Country Guide My March 2013

7/28/2019 Country Guide My March 2013

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This publication isa joint project with

Doing business in Malaysia


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Executive summary 4

Foreword 6

Introduction Doing business in Malaysia 8

Conducting business in Malaysia 12

Taxation in Malaysia 16

Audit and accountancy 25

Human Resources and Employment Law 28

Trade 30

HSBC in Malaysia 33

Banking in Malaysia 34

Country overview 36

Contacts 38

Disclaimer

This document is issued by HSBC

Bank Malaysia Berhad (the Bank)

in Malaysia in partnership with

PricewaterhouseCoopers (PwC).

It is not intended as an oer or

solicitation or business to anyone in

any jurisdiction. It is not intended or

distribution to anyone located in or

resident in jurisdictions which restrict

the distribution o this document.

It shall not be copied, reproduced,

transmitted or urther distributed by

any recipient.

The inormation contained in this

document is o a general nature only.

It is not meant to be comprehensive

and does not constitute nancial,

legal, tax or other proessional

advice. You should not act upon

the inormation contained in this

publication without obtaining specic

proessional advice. This document

is produced by the Bank together

with PricewaterhouseCoopers

(PwC). Whilst every care has been

taken in preparing this document,

neither the Bank nor PwC makes

any guarantee, representation or

warranty (express or implied) as to

its accuracy or completeness, andunder no circumstances will the

Bank or PwC be liable or any loss

caused by reliance on any opinion or

statement made in this document.

Except as specically indicated, the

expressions o opinion are those o

the Bank and/or PwC only and are

subject to change without notice.

This document is not a Financial

Promotion.

The materials contained in this

publication were assembled on

21 August 2012 and were based

on the law enorceable and

inormation available at that time.

Contents


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Malaysia is a multi-ethnic,

multicultural and multilingual

society. It is a relatively open,

state-oriented and newly-

industrialised market economy.

Although the economy has

traditionally been commodity-

based, services have become

the single largest component

o economic activity.

Multinational corporations

rom more than 40 countries

have invested in over 5,000companies in Malaysias

manuacturing and related

services sectors, encouraged

by the countrys pro-business

environment. Malaysia today

is one o the worlds top

locations or oshore

manuacturing and service-

based operations. Many o

the existing oreign companies

have also continued to

show their condence

in the countrys potential as

an investment location through

their numerous expansions

and diversications over the

years, particularly in high-

technology projects.

Malaysias political and

economic stability, prudent

and pragmatic investor-

riendly business policies,

cost-productive workorce,

a developed inrastructure

comparable to that o any

western country and a host

o other amenities makes

this country an enticing

place or investors.

Foreign investments are

welcomed especially inareas like manuacturing,

and particularly in high-

technology, biotechnology

industries and in the

development o inormation

technology through the

establishment o the

Multimedia Super Corridor.

Key points or oreign investors

to consider when looking

at Malaysia as a potential

place or investment include:

Growthpotentialintheindustrial

and services sector, especially

shared services activities;

Easyaccessibilitythrough

air and sea;

Youthfulworkforce;

Attractiveincentivesfor

oreign investors;

Liberalgovernmentpolicies;

Variousformsofbusinessesset

up (e.g. representative oce,

branch oce, companies, etc);

Tax-freezonesand

growth corridors; and

LabuanInternationalBusiness

and Financial Centre.

All o the above points are

urther explained in the guide.

Executive summary

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Located in the heart o South

East Asia, Malaysia has long

played an important role in

international trade and has

gained commercial importance

because o its strategic position

linking seaborne trade routes

between the Indian Ocean and

East Asia.

Today, the country continues

to play a major role in

international trade and business.

The market-oriented economyandpro-businessGovernment

policies in Malaysia have

made it one o the worlds

top investment destinations

or oshore manuacturing

operations. To date, the country

has attracted more than 5,000

oreign companies rom more

than 40 countries to establish

their operations in the country.

With a population o 28 million

people, Malaysia is on the right

track towards achieving its

goal o becoming a developed

country by 2020. A country

that depended primarily

on agriculture and primary

commodities, Malaysia has

evolved to become an export-

driven economy spurred by

high technology, knowledge-

based and capital-intensive

industries. Last year, the

countryrecordedaGDPgrowth

o 7% one o the strongest

showings in the region and

amongst emerging economies

globally.

Malaysia with its key strengths

as a business destination, has

well-developed inrastructure,

a productive workorce and

is politically stable with a well-

developed legal system. It also

has a diversied economy

with50%ofGDPcoming

rom the services sector and

oers attractive incentives or

oreign investors.

HSBC has been in Malaysia

or more than 127 yearsand we have grown in tandem

with the development

o the country. With our

vast experience and global

connectivity, we are

well-positioned to assist

in making the most o market

opportunities here. HSBC

Malaysia oers a wide range

o conventional and Islamic

nancial propositions

through a growing network

o 50 branches nationwide

that can help businesses tap

into this ast-growing market.

This guidebook, Doing Business

in Malaysia, will oer you

insightul inormation on doing

business here. We look orward

to helping you unlock potential

opportunities in Malaysia.

Mr. Mukhtar HussainDeputy Chairman & CEO

HSBC Bank Malaysia Berhad

Foreword

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Malaysia is a country on

the move. From a country

dependent on agriculture and

primary commodities in the

sixties, Malaysia has today

become an export-driven

economy spurred on by high-

technology, knowledge-based

and capital-intensive industries.

Economic environment

The structural transormation

o Malaysias economy overthe last 50 years has been

spectacular. Oten dubbed the

lucky country because o

its wealth o mineral resources

and ertile soils, Malaysia

did not rest on its laurels but

progressed rom an economy

dependent on agriculture

and primary commodities

to a manuacturing-based

and export-driven economy.

Malaysia is one o the

worlds leading exporters

o semiconductor devices,

computer hard disks, audio

and video products and air-

conditioners and the country

hopes to move-up the value

chain and is currently ocusing

on attracting high-technology,

high value-added, knowledge-

based and skills intensive

industries, incorporating

activities such as design and

development and research

and development.

The last decade has seen a

deepening and widening o

Malaysias industrial base,

as well as the urther

development o its services

sector. As such, a strong

oundation has been laid

or the economy to move

orward into the new

globalised environment.

Accessibility

Malaysia is situated in Southeast

Asia, bordered by Thailand in the

north, Indonesia in the south and

west, the Philippines in the eastand Singapore in the south.

