Statutory Body and Submission: Period: Filing to SSM (30 days) MCO extension … These initiatives are very much welcomed. MCO: Further reliefs granted by SSM and Bursa on submission of financial statements. For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The companies’ assets may still be subjected to execution through garnishee proceedings or seizure of assets under a court order. Please already read the FAQ on the extension of time for the lodging of financial statements. This is an express power of the Minister to prescribe the amount through a gazette notice. Two of the initiatives were additional measures involving SSM which were included in the PRIHATIN Package for SMEs (Additional Measures) announced on 6 April 2020 as follows: This is in place until 31 December 2020. Regulations 1. SSM has posted up a FAQ on this relief. Second, instead of the 21 days, the companies will be given six months to respond to the statutory demand. The most common method of winding up a company is through the issuance of a statutory demand under section 466(1)(a) of the CA 2016 based on the prescribed amount by the Minister (which was RM10,000). Companies must apply for the extension of time and where SSM will waive the RM100 fee. Extension of time (EOT) to 31 May 2020 for taxpayers to submit documents for audit or investigation within the period of 18 March 2020 until 15 May 2020 2. SSM has extended the compliance period of Section 241 of Companies Act 2016 for company secretaries to fulfil their CPE requirements until 31 December 2020. 5) To extend the deadline of the “2020 Compliance Campaign of the Companies Act 2016” to June 30, 2020, in which SSM will provide a maximum compound reduction rate of 90 per cent from the original value of the compound for common offences under Companies Act 1965 and Companies Act 2016 for situations where an active company has updated its Annual Returns and Financial … The first is where the Minister will prescribe a higher amount of RM50,000 for the statutory demand. Post was not sent - check your email addresses! On 14.04.2020, Royal Custom Malaysia announced that the submission deadline of SST from originally 31 March 2020 extend to before 13 May 2020. Form N) for extension of time. 30-day moratorium for companies to submit statutory documents to SSM By Nuradzimmah Daim - April 6, 2020 @ 3:02am The government has agreed to impose an automatic 30-day moratorium for companies submitting statutory documents to the Companies Commission of Malaysia (SSM), said Prime Minister Tan Sri Muhyiddin Yassin. Due to the Movement Control Order (MCO), Lembaga Hasil Dalam Negeri Malaysia (LHDNM) on 16 April 2020 had issued a Frequently Asked Questions (FAQs) on tax matters as follows: 1. Further, distressed companies will still continue to face other legal proceedings. Sorry, your blog cannot share posts by email. They range from temporary protection from winding up of companies, extension of time to lodge statutory documents, and an extension of time for the annual general meeting. So, how about other's submission deadline? 0000006183 00000 n © 2020 … Enter your email address to subscribe to this blog and receive notifications of new posts by email. SSM’s sixth initiative is to introduce an exemption to CLBG from obtaining approval for solicitation of donations from the public to help those affected by COVID-19. As a result of this, companies have to be aware of the newly-issued Practice Directive No. For now, the MCO has been in effect since extended to 28 April 2020 and possibly subject to further extensions. What is the extension deadline? SSM extends the deadline of the “2020 Compliance Campaign of the Companies Act 2016” from 30 April to 30 June 2020. > Summary Of Extension Due Date on EPF, SOCSO, HRDF, SST, SSM & IRBM (Latest Updated on 7th Sep 2020), https://www.kwsp.gov.my/-/extension-of-september-december-2020-contribution-payment-date, https://www.perkeso.gov.my/index.php/en/pengumuman, https://www.hrdf.com.my/economic-stimulus-package/, https://mysst.customs.gov.my/assets/document/Annoucement/MAKLUMAN%20OPERASI%20JKDM%20PKP%205.pdf, https://www.facebook.com/112188875535191/posts/3277108292376551/, http://lampiran1.hasil.gov.my/pdf/pdfam/ProgramMemfailBN_2020_Pin.3_2.pdf, http://lampiran2.hasil.gov.my/pdf/pdfam/faq_2.pdf. The SSM FAQ touches on this relief. Companies with Financial Year Ending 31 January 2020 until 31 March 2020 are now allowed to lodge 90 days Extension of Time application to SSM, to extend deadline for submission of financial statements and holding of Annual General Meeting (AGM). SSM will grant exemption to CLBG which have been approved by the Inland Revenue Board Malaysia (IRB) pursuant to subsection 44(6) of the Income Tax Act 1967 (ITA 1967) from applying for the Minister or Registrar’s approval. SSM’s Practice Directive 6/2020 – Extension of Time for AGM and Lodgement of Financial Statements (14 Apr 2020) SSM’s announcement related to MCO (7 Initiatives). Following the extension of the Movement Control Order (“MCO”)to 28 April 2020 by the Malaysian Government due to the COVID-19 outbreak, the Companies Commission Malaysia (“SSM”)and Bursa Malaysia Securities Berhad (“Bursa”)have granted further reliefs to companies for submission of financial statements and Annual General Meeting (“AGM”)requirements. SSM extends the deadline of the “2020 Compliance Campaign of the Companies