EY has released its latest tax alert issue No. 13/2021. This issue covers:
Malaysian developments
- Accelerated capital allowance (ACA) for the purchase of machinery and equipment
- Tax deduction on cost of personal protective equipment (PPE)
- Updates to IRB’s FAQs on Tax Matters during the Movement Control Order (MCO) 3.0
Overseas developments
- Hong Kong enacts legislation to allow a tax deduction for foreign taxes charged on gross income basis
- Chilean tax authorities are evaluating foreign service providers’ compliance with recently enacted VAT on digital services
Phase 1 of the Full Movement Control Order (FMCO) is maintained as outlined in the National Recovery Plan (NRP) until the three key indicators are achieved. The three indicators are the average number of daily COVID-19 cases falling below 4,000, the ICU bed utilization rate is at a moderate level, and the vaccination rate of the population who have received two full doses has reached 10%.
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Senior Minister and Minister of International Trade and Industry, YB Dato’ Seri Mohamed Azmin Ali visited the Vaccination Administration Centre (PPV) under the Ministry of International Trade and Industry (MITI)-led Public-Private Partnership COVID-19 Industry Immunisation Program (PIKAS) at Setia City Convention Centre (SCCC) which has begun the vaccination process for manufacturing workers in Selangor today, 28 June 2021.
PPV PIKAS at SCCC is one of the 8 Common PPV PIKAS nationwide that have been approved to begin operations latest by 5 July 2021.
Gamuda Bhd is expected to be one of the major beneficiaries for the tunnelling and underground portion of the Mass Rapid Transit Line 3 (MRT3) in the second half (2H) of 2021.
MIDF Research analyst Khoo Zhen Ye said Gamuda is expected to double its order book to about RM9.9 billion from the current RM4.9 billion as of April 2021, with the additional RM5 billion worth of reclamation works of Penang South Island (PSI) Island A, which is expected to be commenced in August 2021.
Sustainability is one of the core focus areas for Philip Morris Malaysia (PMM) as we are cognizant of the role we have in making this world a better place and driving product innovation for the benefit of public health. Sustainability efforts at PMM are governed by four key strategic pillars: innovating for better products, operating with excellence, caring for the people we work with and protecting the environment.
Guided by the United Nation’s Sustainable Development Goals (SDG) #15: Life on Land where the focus is on “protecting, restoring and promoting sustainable use of terrestrial ecosystems,” PMM’s efforts have been greatly focused on reducing cigarette-butt filter which contaminates our living spaces and the overall environment, with indirect negative impacts to the economy as well.
To this end, PMM is piloting a cigarette-butt canister initiative, where we partner with Reef Check Malaysia to install close to 200 cigarette bins across the country. In this 9-month pilot project, these cigarette-butt canisters will be installed in strategic, high littering locations. Each month, Reef Check and PMM will be collecting the litter from these canisters, mapping out the data collected per location, and then transporting the butts to a secure location that will not impact surrounding environments. We expect this project to have a lasting impact; considering the potential collection of 10kg of cigarette butts from each canister, the amount of cellulose acetate, fine paper and smoke reside diverted from the environment and water sources will be significant.
The presence of cigarette butt litter not only has detrimental chemical effects on the soil and environment, but also ends up in waterways and sewages, disrupting water flow and contributing to flash floods. Moreover, the presence of cigarette butt litter is also known to attract further litter. More litter results in reluctance from the community (“Broken Windows Theory”) to further invest in their neighborhood, which leads to avoidance by businesses to set-up shop in that neighborhood, social issues and ultimately impacting the availability of jobs and social mobility within the community at large.
Overall, the focus on cigarette-butt litter—statistically one of the most polluting items globally—is seemingly miniscule, but would actually go a long way towards generating a positive impact economically, socially and environmentally. It is the basis of which many other SDG goals can prosper upon.
AMCHAM’s CEO Siobhan Das was once again invited by the Institute of Diplomacy and Foreign Relations (IDFR), Ministry of Foreign Affairs to brief 22 of its officers from Wisma Putra who are currently pursuing their Diploma in Diplomacy programme. This course is aimed at preparing junior Malaysian diplomats and equipping them with essential knowledge and skills to effectively embark in a career as a diplomat.
The officers appreciated the candid conversation and we hope that the 90 minutes session provided a better understanding of the business climate in Malaysia and the Asia Pacific region.
AMCHAM would like to wish all 22 participants good luck in your journey in becoming Malaysia’s future diplomats.