The Malaysian government had

made considerable eorts and

large investments in expanding

its highways, railroads, seaports

and airports. More recently,

the government played an

active role in encouraging

development o modern modes

o communications, such as

satellite telecommunications,

and the internet.

The major seaports in West

Malaysia are Port Klang,

Penang Port, Johor Port, Port

o Tanjung Pelepas, Kuantan

Port and Kemaman Port. The

major seaport in East Malaysia

is the Bintulu Port in Sarawak

and Sepangar Bay Container

Port in Sabah. During the last

ew decades, these ports were

expanded to serve rapidly-

growing Malaysian exports

and imports.

Malaysia has also promoted

development o aviation in

order to serve growing tourism

and business needs. The

country has 32 airports with

paved runways and 83 airports

with unpaved runways.

The largest o them is the

US$3.2 billion state-o-the-art

Kuala Lumpur International

Airport, which is capable o

handling 25 million passengers

and 1.2 million tons o cargo

annually*. Neighbouring the

main terminal is the Low Cost

Carrier Terminal opened in

2005, which oers extensiveno-rill travel destinations at

lower cost.

Telecommunication services in

Malaysia are up to international

standards, thanks to an infow

o private investments and

the governments initiatives

in developing this sector.

Malaysia as a placeto do business

The adverse circumstances

arising rom the nancial

crisis in the U.S. had a

contagion eect in Europe

and Asia. Despite the adverse

circumstances, the Malaysian

grossdomesticproduct(GDP)

grew 5.1% in 2011, supported

by domestic demand and

continued expansion in private

and public consumption.

The economy is expected

to remain in steady growth

mode in 2013.1

*www.nationsencyclopedia.comIntroductionDoing business in Malaysia

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In 2013, Malaysias ranking

in the World Banks Ease o

Doing Business is 12th out

o 185 territories. In 2012, it

was ranked 14th out o 183

territories.2

Malaysia is a natural choice

or shared services in view

o its low costs, particularly

or inrastructure, conducive

business environment,

and high levels o global

integration.

The labour market conditions in

Malaysia are avourable. Labour

costs in Malaysia are relatively

low while productivity levels

remain high in comparison with

industrialised countries.

Basic literacy among the

labour workorce is high,

and the workorce is youthul

and trainable and the

environment is generally

strike-ree. Employers and

employees contribute to the

Employees Provident Fund.

Bahasa Malaysia, is the

ocial language. It is the

language o administration

or the ederal and state

governments. Correspondence

rom the government is in

Bahasa Malaysia, although

certain government

departments will accept

correspondence in English.

English, taught as a second

language in schools, is widely

used in business.

Incentives or oreigninvestors

Despite prevailing global

economic uncertainties,

oreign direct investment (FDI)

infows into Malaysia in 2011increased by 12.3 per cent

to RM32.9 billion compared

with RM29.3 billion in 2010.

The manuacturing sector

accounted or the largest share

o FDI infows, accounting or

50.1% o total FDI infows,

ollowed by the services sector

(27.3%), mining and quarrying

(22.2%) and agriculture,

orestry and shing (0.4%).

Total investments approved in

the manuacturing, services

and primary sectors surged by

40.7% rom RM105.6 billion

(4,368 projects) in 2010 to reach

RM148.6 billion (4,964 projects)

in 2011. This is a testament to

investors condence in the

local business environment.

The FDI infow into Malaysia is

expected to remain strong this

year and beyond.3

In its attempt to draw more

FDI into the country, the

Governmenthas,sinceApril

2009, announced a series

o bold and signicant

liberalisation measures or

the services sector including

nancial services, inormation

and communications technology

(ICT) and logistics sectors.

Companies rom various

sectors including but not limited

to the manuacturing, services,

tourism, construction, trading,agriculture and education may

be eligible to apply or the types

o tax scal and non-scal

incentives available or the

respective sector.

It may be useul to note that

theMalaysianGovernment,

in trying to attract oreign

direct investment, is amiable

to also consider pre-package

incentives, i.e. a oreign

investors wish list or tax

scal and non-scal incentives.

Factorssuchasthesizeof

investment, level o spin-o,

employment opportunities,

and technology transer,

whether o national and

strategic importance will play

a role or granting o incentive.

1. Source: www.mida.gov.my

2. For more inormation, reer to

www.doingbusiness.org

3. Source: Malaysian Investment

Development Authority and Ministry

o International Trade and Industry

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Conducting business in MalaysiaForms o businessIn Malaysia, the most

common orm o businesses

or oreign investors are

limited liability companies,

joint ventures, branches

or representative/regional

oces. Unincorporated

joint ventures between

two or more incorporated

entities are common in civil

construction and in large

inrastructure projects.

Besides the above, other typeso entities include oreign

branch, Limited Liability

Partnership and representative/

regional oces.

LLP is a new business vehicle

introduced by The Companies

Commission o Malaysia (CCM)

recently. It provides the public

with more options to choose

their business vehicle.

The ollowing details out the

principal orms o business:

Company

Companies are governed

by the Companies Act,

1965 (Companies Act). The

Companies Act provides or

three types o companies:

a. Company limited by shares;

b.Company limited by guarantee;

c. Unlimited company.

In practical terms, almost

all companies will be

companies limited by shares,

i.e. companies with limited

liability, the maximum liability

being limited to the value o

share capital. Only a public

company may oer shares

or other securities to the

public. Companies may be

ormed as either private or

public companies.

Publiccompany:Thepublic

can subscribe or shares or

debentures in the company

or deposit money with the

company. A public companymust, beore it allots shares

or debentures, le with the

Companies Commission o

Malaysia (CCM) a prospectus

in relation to its aairs, or a

statement in lieu o prospectus

i no public issue is made.

Privatecompany:Thistype

o company limits the number

o shareholders to 50. There are

also restrictions on the right

to transer its shares and

a prohibition on any invitation

to the public to subscribe or

shares or debentures o the

company. A private company is

usually suitable as a subsidiary

o an overseas corporation that

does not wish to raise capital

or borrow unds rom the public.

A private company qualies

as an exempt private company

i it has no more than 20

shareholders, benecial interest

is not held by a corporation

and i it is a solvent company.

A local subsidiary o a oreign

corporation thereore does

not qualiy.

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Forms o business Setting up a business

An exempt private company is

relieved o certain obligations

under the Companies Act, such

as the requirement to le annual

accounts with the CCM, where

they would be available or public

inspection. Also, the prohibition

o loans to directors and to

companies connected with the

directors, does not apply to an

exempt private company.

