AmMetLife Insurance Berhad (AmMetLife) has collaborated with Food Aid Foundation to provide food supplies to families who are affected by the COVID-19 pandemic. The Foundation works with charities in Penang, Kedah, Negeri Sembilan and Sarawak through its “Food Bags for the Needy” programme, which reaches the underserved communities from rural areas, charity homes, and homeless shelters.
EY has released its latest tax alert issue No. 18/2021. This issue covers:
Malaysian developments
- Ministry of Finance issues Pre-Budget Statement and seeks public feedback for Budget 2022
- Tax incentive for tour operators extended
- Extension of time for submission of tax returns under the Labuan Business Activity Tax Act 1990 (LBATA) for YA 2021
- Updated guidelines on tax deduction under Section 34(6)(h) of the ITA for contributions to a charity or community project to tackle the COVID-19 pandemic
- Frequently Asked Questions on special deduction on rental discounts given to tenants
Overseas developments
- Thailand: VAT rate to remain at 7% for an additional two years
- Swiss authorities release statement on application of Most Favored Nation clause in India-Swiss tax treaty
Lam Research continues to support frontliners fighting the COVID-19 pandemic. This time they donated three Bedside Monitors to the Bukit Mertajam Hospital in Penang. Well done Lam Research! A much needed contribution at a time with lots of daily cases still.
AMCHAM announces the launch of the 2020/21 Economic Impact Survey. This survey is open to all companies within the AMCHAM membership, one survey per company. The survey seeks to quantify the total contribution that AMCHAM members make to Malaysia’s economic development, a question we are regularly asked by the government.
For more information, please email us at [email protected]
Cyberjaya, 6 September 2021: During the Digital Investments Week of Malaysia Tech Month 2021 (MTM’21), global technology titans from the Digital Global Business Services (DGBS) industry reiterated their confidence in Malaysia as an attractive investment hub.
The DGBS industry is one of the key contributors to Malaysia’s digital economy. While active GBS companies accounts for approximately 20 per cent of total active MSC Malaysia companies, they are the largest contributor to the overall performance of MSC Malaysia, adding up to 50 per cent of investments, 66 per cent of exports, and 61 per cent of jobs created.
There are currently 579 GBS companies within MSC Malaysia, with 57 per cent being foreign direct investments (FDIs). Furthermore, 30 per cent of these foreign-owned GBS are part of the Forbes Global 2000 and Fortune500 companies, including HSBC Electronic Data Processing, Dassault Systèmes and Jabil Global Business Services.
In celebration of Malaysia’s 64th National Day (Merdeka Day) which occurred on August 31, 2021, YTY donated 920 YTY Care Packages to community residents in the vicinity of its operations in Batu 10 Lekir, Perak, and to local agencies.
Each YTY Care Package, or Kotak Prihatin YTY, consisted of sanitization products, essential food and drink, and personal protective equipment. In total, YTY donated care packages worth RM 138,000 (US$ 33,000) as part of this corporate giving activity.
The YTY Care Packages were distributed to community residents on September 1. The activity was officiated by the Manjung Assistant District Officer Puan Tun Noraida binti Nikman and attended by Encik Ishak Hamid, the Kampung Batu 10 Village Headman. In attendance from YTY were members of its Senior Leadership Team, supported by over 20 employee volunteers, all of who generously took time o‑ from work to personally distribute 704 YTY Care Packages to individual households in the community.
Gerard Joseph, Senior Vice President, Business Operations, who was present for the community giving noted “COVID-19 has become a health, socio-economic, and humanitarian crises of unprecedented scale. While we review global and country-wide statistics, the real impact is truly felt here, in our community and in our neighborhoods. We therefore felt it was important for YTY to give back to our community, and provide some cheer for residents, and National Day marked a wonderful opportunity for us to do so.”
Ravi Ragunathan, Vice President, Human Resources, who was also present for the community giving, said “I am very proud that YTY was able to make a small, but meaningful impact within our community, and that I could join other volunteers to partake in this wonderful initiative. The joy on the faces of the local residents receiving our YTY Care Packages, and in many cases, their tears of appreciation, left me deeply moved. We strive to remain engaged with the communities we operate within, and CSR activities like these deepen those bonds.”
Encik Ishak Hamid, the Kampung Batu 10 Village Headman, who spoke on behalf of the community, noted “I would like to give heartfelt thanks to YTY Group for lending assistance to the Kampung Batu 10 community in their time of need. YTY has contributed so much with the recent voucher contributions, donations, food baskets, and now the YTY Care Packages. Many in our community have lost income to support their families during this time, so this contribution from YTY Group is certainly a blessing for us.”
In addition to the community distributions, YTY distributed an additional 216 YTY Care Packages to six local agencies on September 2, comprising of local law enforcement agencies, environmental oversight bodies, and regional investment centers. Although these agencies are unable to accept corporate donations themselves, they agreed to supervise the onward distribution of the care packages to individuals in need in their respective communities.
Aliza Khalid, Head of YTY’s Corporate Social Responsibility initiatives, who coordinated the two-day program, said “We are extremely pleased this CSR activity went as smoothly as it did. This could not have happened in these uncertain times without the assistance of multiple federal and regional agencies. YTY extends its sincere thanks to the coordinating agencies who provided timely approvals and much support to us as we prepared for this engagement exercise, including the District Office, the Manjung Police Department, the Welfare Department, the Malaysian Civil Defense, and the Kampung Batu 10 Village Development & Security Committee.”
All activities performed were done so in compliance with the prevailing safety and social distancing guidelines in place. Volunteers were under observation by representatives from the Department of Civil Defense to ensure they adhered to COVID-19 standard operating procedures in effect. Personal protective equipment was worn at all times.
Source: https://ytygroup.com.my/yty-donates-over-900-care-packages-in-celebration-of-malaysias-national-day/
