Shearn Delamore & Co.
  March 31, 2021 - Malaysia

Shearn Delamore & Co Legal Update March 2021 (2)

FINANCIAL SERVICES

Relaxation of FEP requirements on interest rate swap

Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021. This is part of its initiative to promote a more liquid domestic market to lower hedging costs for corporates and asset managers and funding costs for onshore banks.

 

Pepared by:

Christina S. C. Kow

Partner

Financial Services (Head)

Personal Data Protection & Proivacy Law

Technology, Media & Telco

[email protected]

(Tel)+603 2027 2786

(Fax)+603 2070 4445

 

Pamela Kung

Partner

Financial Services

Energy, Natural Resources & Green Technology

Infrastructure & Project

Private Client & family Business

[email protected]

(Tel)+603 2027 2688

(Fax)+603 2070 4445

 

CONTACT US FOR FURTHER INFORMATION REGARDING FINANCIAL SERVICES MATTERS.

 

TAX & REVENUE

Tourism tax

The following Orders have been gazetted on 16 March 2021 and will come into operation on 1st July 2021:

  1. Tourism Tax (Rate of Digital Platform Service Provider Tax) Order 2021;
  2. Tourism Tax (Digital Platform Service Provider) (Exemption) Order 2021.

 

Prepared by:

Anand Raj

Partner

Tax & Revenue (Head)

Competition & Antitrust (Co-Head)

[email protected]

(Tel)+603 2027 2828

(Fax) +603 2070 4445

 

Irene Yong

Partner

Tax & Revenue

Personal Data Protection & Privacy Law

Technology, Media & Telco

[email protected]

(Tel)+603 2027 2923

(fax)+603 2072 6503

 

Foong Pui Chi

Partner

Tax & Revenue

Private Client & Family Business

[email protected]

(Tel)+603 2027 2641

(Fax)+603 2072 6503

 

CONTACT US FOR FURTHER INFORMATION REGARDING TAX AND REVENUE LAW MATTERS.