Recent and Future Development
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RECENT AND FUTURE DEVELOPMENT Presented by CHUA SIEW CHUAN Deputy President, MAICSA Impacting the Secretarial Profession in Malaysia 5 October 2012 The Malaysian Institute of Chartered Secretaries and Administrators
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The Malaysian Institute of Chartered Secretaries and Administrators. Recent and Future Development. Impacting the Secretarial Profession in Malaysia. Presented by CHUA SIEW CHUAN Deputy President, MAICSA. 5 October 2012. Legislative Updates. Overview of. - PowerPoint PPT Presentation
Transcript of Recent and Future Development
RECENT AND FUTURE DEVELOPMENT
Presented by CHUA SIEW CHUANDeputy President, MAICSA
Impacting the Secretarial Profession in Malaysia
5 October 2012
The Malaysian Institute of Chartered Secretaries and Administrators
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Overview of
Proposed Companies Act, 2013 (pending) Limited Liability Partnerships Act, 2012 Corporate Governance in Malaysia & Malaysian Code of Corporate Governance 2012 Competition Act, 2010 Personal Data Protection Act, 2010 Anti-Money Laundering and Anti-Terrorism Financing Act 2001 Whistleblower’s Protection Act, 2010 Minimum Retirement Age Bill, 2012
Legislative Updates
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Decoupling of the lodgement of Annual Return with the audited accounts
Single director & single shareholder companies No par value for share capital & solvency declaration
statement Liberalisation of qualification for company secretaries for
private limited companies Significant increase in penalties to promote a culture of
compliance Creation of a register of company secretaries Dispensation of objects clause & ease of incorporation
Proposed Companies Act, 2013
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Other initiatives :-
leverage on the use of information & communication technologies eg. MyCoID, E-Filing
Stricter enforcement regime is expected
Proposed Companies Act, 2013
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Tax @ 25% as opposed to a partnership - progressive rate. Tax issue related to the transfer of assets from conventional partnership and companies to LLP has yet to be resolved by the Inland Revenue Board of Malaysia
Benefit:-Cheaper & Easier to
maintain
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
To strengthen self & market
discipline
To complement regulatory discipline
Promote good CG culture in
Malaysia
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Significant Issues
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
MAICSA can no longer publish its recommended secretarial fees to members. Fees will now have to be negotiated on an arms length basis
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
The Malaysian Institute of Chartered Secretaries and AdministratorsThe Malaysian Institute of Chartered Secretaries and Administrators
Prolong the retention of knowledge workers. Also, to provide for a safety net to take care of senior citizens since it has been shown that the average Malaysian is living longer now due to better healthcare & nutrition
THANK YOU
