COMPANIES ACT 2016 : COME INTO OPERATION TODAY (31 JAN 2017)

With the spirit of Chinese New Year holidays thick in the air, TODAY is the FIRST DAY OF OPERATION for the NEW COMPANY LAW.

THE Companies Act 2016 (Act 777) will come into operation from 31 January 2017.

On the 26.1.2017, the long-awaited P.U. (B) 50/2017 with its title APPOINTMENT OF DATE OF COMING INTO OPERATION – Companies Act 2016 has finally published the date of 31.1.2017 as the date on which Companies Act 2016 comes into operation except Section 241 and Division 8 of Part III.

Where Section 241 is in relation to Requirement to register with registrar; while Division 8 of Part III refers to Corporate Rescue Mechanism.

Other than Companies Act 2016, the following four Acts related to SSM will also come into operation today (31 January 2017) :

• Interest Schemes Act 2016
• Companies Commission of Malaysia (Amendment) Act 2015
• Registration of Business (Amendment) Act 2015
• Limited Liability Partnership (Amendment) Act 2015

To understand more about the respective acts, feel free to download the zipped file containing the respective Acts and their gazette order stating its date of operation.

Tan Lee Ling

Tax Consultant by training in the Big Four and trained several years with Dr Choong. Being a Chartered Accountant with a law degree. Specialised in compliance, tax planning and tax investigation in her early years. Being in tax for 12 years, to her Tax is like a tree, it is the life force for the country, tax is dynamic, continuously changing and growing. Lee Ling is the conduit in charge of not just sharing these tax changes, also to bring Dr Choong's brilliant tax planning to the tax professionals and business community.

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