Act 2016” from 30 April to 30 June 2020. By Key changes are three (3) months grace period(before this is 2 months) from the due date of submission is allowed for those with accounting period ending 1 September 2019 until 31 December 2019. Finally, SSM will grant an extension of three months from the date the AGM has to be held. SSM’s protection works in two ways. I will be interested to see how this variation of the 21 days will be carried out instead of an outright amendment of the CA 2016. You will be able to rely on section 327 of the CA 2016 to allow for a virtual or online general meeting: “(1) Subject to the constitution, a company may convene a meeting of members at more than one venue using any technology or method that enables the members of the company to participate and to exercise the members’ rights to speak and vote at the meeting.”. SSM will grant a moratorium of 30 days from the end of the MCO to lodge all affected statutory documents. So it is good that this moratorium is kept open-ended in that it will be pegged to the end of any extended MCO. Can you show a sample to fill in the Appendix A ? 10 april 2020: circular no. Journal Keep up to date with the latest news. © 2021 Cheng & Co Group. Following the implementation of the MCO from 18 March 2020, companies are required to comply with this directive including cancelling the notice of annual general meetings or deferring to hold the annual general meeting at a later date. While these two components provide some temporary protection from one form of winding up, there can still be other methods to wind up a company. This exemption is applicable until 31 December 2020. If you have further query, please do not hesitate to contact us via enquiry@chengco.com.my or Whatapps to +60127017918, The contact details of Cheng & Co Regional office personnels are as follows: or, Extension Due Date On Tax Matters During Movement Control Order (Latest Update: 6th May 2020), Extension Due Date on Income Tax Return Form Filling Schedule 2020 (Latest Updated: 28 April 2020). I wrote an earlier post regarding the impact of COVID-19 and the holding of meetings. The IRB also issued an updated list of FAQs on 19 March 2020 in relation to other tax affairs between 18 and 31 March 2020 (thePeriod). * The new grace period of up to 15 May 2020 is now extended to submissions with original deadline of 30 April 2020. CLBG which have not been approved by the IRB can also proceed to conduct the solicitation of donation activities from the public, but must make an official application within 30 days after the MCO ends. Extension of Submission Deadline (Updated on 14.04.2020) Do you know SSM, LHDN, SST, SOCSO had extended the submission deadline when coming to the MCO 3.0? 6 of 2020 now revised on 15 April 2020. The IRB’s Hasil Care Line was suspended on March 26, but has been reactivated on March 30. SSM will waive the application fee of RM100 for the extension of time. Last week, the Inland Revenue Board announced a two-month extension from the regular tax filing deadline, amid the then March 18-31 MCO. If the due date for submission falls within the MCO period, extension of time will be given until 31 May 2020 for the submission of Form LE3 for Year of Assessment 2021 and Year of Assessment 2022. Our team is specialized in providing insightful advice to assist your company to get through the business difficulties. I suspect the Minister exercised his powers under section 615 of the CA 2016 to grant some form of exemption and to impose terms and conditions. 2021 under the ITA 1967) is on 30/04/2020. 6/2020 revised on 15 April 2020 where it contains the application form, and to also read the FAQ. by Cheng & Co | Apr 16, 2020 | Cheng & Co, Incentives & Recovery, Tax, CP204 / CP204A Form submission due within the MCO period. An application for the extension of time must still be made and sent by email before 30 June 2020 to be eligible. I therefore wait to see the gazetting of any relevant notices and I will update this post. You will have to refer to the same Practice Directive No. Financial Year Ending (FYE) Can apply to extend to Extended Submission Deadline* 5. The government has extended the submission deadline due to MCO as below:- Do NOT follow this link or you will be banned from the site. ssm filing deadline 2019. Increase to the Value of Indebtedness from RM10,000 to RM50,000 (10 Apr 2020) Moratorium for Submission of Statutory Documents (6 Apr 2020) The moratorium period is an incentive given to companies and limited liability partnerships to lodge statutory documents with SSM which otherwise would not be able to be lodged due to the MCO. These notices are not on the Federal Gazette website yet. Good News from SSM! Personal, Expatriate, and Company Tax Compliance Service, Consolidation & Financial Planning & Budgeting, 7 Options for SMEs’ Survival during Covid-19, Individual with business income and other income, Northern Region (Perlis, Kedah, Penang, Perak) Mr. Albert Tan (, Central Region (Kuala Lumpur, Selangor) Mr. Sam Kong (, Southern Region (Negeri Sembilan, Melaka, Johor) Mr. Aaron Heng (. 