Joint venture

Joint ventures are structured

either as a partnership or

as a consortium o incorporated

companies; the term joint

venture does not denote

a separate and distinct

business entity.

Branch o oreign company

A oreign company is a

company incorporated outside

Malaysia. A oreign company

that desires to establish a

place o business or to carry

on business within Malaysia,

may establish a branch by ling

the required returns to CCM.

The establishment o a branch

is not encouraged or a oreign

company engaged in wholesale

or retail trade.

Limited Liability Partnership

Limited Liability Partnership

(LLP) is a hybrid between

company and conventional

partnership. LLP is governed

by the Limited Liability

Partnerships Act 2012.

The main ees to be paid to

CCM in respect o registering

a company are as ollows:5

The requirements to orm

a company are:6

i. application to be made to

CCM to ascertain whether

the proposed name o the

company to be incorporated

is acceptable and available;

ii. a minimum o two

subscribers to the shares

o the company (Section

14 Companies Act (CA));

iii.a minimum o two directors

(Section 122 CA); and

iv.a company secretary

who can be either:

a. an individual who is a

member o a proessional

LLP is a separate legal

entity rom its partners.

The liabilities o the partners

o a LLP are limited while the

LLP has unlimited capability

in conducting business and

holding property.

Two or more individuals or

bodies corporate may orm a

LLP or any lawul business in

accordance with the terms o

the LLP Agreement. LLP may

also be ormed or the purposeso carrying on proessional

services o which the partners

must be natural persons o

same proessional practice

and have in orce proessional

indemnity insurance approved

by the Registrar.

LLP has perpetual succession

and any change in the partners

will not aect the existence,

rights or liabilities o a LLP.

Representative/regional ofce

The representative oce/

regional oce does not

undertake any commercial

activities and only represents

its head oce/principal to

undertake designated

unctions. The representative

oces/regional oces

operation is completely unded

rom sources outside Malaysia.

The representative oce/

regional oce is not required

to be incorporated under the

Companies Act. The set-up

body prescribed by the

Minister o Domestic Trade

and Consumer Aairs; or

b. an individual licensed

by the CCM.

Yearly Compliance

Companies must hold an

annual general meeting

in each calendar year, not

more than 15 months ater

the previous annual general

meeting. A newly-incorporated

company must hold its rst

annual general meeting within

18 months o its date o

incorporation. Companies

must lodge an annual return

with CCM within one month

o the date o the annual

general meeting. Unless

the company is an exempt

private company, the audited

accounts and directors

report must be lodged

with the annual return.

o a representative/regional

oce requires the approval

oftheMalaysianGovernment.

Representativeofce:An

oce o a oreign company/

organisation approved to

collect relevant inormation

on investment opportunities

in the country, especially in

the manuacturing and services

sector, enhance bilateral trade

relations, promote the export

o Malaysian goods andservices and carry out research

and development (R&D).

Regionalofce:Anofce

o a oreign company/

organisation that serves as

the coordination centre or

the company/organisations

aliates, subsidiaries and

agents in Southeast Asia

and the Asia Pacic. The

regional oce established

is responsible or the

designated activities o the

company/organisation within

the region it operates.

So ar, the most common

type o entity to conduct

business in Malaysia is the

private limited company

(Sendirian Berhad Sdn Bhd).

Such a company can be wholly

owned or set up with local

participation. In most instances,

oreign ownership o up to

100% is permissible, with the

exception o certain areas in

regulated industries such as

oil and gas and logistics.

The annual return contains

the list o shareholders;

a summary o the issued

share capital; particulars

o the directors, managers,

secretary, and auditors;

and certain other statutory

inormation. This return must

include a copy o the latest

audited inancial statements.

The requirements to orma LLP are:6

to have the proposed name

o the LLP;

to have at least two or more

partners

to have a registered oce

within Malaysia

to have a compliance ocer,

who is either one o the partners

or persons qualied to act as a

company secretary under CA who:

(a)isacitizenorpermanent

resident o Malaysia; and

(b) ordinarily resides in Malaysia.

a LLP must also indicate its

nature o business during

Its application or registration.

Yearly compliance

Accounts must be prepared,

which shall give a true and air

view o the state o aairs o a LLP.

Subject to LLP Agreement, the

accounts are not required to be

audited.

Submit to CCM an annual

declaration on the solvency o

the LLP by at least two partners

within 90 days rom nancial

year end o the LLP.

RM

Reservation o a name 30

Fees to be paid or registration o a company whose

authorised share capital

Does not RM100,000 1,000

Exceeds RM100,000 but does not exceed RM500,000 3,000

Exceeds RM500,000 but does not exceed RM1 million 5,000

Exceeds RM1 million but does n ot exceed RM5 million 8,000

Exceeds RM5 million but does not exceed RM10 million 10,000




Exceeding RM100 million 70,000

5. Source: www.mida.gov.my6. Source: www.ssm.com.my14


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Concepts o income taxation

Malaysia operates under

a Sel-Assessment System

(SAS) and income is taxed

on a territorial basis. Income

tax in Malaysia is imposed on

income accruing in, or derived

rom, Malaysia except or

income o resident companies

carrying on a business o air

or sea transport, banking or

insurance, which are taxed

on a worldwide basis. Foreign-source income received in

Malaysia is not taxable.

Corporations are taxed ata rate o 25%. A reduced rate

o 20% on the rst RM500,000

o chargeable income applies

to resident companies with

a paid-up share capital o

RM2.5 million or below and

is not controlled directly or

indirectly by a related company

which has a paid up capital

exceeding RM2.5 million in

respect o ordinary shares.

The tax assessment period

coincides with the actualnancial year and is assessed

on a current-year basis.

For example, or the nancial

year ended 31 December 2011,

the tax assessment period

is rom 1 January 2011 to

31 December 2011.

Every company subject

to tax is required to le an

annual return o income

with the Malaysian Inland

Revenue Board (MIRB ).

Failure to le a return or

to give notice o the liability

to tax is a punishable oence.

The time limit or ling o the

tax return is 7 months rom

the end o the nancial year

unless extended by the MIRB.

Under the SAS, taxpayers

are required to le a tax return

and also to compute their own

tax liabilities. It is not necessaryto le audited statements

o accounts together with

the return.

Tax audits will be the key

enorcement tool used by

the MIRB to ensure that

the SAS is strictly complied

with to prevent any loss o

revenuetotheGovernment

and to promote and increase

awareness and voluntary

compliance by taxpayers.

Proft distribution

From year o assessment (YA)

2008, the imputation systemo taxation was replaced by a

single-tier system o taxation

which came into eect rom

1 January 2008.

Under this system, tax on a

companys prots is a nal

tax and dividends are exempt

in the hands o shareholders.

Companies are no longer

required to deduct tax at source

rom dividends distributed

to shareholders. A transition

period o 6 years is provided

or implementation o the

single-tier system. All companies

will move to the single-tier

system on 1 January 2014,

even though they may still have

unutilised ranking-credits as

at 31 December 2013.

Taxable income and gains

The sources o income

subject to tax include thoselisted below:

Gainsorprotsfromany

trade, business, proession,

or vocation;

Dividends,interestand

discounts;

Rents,royaltiesandpremiums;

Pensions,annuitiesandother

periodic payments;

Amountsreceivedbya

non-resident person or

provision o technical advice,

assistance or services, or the

provision o services relating

to the installation or operation

o any apparatus or plant.

(Such income is only taxable

i the services are perormedin Malaysia.); and

Rentorotherpaymentsfor

the use o movable property

received by a non-resident.

Realpropertygainstax(RPGT)

is a orm o capital gains tax.

RPGTischargedongains

arising rom the disposal o real

property which is dened as:

Taxation in MalaysiaCorporation Income Tax

16


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AnylandsituatedinMalaysia

and any interest, option or other

right in or over such land; or

Sharesinarealproperty

company (RPC).

Eective 1 January 2013,

disposal o chargeable assets

made within 2 years o their

acquisitionissubjecttoRPGT

o 15% on gains arising rom

the disposal o the chargeable

assets. Disposal o chargeable

assets made ater 2 years butbeore 5 years o acquisition

issubjecttoRPGTof10%.

Disposal ater 5 years o

acquisition are not subject

toanyRPGT.

Losses

Business losses as adjusted

or tax purposes can be

utilised against income rom

all sources liable to income

tax in the same basis period.

Any excess business losses

not utilised may be carried

orward or set-o against

uture income rom all

business sources indenitely.

Group relie

From YA 2006, group relie

is available or all locally-

incorporated resident

companies provided that the

conditions or eligibility are met.

A company that qualies may

surrender a maximum o 50%

o its adjusted loss or a YA to

one or more related companies.

once while annual allowances

are given every year using the

straight-line method.

Tax incentives ororeign investors

There are a suite o tax

incentives available in Malaysia

including but not limited to

the ollowing:

Pioneerstatus;

Investmenttaxallowance;

Reinvestmentallowance;Infrastructureallowance;

Allowanceforincreased

exports;

OperationalHeadquarters;

TreasuryManagementCentres;

Greenincentives;

Doubledeductions/Special

deductions;

Pre-packageincentivesfor

approved business; and

Importdutyandsalestax

exemption.

The extent o exemption

under each type o tax

incentive varies. For example,

Companies that are granted

with Pioneer status enjoy taxexemption up to 100% o their

statutory income or a period

o up to 10 years. ITA on

the other hand, allows tax

exemption up to 100% o their

statutory income based on

certain percentage o qualiying

capital expenditure incurred

by the companies. Certain

companies which incurred

qualiying expenditure can

also avail or double deduction

With eect rom YA 2009,

the maximum percentage o

loss that can be surrendered is

increased to 70%.

To be eligible or group relie,

the claimant and surrendering

companies must meet the

ollowing conditions:

Mustberesidentand

incorporated in Malaysia;

Eachhasapaid-upcapital

o ordinary shares exceeding

RM2.5 million at the beginningo the assessment period;

Bothcompaniesmusthave

the same (twelve-month)

accounting period;

Theyarerelatedcompanies

as dened in the law, and must

or special deduction as the

case may be, to reduce their

taxable income.

Companies rom various

sectors including but not limited

to the manuacturing, services,

tourism, construction, trading,

agriculture and education may

be eligible to apply or the

types o incentives available

or the respective sector.

It may be useul to note thattheMalaysianGovernment,

in trying to attract oreign

direct investment, is amiable

to consider pre-packaged

incentives, i.e. oreign investors

wish list or tax, scal and

non-scal incentives. Factors

suchasthesizeofinvestment,

level o spin-o, employment

opportunities, technology

transer, whether o national

and strategic importance

will play a role or granting

o the incentive.

Special investment zonesand economic growth

corridors

TheGovernmenthasalso

introduced various measures

to acilitate economic growth,

spur investments and bridge

the rural-urban divide in the

country. The measures include

the implementation o:

GrowthcorridorsSeveral

growth corridors have

been conceptualised and

be related throughout the

relevant basis period as well

as the 12 months preceding

that basis period; and

Companiescurrentlyenjoying

certain incentives such as

pioneer status, Investment Tax

Allowance (ITA), reinvestment

allowance etc. are not eligible.

Capital allowances

Capital allowances (some rates

o which are shown below)are given on qualiying capital

expenditure. Capital allowances

can only be claimed against

each business source based

on the rates set by MIRB.

Initial allowances are given only

implemented to promote

investments and development

in certain promoted areas

and activities/industries.

Major corridors include:

1.Multimedia Super Corridor

(MSC): Designated cybercities

and cybercentres;

2. Iskandar Malaysia:

Southern Johor;

3.Northern Corridor Economic

Region (NCER): Perlis, Kedah,

Penang and Northern Perak;

4.East Coast Economic Region(ECER): Kelantan, Terengganu,

Pahang and Mersing district

o Johor;

5.Sabah Development Corridor

(SDC): Sabah; and

6.Sarawak Corridor o Renewable

Energy (SCORE): Sarawak.

Apart rom the incentives which

are oered to various industries

and approved activities under

the Promotion o Investments

Act 1986 and the Income Tax

Act 1967, customised or special

incentives have been modied

or the purpose o each corridor.

These incentives are over and

above the existing set oincentives oered by the

MalaysianGovernment.

IndustrialparkIndustriesin

Malaysia are mainly located

in over 200 industrial estates

or parks. State governments

and private developers are

continuously developing new

sites which are ully equipped

with inrastructure acilities

such as roads, electricity

Initial Allowance Rate

Industrial building 10%

Computer and IT equipment 20%

Plant and machinery used or conservation o energy 40%

Heavy machinery and motor vehicles 20%

Generalplantandmachinery 20%

Others 20%

Annual Allowance

Industrial building 3%

Computer and IT equipment 80%/10%*

Plant and machinery used or conservation o energy 20%

Heavy machinery and motor vehicles 20%

Plant and machinery 14%

Others 10%

* 10% applies or companies which have been granted certain incentive under the Promotion o Investments Act 198618


11/20

and water supplies, and

telecommunications.

Specialised parks have also

been developed in Malaysia to

cater or the needs o specic

industries. Examples o these

parks are:

1.Technology Park Malaysia

(TPM) in Bukit Jalil, Kuala

Lumpur: Among the

worlds most advanced and

comprehensive centres or

research and developmentby knowledge-based industries;

2.Kulim Hi-Tech Park in the

northern state o Kedah:

Caters to technology-intensive

industries and research and

development activities; and

3.Halal Parks: Communities

o Halal-oriented businesses

built on common property

where they are provided

with inrastructure and

service support.

FreeIndustrialZones(FIZ)

Thereare18FIZsthroughout

thecountry.FIZsareexport

processingzoneswhichhave

been developed to cater orthe needs o export-oriented

industries. Companies in

FIZsareallowedtoduty-free

imports o raw materials,

components, parts, machinery

and equipment directly required

in the manuacturing process.

FIZmanufacturersarealso

exempted rom the payment

o sales tax, excise duty and

service tax.

The payments and the related

withholding tax rates are

as below:

There is no withholding tax

on dividends.

Note: Where the recipient is

resident in a country which

has a double tax treaty with

Malaysia, the tax rates or

specic sources o income

may be reduced.

Tax treaty networks

Malaysia has an extensive

network o tax treaties

including:

Albania, Australia, Austria,

Bangladesh, Bahrain, Belgium,

Brunei, Canada, Chile, China

(P.R.C.),Croatia,Czech

Republic, Denmark, Egypt,

Fiji,Finland,France,Germany,

Hungary, India, Indonesia, Iran,

Ireland, Italy, Japan, Jordan,

Kazakhstan,Korea(R.O.K.),

Kuwait,Kyrgyz,Lebanon,

LicensedManufacturing

Warehouse (LMW) In areas

whereFIZsarenotavailable,

companies can set up LMWs

which are accorded acilities

similar to those enjoyed

byestablishmentsinFIZs.

Transer pricing guidelines

The MIRB released transer

pricing guidelines which are

meant to provide multinational

corporations and othercompanies involved in related-

party transactions with

guidance on matters relating

to transer pricing such as

inormation on methodologies

or determining arms length

prices that are acceptable to

the MIRB, and the type o

records and documentation

that are expected to be kept

or transactions involving

related parties.

The Malaysian Transer Pricing

Guidelinesarelargelybased

on the governing standard or

transer pricing which is the

arms length principle as setout under the Organisation

or Economic Co-operation

and Development (OECD)

transer pricing guidelines.

In addition to the Malaysian

TransferPricingGuidelines,

Income Tax (Transer

Pricing) Rules 2012 and

Income Tax (Advance Pricing

Arrangement) Rules 2012

weregazettedon11May

2012, and are deemed to

be eective rom 1 January

2009 onwards.

Prior to 2009, MIRB relied

on the general anti-avoidance

legislation under Section 140

o the Income Tax Act, 1967,

to disregard any transaction

between related parties

which was not conducted

on an arms length basis.

In January 2009, Section

140A was introduced to

provide specic legislative

direction on transer pricing

in Malaysia. Unlike the general

anti-avoidance provisions in

Section 140 which covers all

transactions, Section 140A

specically deals with related-

party transactions rom a

transer pricing perspective

including thin capitalisation

legislation. Although thin

capitalisation legislation was

introduced as part o section

140A, the implementation o

these rules have been deerredto a later date.

Withholding taxes

Withholding tax is imposed

on income derived in

Malaysia by non-residents

and is restricted to certain

specic payments.

Types o payments Tax rate (Note)

Interest 15%

Royalty 10%

Technical ees 10%

Rental o moveable properties 10%

Contrac t pay ment (rom 21 September 20 02 ) 10 % + 3%

Services perormed by public entertainer 15%

Other income 10%

Luxembourg, Laos, Malta,

Mauritius, Mongolia,

Morocco, Myanmar, Namibia,

Netherlands,NewZealand,

Norway, Pakistan, Papua New

Guinea,Philippines,Poland,

Qatar, Romania, Russia, Saudi

Arabia, San Marino, Seychelles,

Singapore, South Arica, Spain,

Sri Lanka, Sudan, Sweden,

Switzerland,Syria,Thailand,

Turkey, Turkmenistan, United

Arab Emirates, United Kingdom,

Uzbekistan,Venezuela,

Vietnam,Zimbabwe.

Malaysia also has limited tax

treaties with Argentina (shipping

and air transport), United

States o America (shipping

and air transport) and Taiwan

(exemption orders). Malaysia

has also signed a tax treaty

with Hong Kong but it has

not yet been ratied.

20


12/20

Basis o taxationin Malaysia

The tax year or an individual

is the calendar year. Income

is assessed on a current

year basis. This means that

income earned in 2011 will

be assessed in the YA 2011.

The SAS also applies to

individuals.

Income is taxed in Malaysia

on a territorial basis, i.e. incometax is chargeable on income

accruing in or derived rom

Malaysia. With eect rom

YA 2004, income received

in Malaysia rom a source

outside Malaysia by an individual,

whether tax resident or non-tax

resident, is exempt rom tax.

The manner in which an

individual is taxed is dependent

on his tax residency status

which is determined by the

number o days that he is

physically present in Malaysia

Taxation o residents

and non-residents

A tax resident individual

is subject to income tax at

graduated rates between

0% and 26% ater deducting

personaltaxreliefs.Various

tax relies are available.

A non-resident individual or

tax purposes is not entitled

to personal tax relies and is

taxed at a fat rate o 26%.

Tax residence statuso individuals

An individual is generally

regarded as tax resident

i he is:

inMalaysiaforatleast182

days in a calendar year;

inMalaysiaforaperiodof

less than 182 days during

the year (shorter period)

but that period is linked toa period o physical presence

o 182 or more consecutive

days in the ollowing or

preceding year (longer period).

Temporary absence rom

Malaysia or certain specied

reasons during the shorter or

longer period are counted as

part o the consecutive days,

provided that the individual is

in Malaysia beore and ater

each temporary absence;

inMalaysiafor90daysor

more during the year end,

in any 3 o the 4 immediately

preceding years, he was in

Malaysia or at least 90 daysor was resident in Malaysia; or

residentfortheyear

immediately ollowing that

year end and or each o the 3

immediately preceding years.

