Shearn Delamore & Co. Legal Updates October 2021 (2)
Dear valued clients, colleagues and friends,
We are pleased to bring you the latest legal updates for October 2021.
The Third Capital Market Masterplan
The Securities Commission Malaysia (“SC”) on 21 September 2021 launched the third Capital Market Masterplan (“CMP3”) which will serve as a strategic framework for the growth of the capital market in Malaysia over the next five years and aims at ensuring that the following desired outcomes are achieved by the capital market:
Pursuant to the CMP3, to achieve the desired outcomes, the strategic initiatives over the next five years will be guided by six key development and regulatory thrusts/priorities.
The three key development thrusts aim to facilitate a capital market that:
In conjunction, the SC has also set out three key regulatory thrusts to enable a regulatory approach that:
Tax & Revenue
The following Regulations and Rules have recently been gazetted:
(i) Income Tax (Special Treatment for Bank or Development Financial Institution which Adopt Malaysian Financial Reporting Standard 9: FinancialInstruments) Regulations 2021 — gazetted on 14 October 2021 and deemed to have effect from (a) year of assessment 2018 for banks/development financial institutions with accounting period ending 31 December; and (b) year of assessment 2019 for banks/development financial institutions with accounting period ending on a day other than 31 December; and
(ii) Income Tax (Deduction for Expenses in relation to the Cost of Detection Test of Coronavirus Disease 2019 (COVID-19) for Employees) Rules 2021 — gazetted on 20 October 2021 and have effect from year of assessment 2021.
The revised versions of the following general and industry guides have recently been published on the Royal Malaysian Customs Department’s MySST website: