Mergers and acquisitions involve the entities across the globe. Determination to growth is the main reason to proceed with the merger and acquisition by entities generally. It also helps to innovate and stimulates the economy of the respective countries.
Our Mergers & Acquisitions Practice Group played an anchor role in various major projects which have brought great economic benefit to its host country, Malaysia. In the transportation industry, we have represented and served a major manufacturer of automobiles and its distributors, a national shipping line, and are currently facilitating the revamping of the nation’s aviation legislation. We have been engaged in the largest current M&A transaction in Malaysia involving the transfer of assets worth approximately RM6 billion (US$1.6 billion). Our substantial experience and proficiency in these areas have been established by providing services across a wide range clients and projects which have Included international bidding, joint ventures in automotive, manufacturing, highways, property development, technology, timber, mining and the acquisition of public listed companies to name a few.
Our range of services:
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Dear Valued Clients,
Following the national fiscal (Budget 2024) announcement, the proposed Service Tax (ST) rate will be increased from the current rate of 6% to 8% with effect from 1 March 2024, on selected taxable services including the legal services sector.
At this point, Azmi & Associates (“the Firm”) has outlined a tentative approach to the proposed increase in ST, pending further clarifications and implementation guidelines from the relevant Ministry and the Royal Malaysian Customs Department.
During this period, the Firm reserves the right to update or modify the information as deemed necessary.
1. Effective Date
The anticipated effective date for the implementation of the new tax rate (8%) is set for 1 March 2024.
2. Transitional rules for the proposed increase in Service Tax rate
a. Service Tax at 6% is applicable on taxable services provided before 1 March 2024; Service Tax at 8% is applicable on taxable services provided post 1 March 2024.
b. Taxable services spanning 1 March 2024:
• Service Tax at 6% for the portion of taxable services provided before 1 March 2024
• Service Tax at 8% for the portion of taxable services provided post 1 March 2024
Should you have any queries or require further clarification on this matter, please feel free to reach out to us. We highly value our client relationships and are dedicated to ensuring a seamless transition through these changes.
Corporate Communications, Azmi & Associates – 16 February 2024
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