Exemption (Short-term employees)

Income o a non-resident

rom an employment in

Malaysia is exempt:

iftheaggregateoftheperiod

or periods o employment

in Malaysia does not exceed

60 days in a calendar year;

foracontinuousperiod(not

exceeding 60 days) whichoverlaps two calendar years; or

foracontinuousperiod(not

exceeding 60 days) which

overlaps two successive

years and or a period or

periods which together with

the continuous period do not

exceed 60 days.

Sel-assessmentor individuals

Sel-assessment or individuals

was implemented rom YA

2004. Under the SAS, the

responsibility or correctly

assessing a persons tax liability

is transerred rom the MIRB

to the taxpayer.

The prescribed Form B/BE/M

will be issued to individual

taxpayers in the month oJanuary or earlier and will be

due or submission not later

than 30 April (no business

source) or 30 June (with

business source) ollowing

the assessment year. The

submission o the Form B/BE/M

is deemed to be a notice o

assessment or which tax is

due and payable in the same

date as the ling deadline.

Under the SAS, the

MIRB monitors taxpayers

compliance with the law

through tax audits.

Employers tax obligations

Where an individual exercises

a Malaysian employment,

his/her employer or deemed

employer would be required

to comply with the ollowing

tax and reporting obligations:

submitanannualreturnof

remuneration by the employer

(i.e. Form E) which provides a

summary o the salary paid and

tax deducted in respect o theiremployees no later than 31

March in the year immediately

ollowing the relevant year o

assesment;

theincomecerticate(i.eForm

EA) must be prepared and

rendered to the employee

on or beore the last day o

February o the ollowing year;

remitmonthlytaxdeductions

(MTD) to the MIRB by the 10th

o the ollowing month, or each

new employee, to submit the

notication o commencement

o employment (i.e. Form CP

22) and the tax questionnaire(i.e. Form KL/R/173) not

later than one month rom

the date o commencement

o employment; and

whenanemployeeisceasing

employment and leaving the

country, the employer has the

obligation to notiy the MIRB

in order to acilitate the tax

clearance procedure or the

employee. In addition, the

employer is required to retain

whatever amount o monies

due to the employee, i.e.

salary, allowances etc. until

90 days ater the receipt o

the notication or cessation

o employment by theMalaysian tax authorities or

when the employee obtains

his tax clearance, whichever

is earlier.

Personal Income Tax

22


13/20

Audit andaccountancy

A multi-stage, broad-based

GoodsandServicetax(GST)

has been announced by the

MalaysianGovernmentto

replace the existing single

stage sales tax and service

tax. The implementation

date remains unannounced

at this juncture.

Statutory requirements orcompanies incorporatedunder the Companies Act 1965

Accounting and

other records

Accounting and other records

are the responsibility o the

companys directors. The

company and directors

must keep such accounting

and other records so as

to suciently explain the

transactions and nancialposition o the company and

enable preparation o nancial

statements showing a true

and air view to be conveniently

and properly audited.

All transactions must be

recorded within 60 days o

completion. These accounting

and other records must be kept

at the companys registered

oce (which must be in

Malaysia) or such other place in

Malaysia as the directors think

t. Accounting records relating

to operations outside Malaysia

may be kept at a place outside

Malaysia, provided statementsand returns are sent to a place

in Malaysia and are in sucient

detail to enable preparation o

nancial statements showing

a true and air view.

Accounting and other records

are to be retained or seven

years ater the completion o

the transactions or operations

to which they relate.

Sales tax

Sales tax is governed by

the Sales Tax Act 1972, which

came into orce on 29 February

1972. Sales tax is a single-stage

tax charged and levied on all

taxable goods that are:

manufacturedinMalaysiaand

sold by a licensed manuacturer

to a person other than a

licensed manuacturer

authorised by Customs toacquire such goods without

payment o tax;

usedordisposedofbythe

licensed manuacturer; or

importedintoMalaysiafor

home consumption.

Taxable goods means goods o

a class or kind not or the time

being exempted rom sales tax.

Broadly, sales tax rates are

as per the table below.

All exports by licensed

manuacturers are exemptedrom sales tax.

Service tax

Service tax is a consumption

tax levied and charged on any

taxable service provided by

any taxable person.

Taxable services include the

provision o rooms or lodging/

sleeping accommodation,

health services, certain

proessional services, certain

telecommunication services

including bandwidth servicesand certain value added

services, management services,

security services, provision

o parking space, provision o

gol course, gol driving range

or services related to gol or

gol driving range, courier

delivery services (other than

to destinations outside Malaysia),

provision and issuance o charge

card or credit card whether

or not annual subscription or

ee is imposed and the sale

or provision o ood, drinks and

tobacco products. The rate

o service tax is generally 6%.

However or charge or credit

cards, the service tax is MYR50or the principal card and MYR25

or a supplementary card.

Rate (%)

Fruit s, certain oodstu, timber and bui ld ing mater ia ls 5

Cigarettes and tobacco 5

Liquor and alcoholic drinks 5

All other goods, except petroleum subject to specic

rates and goods not specically exempted

10

Sales and Service Taxes

24


14/20


15/20


16/20

Free trade agreements

Malaysia has concluded

several regional and bilateral

ree trade agreements and

several more are still under

negotiation. One o the

key eatures o ree trade

agreements is the preerential

tari treatment accorded

to member countries.

Currently, Malaysia has

signed the ollowing ree

trade agreements:

ASEANFreeTradeAgreement;

ASEANChinaFreeTrade

Agreement;

ASEANKoreaFreeTrade

Agreement;

Malaysia-PakistanCloser

Economic Partnership;

Malaysia-JapanEconomic

Partnering Agreement;

Malaysia-NewZealandFree

Trade Agreement;

ASEAN-Australia-NewZealand

Free Trade Agreement;

ASEAN-JapanComprehensive

Economic Partnership;

ASEAN-IndiaTradein

GoodsAgreement;Malaysia-ChileFreeTrade

Agreement; and

Malaysia-IndiaComprehensive

Economic Cooperation

Agreement

The preerential tari treatment

and the rules o origin may vary

rom one ree trade agreement

to another.

Customs Duty

Customs duty is levied under

the Customs Act 1967 on

dutiable goods imported into

or exported rom Malaysia.

Importduties:Importduties

are levied only on goods

imported into the country

and that are subject to import

duties. The ad valorem rates

o import duty may range rom

2% to 60%. Raw materials,machinery, essential oodstus

and pharmaceutical products

are generally non-dutiable or

subject to duties at lower rates.

However, beer and spirits are

still levied at specic rates

beer at RM5 per litre and

brandy at RM58 per litre.

Exportduties:Exportduties

are generally imposed on the

countrys main commodities

that are exported. The ad

valorem rates o export duty

range rom 2.5% to 20%.

Some o the commodities that

attract export duty are crude

petroleum oil (at 10%), rattanwhole (at RM2,700 per kg),

whilst export duty on crude

palm oil is imposed based on

scale rates.

Excise Duty

Excise duties are imposed

on a selected range o goods

manuactured and imported

intoMalaysia.Goodswhichare

subject to excise duty include

beer/stout, cider and perry, rice

wine, mead, undenatured ethyl

alcohol, brandy, whisky, rum

and taa, gin, cigarettes

containing tobacco, motor

vehicles, motorcycles, playing

cards and mahjong tiles.

The main legislations relatingto excise duty are the Excise

Act 1976 and the Excise

Regulations 1977.

The rates o excise duty vary

rom 10 cents per litre and

15% or certain types o

spirituous beverages, to as

much as 105% or motorcars

(depending on the engine

capacity).

Labuan

Labuan, a Federal Territoryo Malaysia, was established

on 1 October 1990 as an

international nancial business

centre to provide or the

development o oshore

activities in the areas o

banking and insurance, trust

and und management,

investment holding and

other activities carried on

by multinational companies.

In a rebranding exercise, the

name was changed to Labuan

International Business and

Financial Centre (Labuan IBFC)

in January 2008 to refect

the jurisdictions growing

international status. In the

same year, a new entity, the

Labuan IBFC Incorporated

Sdn Bhd (Labuan IBFC Inc.),

wholly owned by the Labuan

Financial Services Authority,

was established as the ocial

agency or the promotion andmarketing o Labuan as

the premier international

business and nancial centre

in Asia Pacic.

The Labuan Financial Services

Authority (LFSA), ormerly

known as Labuan Oshore

Financial Services Authority

(LOFSA) is an agency

established on 15 February

1996 under the Labuan

Financial Services Authority

Act 1996, to be the supervisory

authority in charge o regulating

and supervising the industry

in Labuan. Their role includes

drawing up plans or urthergrowth and greater eciency

o the Labuan IBFC.

The objective o Labuan FSA

is to act as a one-stop agency

to implement the governments

vision to develop Labuan as

apremier IBFC by ensuring

the highest level o integrity,

commitment and

proessionalism.

Trade

30


17/20

HSBC in MalaysiaOverview

The Labuan Companies Act

1990 (LCA) provides or the

incorporation, registration and

administration o Labuan and

oreign Labuan companies in

Labuan. Such companies will

not come within the provisions

o the principal Companies

Act 1965, which governs

companies operating in

Malaysia domestically.

A Labuan company is one

which is ormed either through

incorporation under the LCA

or through registration under

the LCA o a oreign company

incorporated outside Malaysia

as a oreign Labuan company.

The incorporation o a Labuan

company would involve the

ollowing procedures:

AppointmentofaLabuan

trust company as an agent or

registration o the applicant.

The trust company must

conduct its own due diligence

on the prospective applicant;

Applicationforreservationand approval o name;

Afterreservationandapproval

o name, various documents

must be lodged or registration

including the memorandum

and articles o association; and

Paymentoftheincorporation

ee depending on the value

o nominal capital, as well

as other administrative ees.

A Labuan company may

be limited by shares, limited

by guarantee or an unlimited

company. There is no minimum

capital requirement other than

or Labuan companies ormed

to carry on the business o

Labuan banking or Labuan

insurance.Variousclasses

o shares and dierent rights

may be issued. A Labuan

company has the power to

issue dierent classes o

shares valued in a currency

other than Malaysian Ringgit.

A oreign Labuan company

is not required to maintain its

accounting and other records

in Labuan. It must submit an

annual return in the prescribed

orm once every calendar year,

not later than 30 days prior to

the anniversary o the date

o registration.

With eect rom 1 January

2009, a Labuan Holding

Company is allowed to

establish an operational

and management oce in

Kuala Lumpur (co-location).Approval must be obtained

rom the Labuan FSA beore

setting up the oce, and

is subject to conditions,

including a requirement or

the Labuan company to make

an irrevocable election or it

to be taxed under the Income

Tax Act, 1967 instead o the

Labuan Business Activity

Tax Act, 1990. An annual

ee o RM7,000 is charged

upon approval, and or every

subsequent year during which

the approval is valid.

Generally,Labuanentitiesare

accorded with a preerential tax

treatment under the Labuan

Business Activity Tax Act 1990

(LBATA) and subject to nil or

low income tax (i.e. 3% o net

audited prots or RM20,000)

depending on the type o

activity conducted in Labuan.

The preerential tax treatment

under the LBATA is granted

to Labuan entities conducting

Labuan business activities

in Labuan.

Labuan business activity is

dened as a Labuan trading

or Labuan non-trading activity

carried on, in, rom or through

Labuan in a currency other

than the Malaysian Ringgit

by a Labuan entity with non-

residents or another Labuan

entity. Labuan trading activities

include banking, insurance,

trading, management, licensing,

shipping operations or anyother activities not considered

as a Labuan non-trading

activity. Labuan non-trading

activities reer to the holding

o investments in securities,

stocks, shares, loans, deposits

or any other by a Labuan entity

on its behal.


was locally incorporated in

1984 and is a wholly-owned

subsidiaryoftheHSBCGroup.

In 2006, HSBC was the rst

oreign bank to be awarded

a Takaul (Islamic insurance)

licence in Malaysia. HSBC

Amanah Takaul (Malaysia) Sdn

Bhd, a joint venture between

HSBC Insurance (Asia Pacic)

Holdings Limited (49%

shareholding), Jerneh Asia

Berhad (31% shareholding)

and Employees Provident

Fund Board o Malaysia (20%

shareholding), commenced

operations in August 2006.

In 2007, HSBC Bank

Malaysia was the rst locally

incorporated oreign bank to

be awarded an Islamic banking

subsidiary licence in Malaysia,

and HSBC Amanah Malaysia

Berhad, a ully-fedged Islamic

bank wholly-owned by HSBC

Bank Malaysia, commenced

operations in August 2008.

HSBC Bank Malaysias ability

to combine international

expertise with in-depth local

knowledge and experience

place us in a unique position

to serve customers domestic

and international needs. HSBC

Amanah Malaysia and HSBC

Amanah Takaul complement

the Bank by providing a wide

range o Islamic nancial

solutions and Takaul coverage

or both retail and corporate

customers.

As at 31 May 2012, HSBC in

Malaysia has a network o

58 branches nationwide, o

which 16 are Islamic nance

branches.

Corporate Sustainability

For HSBC, being sustainable

means managing our business

or the long term. That means

achieving sustainable prots

or our shareholders, building

long-lasting relationships

with customers, valuing our

highly committed employees

and managing the social and

environmental impact o our

business. HSBC has a long-

standing commitment to

protecting the environment

and believes it is undamental

to a thriving society and

sound economy upon which

business depends.

At HSBC, we are committed to

reduce the impact o climate

change on people, orests,

reshwater and cities, and

accelerate the adoption o

low-carbon policies by working

with local communities,

governments, businesses,

environmentalNGOsandour

employees. In 2005, HSBC

was the rst bank and

FTSE100 company tobecome carbon neutral.

32


18/20

Banking in Malaysia

Financial institutions that make

up the banking system include

commercial banks, investment

banks and Islamic banks. They

orm the primary sources o

nancing to support economic

activities in Malaysia. Bank

Negara Malaysia (BNM) is the

central bank and is responsible

or supervising the banking

system and the insurance

industry. It also issues the

Malaysian currency, acts as

a banker and nancial advisor

to the government, administers

oreign exchange control

regulations, and is a lender o last

resort to the banking system.

Comprehensive regulations

govern the management and

ownership o banks and nance

institutions. The principal ones

aretheBNMGuidelinesand

the Banking and Financial

Institutions Act 1989 and

the Islamic Banking Act

1983, which cover licensing,

nancial requirements (e.g.

liquidity ratio, statutory reserve),

duties, ownership, control

and management o licensedinstitutions and restrictions

on the business activities.

Subject to other conditions,

the maximum permissible

shareholding o an individual

in a licensed local institution

is 10%; maximum shareholding

o a corporation is 20%. All

acquisition or disposal o

shareholdings o a licensed

institution o 5% and above

require written approval rom

the Minister o Finance.

The Minister o Finance, on

the recommendation o BNM

may approve exceptions on

maximum permissible holdings

in the nancial institutions.

Under the Banking and

Financial Institutions Act 1989,

no licensed institution can

open any oce in or outside

Malaysia (to carry out banking

business) without prior written

consent o BNM. BNM has

set the minimum capital und

requirement o domestic banks

at RM2 billion.

There are also other nancial

intermediaries operating

parallel to conventional banking

institutions, which include

Islamic banks, investment

banks, oshore banks and

specialised nancial institutions.

Commercial banks are the

main players in the banking

system. In 1999, the BNM

initiated a programme or the

consolidation o the domestic

banking sector. The objectiveis to create strong domestic

banking groups that are able

to meet the demands o

adverse economic conditions as

well as uture challenges rom

globalisation and liberalisation.

Since then, the banking

sector has been successully

consolidated to only 9 anchor

banks. The anchor banking

groups provide a wide range

o nancial services covering

retail banking and nancing,

asset management, unit trusts,

investment banking and even

insurance services or some

o the larger ones. In view o

the challenging and competitive

banking environment, the

Governmentcontinuesto

encourage urther consolidation

o the banking sector.

Local fnancing

Sources o local nancing

available to business include

the range o normal banking

loans and acilities, as well as

development nance, export

credit, renancing, Private Debt

Securities (PDS) market and

venture capital. Working capital

nancing is available through

the commercial banking sector,

while more specialised needs

are usually met through the

investment banking sector.

Loan availability tooreign investors

The rules or domestic

borrowing by non-resident

controlled companies are ullyliberalised by removing the

RM50 million limit and the

3:1 gearing ratio requirement.

Previously, borrowings o above

RM50 million and 3:1 gearing

ratio required the approval

o the Bank Negara Malaysia.

34


19/20

Country overview

Capital city

Area and population

Language

Currency

International dialling code

Major stock exchanges

Political structure

Economic statistics

National Holidays

Kuala Lumpur

Area o 330,000 sq km and population o 28 million

Bahasa Malaysia (ocial language), English, Mandarin, Tamil

Ringgit Malaysia (RM)

Country exit code + 60 + City area code + Number

Kuala Lumpur Stock Exchange (KLSE)

A ederation with 13 states (11 in peninsular Malaysia and 2

in Malaysian Borneo) and 3 ederal territories. As a ederation,

the governance o the country is divided between the ederal

and the state governments

GDPfortheyear2011wasRM588.3billionwithagrowthof5.1%

Scheduled Public Holidays or 2013

Sources: www.statistics.gov.my and

www.data.worldbank.org

New Years Day 1 January

Mawlid al-Nabi (Birth o Prophet Muhammad) 24 January

Chinese New Year 9-11 February

Labour Day 1 May

Wesak Day (Birth o Buddha) 24 May

Malaysian Kings Birthday 1 June

Hari Raya Puasa (End o Ramadan) 8-9 August

Independence Day 31 August

Malaysia Day 16 September

Hari Raya Qurban (Feast o the Sacrifce) 15 October

Deepavali or Diwali (Festival o Lights) 3 November

Awal Muharram (Islamic New Year) 5 November

Christmas Day 25 December

36


20/20

Head Ofce


Address: No 2 Leboh Ampang,

50100 Kuala Lumpur, Malaysia.

Phone: +603-2075 3000

Facsimile: +603-20701146

Website: www.hsbc.com.my

3rd Edition: August 2012

Copyright

Copyright 2013. All rights reserved.

PwC and PricewaterhouseCoopers

reer to the network o member rmso PricewaterhouseCoopers International

Limited (PwCIL), or, as the context

requires, individual member rms o the

PwC network. Each member rm is a

separate legal entity and does not act

as agent o PwCIL or any other member

rm. PwCIL does not provide any services

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exercise o their proessional judgment

or bind them in any way. No member

rm is responsible or liable or the acts

or omissions o any other member rm

nor can it control the exercise o another

member rms proessional judgment or

bind another member rm or PwCIL in

any way.

Theresa Lim, Senior ExecutiveDirector, PricewaterhouseCoopers

GeneralLine:+603-21731188

Direct Line: +603-2173 1583

Email: [email protected]

http://www.pwc.com/myen

Contacts

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Malaysia_

030113_

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Documents

Country Guide My March 2013