EY has released their latest tax alert. This issue (No. 10/2021) covers:
Hong Kong SAR, China, May 19, 2021 — FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and one of the world’s largest express transportation companies, today announced the arrival of a second dedicated charter flight carrying critical medical aid to India. This is part of the company’s continuous relief efforts to support India’s fight against the recent COVID-19 surge.
On May 16, more than 780 oxygen concentrators, over 1.8 million KN95 masks, and medicines and pharmaceutical supplies were unloaded from a FedEx Boeing 777F charter flight in New Delhi, India. These supplies were provided by Direct Relief and will ultimately be delivered to healthcare facilities across India. This is in addition to the first FedEx donated charter flight that arrived on May 9, which transported more than 3,400 oxygen concentrators, converters, and nearly 265,000 KN95 masks for Direct Relief to Mumbai, India. Both charters originated in Newark, New Jersey.
“Never before has our industry been so essential. In the face of the devastating crisis in India, we have an important purpose of helping to ensure our team members and their communities receive as much support as possible,” said Kawal Preet, President, Asia Pacific, Middle East, and Africa Region, FedEx Express. “We are deeply committed to moving the world forward in times like this, and we are extremely grateful to be able to maximize our resources and extensive network to assist in the shipment of critical relief supplies to help communities fight against the virus.”
FedEx is also supporting the transportation of over 25,000 oxygen concentrators and converters through an initiative with the U.S.-India Strategic Partnership Forum and other multinational companies. FedEx will continue to work with customers and non-profit organizations including Direct Relief, to deliver life-saving medical supplies to the vulnerable people and communities in India in the days and weeks ahead.
AMCHAM’s GATE Program saw a successful launch and great first session on May 10th and we hope the 2021 cohort are all geared up for our second session on Monday, May 24, featuring two panels: “Your Super Power – The Connections You Make” and “Using & Managing External Agencies”.
The first session will kick off with a presentation by Ho Suu Wei, APAC Director of Public Policy and Economic Graph, LinkedIn. This will be followed by the panel discussion where Ho Suu Wei will be joined by moderator Belinda Ford, VP Public Affairs, Sustainability and Communications, ASEAN and South Pacific, The Coca-Cola Company. Shaun Levine, Head of Government Relations, SEA, Metlife; Rohaya Mamat, Regional Director, IFRA Asia Pacific, International Fragrance Association (IFRA). These experienced local and regional government relations practitioners will share their experiences in establishing their network, managing internal/external stakeholders, and managing information.
The second session will focus on how and when companies and their government relations practice should leverage external support from consultants, business/industry associations, research entities, academics, etc. Moderating this discussion is Marcella Lucas, Innovation, Strategy, & Leadership Consultant, who will be joined by fellow field experts Azwar Kamarudin, Country Government Affairs Head, Novartis Malaysia; Abdul Rahman Abu Haniffa, Government Engagement Director, General Electric; and Erk Ramp, Managing Director, Malaysia BSC | Japan & Asia Pacific | Strategy & Operations, Edwards Lifesciences.
AMCHAM would like to thank both our event partners – US Embassy & Paypal for supporting this program.
Have a good rest over the weekend and we’ll see you on Monday!
AMCHAM was invited as a panelist at the webinar titled “Governance in SMEs: A Key Strategic Business Partner in the Supply Chain” organized by the Malaysian Institute of Corporate Governance (MICG) this morning. Malaysia’s SMEs are the backbone of the country’s economy and they are now playing an important role in the challenging business ecosystem. This webinar talked about the importance of Governance practices in SMEs to enable them to be a key strategic business partner in the supply chain.
Siobhan Das, Chief Executive Officer of AMCHAM participated in the panel discussion titled “Good Governance as a Starting Point for SMEs” along with Chin Chee Seong, National Vice President, SME Association of Malaysia; Nor Azimah Abdul Aziz, Chief Executive Officer, Suruhanjaya Syarikat Malaysia; Nurmazilah Dato’ Mahzan, Chief Executive Officer, Malaysian Institute of Accountants; Tam Wah Fiong, Chairman, Thumbprints Utd. Sdn. Bhd.; Rizal Bin Nainy, Chief Executive Officer, SME Corporation Malaysia; and moderated by Sujatha Sekhar Naik, Governor, Malaysian Institute of Corporate Governance.
The 90-minute panel session covered a wide range of topics starting with good practices and the importance of good governance for the growth of SMEs, encouraging SME’s to think big to move up the value chain, to take advantage of the resources around them that are made available for their benefit, etc. It was a lively discussion to listen to each panelist representing their area of expertise and sharing their knowledge and best practices.
AMCHAM would like to thank MICG for inviting us to be on the panel and we look forward to future collaboration.
Malaysian developments
- Guidelines on application for approval under Section 44(6) of the Income Tax Act 1967 (ITA) in relation to funds established for the construction of school buildings, contributions to schools and acquisition of buildings for religious schools
- Practice Note No. 1/2021: Tax treatment on deduction of tax as final tax
- Extension of tax exemption on management fee income for SRI funds
- Double deduction on expenses incurred to conduct Professional Training and Education for Growing Entrepreneurs (PROTÉGÉ) – Ready to Work (RTW) Programme
Overseas developments
- India issues thresholds for triggering “significant economic presence” in India
- China clarifies procedures for processing payments for transfer pricing adjustments
PETALING JAYA: Sunway Bhd’s wholly-owned subsidiary, Sunway City Sdn Bhd (SunCity), is disposing of shares in 10 medical-related companies for RM683.36mil as part of its reorganisation exercise.
In a filing with Bursa Malaysia, Sunway said SunCity had entered into a share purchase agreement with Sunway Healthcare Holdings Sdn Bhd (SHH), a wholly-owned subsidiary of SunCity, for the disposal of the companies.
Sunway said the RM683.36mil will be fully satisfied by the allotment and issuance of 489,269,588 ordinary shares at an issue price of RM1.3967 per share in the share capital of SHH to SunCity.
