The Kuala Lumpur Convention Centre (the Centre) is Malaysia’s first venue to be granted the Safe Business Events (SafeBE) certification, a hygiene and safety label, by Bureau Veritas. The SafeBE certification programme, initiated and supported by the Business Events Council Malaysia (BECM), gained collaboration from Malaysian Association of Convention & Exhibition Organisers & Suppliers (MACEOS) and the Malaysia Convention & Exhibition Bureau (MyCEB) to drive the venue certification process to create an end-to-end safe and secure event journey for event organisers and participants alike.
EY has released its latest tax alert issue No. 19/2021. This issue covers:
Malaysian developments
- Practice Note No. 2/2021: Deduction allowed under the Income Tax (Deduction for Expenditure on Issuance of Sukuk and Retail Sukuk Structured Pursuant to the Principle of Wakalah) Rules 2021 [P.U.(A) 5/2021]
- Special deduction on rental discounts given to tenants
- Stamp duty exemptions
- Labuan: Guidelines on Digital Governance Framework
- Remission of tax and stamp duty
Overseas developments
- Thailand: Non-resident electronic service providers subject to VAT from 1 September 2021
- Indian Tax Tribunal rules on re-domiciliation and its impact on treaty entitlement
Malaysia’s economic conditions are expected to improve as the newly-formed government announces more positive and stable policy in the near future, said investment firm Franklin Templeton. Franklin Templeton Asian equity strategies portfolio manager Eric Mok said besides that, the firm expects risk of further disruption to be lower following the partial reopening of the non-essential sectors of the economy.
Wong & Partners, a member firm of Baker McKenzie International, has won the Malaysia Firm of the Year at the Euromoney Women in Business Law Awards Asia 2021. This is the fifth time the Firm has taken home this coveted award, after winning it for four consecutive years in 2016, 2017, 2018 and 2019.
The Pandemic Management Special Committee has agreed to give relaxation to a number of sectors. This includes areas undergoing Phase One of the National Recovery Plan (NRP). They will be allowed to operate beginning Friday, 17 September, provided that the vaccination conditions are met.
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Lam Research Corporation (Nasdaq: LRCX) announced the expansion of its global manufacturing capacity with the opening of the company’s largest facility in Batu Kawan, Malaysia, early Aug. The new manufacturing site will allow Lam to work closely with key customers and supply chain partners in the region, while fortifying the resiliency of its manufacturing network and supporting growth amid rising demand for semiconductor technology.