38/2020 to all accountants: ssm’s frequently asked questions (faqs) on: 1. extension of time (eot) for lodgement of financial statements for financial year ending 30 september 2019 until 31 december 2019 2. moratorium of submission of statutory documents to ssm **For company/entities that is SME (paid up capital less than RM2.5M and revenue less than RM50m), are allowable to defer the CP204 payment due on 15.04.2020, 15.05.2020 and 15.06.2020 and for other Company, CP500 payment due on 31.03.2020 and 31.05.2020. On 10 April 2020, the Companies Commission of Malaysia (SSM) announced seven initiatives to ease the burden of the corporate sector during the MCO. Companies may have to consider other moratorium options under the restructuring and rescue mechanisms of the CA 2016. All rights reserved. 6. This second component is significant and gives significant breathing space to companies. I will cover each of these seven reliefs and with some brief comments. Type of Tax Payment/ Return Extension of Time of Tax Payment Original Deadline Extended Deadline PCB (Mar & Apr Salary) 15 Apr 2020 & 15 May 2020 31 May 2020 CP204 Tax Instalment** CP204 / CP204A Form submission due within MCO period 18 Mar 2020 to 28 April 2020 Company: You can read the SSM FAQ on these winding up changes. 6 of 2020 now revised on 15 April 2020, moratorium options under the restructuring and rescue mechanisms, Delivering a Talk on Resolving Boardroom and Shareholders Disputes, Case Update: Federal Court Decides on Threshold for Winding Up Based on Illegality, Changes to the Industrial Relations Act from January 2021: Highlights and practical impact on employee exits, Case Update: Unfair dismissal due to poor handling of mutual separation agreement, Case Update: Factors for Deciding Between Competing Liquidator Nominees, Branding, reputation, and compatibility with the legal profession — some quick thoughts, 10 Things on the New Beneficial Ownership Reporting in Malaysia, Closing Down a Company: Winding Up Law in Malaysia, What you need to know about the law on retrenchment of employees, Largest Law Firms in Malaysia 2020: Domestic and Foreign Firms. Forms CP21, CP22, CP22A or CP22B During MCO Period From 29.04.2020 6. If any directors need to get SSM … In addition, companies are granted an extension to comply with the statutory notice of demand issued pursuant to section 466 of the Companies Act 2016 by a creditor to 6 months from the current 21-day period. submission of financial statements Following the extension of the Movement Control Order (“MCO”)to 28 April 2020 by the Malaysian Government due to the COVID-19 outbreak, the Companies Commission Malaysia (“SSM”)and xref In view of this, the Inland Revenue Board (IRB) has issued an updated version of their “Frequently Asked Questions” document with respect to tax deadlines during the MCO period. In the IRB’s previous FAQs dated 25 March 2020, the IRB has stated that there is no need to submit the application form (i.e. on 1 September 2020 and will end on 30 September 2020. This is subject to certain terms and conditions. For your info, SSM just uploaded a revised Practice Note 6/2020 dated 15 April 2020. Updates on 28th Apr 2020 With the further extension of MCO to 12th May 2020, IRB just published the latest FAQ and filling program. In this campaign, SSM will provide a maximum compound reduction rate of 90% from the original value of the compound for certain common offences under Companies Act 1965 and CA 2016. Due date for the payment. The SSM FAQ touches on this relief. A company need not apply for further SSM grants an extension of time of three months from the date the companies had to lodge their financial statements. Relevant FAQs: Extension of Time. Within this 30-day moratorium, late lodgement fees are exempted. #2: Three Months’ Extension for Lodging of Financial Statements, COVID-19: Companies Commission Provides Seven Reliefs to Companies, Practice Directive No. In this campaign, SSM will provide a maximum compound reduction rate of 90% from the original value of the compound for certain common offences under Companies Act 1965 and CA 2016. What is the purpose of the “moratorium period”? SSM has rolled out a form of temporary winding up protection for companies. 4. In addition, SSM has received feedback from companies, practitioners Hi, may I know if whether can, private companies hold ONLINE AGMS, when the constitution does not specify it, since it is not mandatory under the CA 2016. ÁREA DE CONOCIMIENTO. Cheng & Co is the leading home-grown International Accounting Firm provide one-stop professional centre with innovative solutions for excellence. The FAQ sets out further clarification. Arte, Arquitectura y Diseño; Ciencias Biológicas y Agropecuarias; Ciencias Económico Administrativas; Ciencias Exactas e Ingenierías; Ciencias de la Salud; Ciencias Sociales y Humanidades; … Company secretary is responsible to process and submit documents by SSM my COID.Secretary will prepare objectives, form 58 and others. CTIM said even more time may now be required as access to information needed to file the tax returns may continue to be limited under the extended MCO due to inability to work from office, get access to the Internet and obtain the necessary approvals. Note: The FAQ is now silent on whether a Form N needs to be submitted. The debtor company then has 21 days to respond to the statutory demand after which the creditor can file a winding up petition. Ssm and Bursa on submission of financial statements your company to get the... To be eligible providing insightful advice to assist your company to get through the business.... 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