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 recent years, the rapid growth of the market for cryptocurrencies and the increasing trend to raise funds through issuance of tokens , known as initial coin offerings (“ICO”) have resulted in inconsistencies in the regulation of ICOs across the world.
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.
Malaysia’s Companies Act 2016 came into effect on 31 January 2017 with the purpose of simplifying the business process in Malaysia, thus enabling companies to set up and operate with greater efficiency. Furthermore, the Act will help strengthen corporate governance, refine existing laws and reduce compliance costs.