Following the enforcement of the Movement Control Order (MCO) by the Government from 18 March to 14 April 2020 to curb the spread of COVID-19, the relevant authorities have released further announcements to clarify compliance matters:
i) Companies Commission of Malaysia (CCM)
All transactions under the Companies Act 2016, Registration of Business Act 1956 and Limited Liability Partnerships Act 2012 have to be submitted to the Registrar AFTER the MCO has been lifted in relation thereto:
The Companies Commission Malaysia has announced that portal MyCOID (portal for corporate entity related matters) can be access through mycoid2016.ssm.com.my/ starting from 2 April 2020 which operates for 24 hours.
As per CCM's advice, kindly be informed that information of the company and business profiles are subject to the latest data being updated by SSM system or officers prior to the commencement of the MCO.
ii) Approval of Audited Financial Statements
For private companies limited by shares in Malaysia, known that there is no requirement under the Companies Act 2016 to convene an Annual General Meeting (AGM) to approve the audited Financial Statements (AFS) unless required by the company's Constitution.
However, in recent view of MCO in Malaysia due to the COVID-19 situation, it is recommended that private companies approve matters relating to the AFS such as the Director's Report, Statement by Directors and Statutory Declaration by a director or person responsible in setting forth his opinion as the correctness of the AFS pursuant to Section 251(1)(b) of the Companies Act 2016, by way of passing a directors' written resolution instead of approving the AFS at a physical Board meeting.
Consequently, the members may then confirm their receipt of circulated AFS by way of member's written resolutions as well instead of requiring the company to convene physical AGM.
iii) Implications on Reporting and other Deadline
As announced by MIRB in order to overcome the challenges faced by preparers and auditors in meeting the repoting deadlines, MIRB has considered to extend the grace period in stated in the Return Form (RF) Filing Programme for the Year 2020 in order to assist the affected taxpayers in meeting the tax filing deadlines.
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