The IIA released its Three Lines Model in July 2020 as an update to the highly-regarded Three Lines of Defence Model promulgated in 2013. Many practitioners either love it or hate it, while others (including this author) vacillate between the two states.
In making its point about coin offerings (commonly known as Initial Coin Offerings or token sales), the report stated that “two obscure companies with no sales raised nearly US$400 million combined in recent days from outside investors". This was then juxtaposed with a 2016 statistic about US companies raising some US$219 million on average by undertaking the more conventional (and highly regulated) IPO route.
Under the previous administration, Malaysia transitioned from the old Sales and Services Tax (SST) to the existing Goods and Services Tax (GST). Following the Malaysian General Election 2018, the new government decided to abolish the GST and revert to the SST regime. In line with this decision, the government imposed zero rated GST effective 1 June 2018 before transitioning into SST.
Sweeping changes are being made in Malaysia under its new premier, Tun Dr. Mahathir Mohamad. Chief amongst these is the decision to repeal the Goods and Services Tax, or GST.
Malaysia is projected to experience slower economic growth at a rate of 5% to 5.5% in 2018, as compared to 2017’s 5.2% to 5.7%. The Federal Government revenue collection for 2018 is estimated to be RM239.86 billion (S$79.8 billion) while allocating RM280.25 billion (S$93.25 billion) for spending, with a targeted fiscal deficit at 2.8% of GDP.