlights
The Prime Minister and Minister of Finance, YAB Dato’ Seri Mohd. Najib Tun Razak handed down his Budget 2016 on October 23. The Budget 2016 aims at enhancing the competitiveness of Malaysia’s economy by increasing productivity, innovation and green technology. Besides, some measures are implemented in order to empower human capital, and to ease the cost of living of the Rakyat.
The following measures are most noteworthy from an international tax perspective: