To do in 2016 : Learn up on provisions of Company Law
Last year we have witnessed for the very first time in Malaysian history the introduction of a significant brand new tax regime in Malaysia (ie. GST).
Again, this year we are witnessing a revolutionary change with respect to COMPANY LAW – the birth of the soon to be COMPANIES ACT 2016. If you have seen how much GST impacted on accounting and businesses. You will soon to witness yet another wave of legislative, structural and administrative changes in Corporate Structure.
Companies Act 1965
This new 2016 Act will replace the Companies Act 1965, which is about 50 years old! It was practically enacted in the era where of Elvis Presley and where wireless phone was unheard of. Computer was bulky and has to be carried by few strong men.
It is about time to phase out the out dated version of the Companies Act 1965.
No wonder the Suruhanjaya Syarikat Malaysia (SSM) proposed a total revamp (ie. not just another minor tweak or amendment to the existing 1965 Act). For real, we are seeing a complete make over with this latest Companies Bill 2015.
On 4th April 2016, Dewan Rakyat has passed the Third Reading (Final reading) for Companies Bill 2015.
Now it is in the hand of Dewan Negara for this approval. Thereafter with the Royal Assent by Yang di-Pertuan Agong, Companies Act 2016 will be in forced.
This law took 13 years to come into reality, surely it is very revolutionary.
Download here for a copy of the Companies Bill 2015 to find out more.