This publication is a joint project with

Doing business in Malaysia

Contents
Executive summary Foreword Introduction Doing business in Malaysia Conducting business in Malaysia Taxation in Malaysia Audit and accountancy Human Resources and Employment Law Trade HSBC in Malaysia Banking in Malaysia Country overview Contacts 4 6 8 12 16 25 28 30 33 34 36 38
Disclaimer This document is issued by HSBC Bank Malaysia Berhad (the Bank) in Malaysia in partnership with PricewaterhouseCoopers (PwC). It is not intended as an offer or solicitation for business to anyone in any jurisdiction. It is not intended for distribution to anyone located in or resident in jurisdictions which restrict the distribution of this document. It shall not be copied, reproduced, transmitted or further distributed by any recipient. The information contained in this document is of a general nature only. It is not meant to be comprehensive and does not constitute financial, legal, tax or other professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. This document is produced by the Bank together with PricewaterhouseCoopers (PwC). Whilst every care has been taken in preparing this document, neither the Bank nor PwC makes any guarantee, representation or warranty (express or implied) as to its accuracy or completeness, and under no circumstances will the Bank or PwC be liable for any loss caused by reliance on any opinion or statement made in this document. Except as specifically indicated, the expressions of opinion are those of the Bank and/or PwC only and are subject to change without notice. This document is not a Financial Promotion. The materials contained in this publication were assembled on 21 August 2012 and were based on the law enforceable and information available at that time.

Executive summary
Malaysia is a multi-ethnic, multicultural and multilingual society. It is a relatively open, state-oriented and newlyindustrialised market economy. Although the economy has traditionally been commoditybased, services have become the single largest component of economic activity. Multinational corporations from more than 40 countries have invested in over 5,000 companies in Malaysias manufacturing and related services sectors, encouraged by the countrys pro-business environment. Malaysia today is one of the worlds top locations for offshore manufacturing and servicebased operations. Many of the existing foreign companies have also continued to show their confidence in the countrys potential as an investment location through their numerous expansions and diversifications over the years, particularly in hightechnology projects. Malaysias political and economic stability, prudent and pragmatic investorfriendly business policies, cost-productive workforce, a developed infrastructure comparable to that of any western country and a host of other amenities makes this country an enticing place for investors. Foreign investments are welcomed especially in areas like manufacturing, and particularly in hightechnology, biotechnology industries and in the development of information technology through the establishment of the Multimedia Super Corridor. Key points for foreign investors to consider when looking at Malaysia as a potential place for investment include: Growth potential in the industrial and services sector, especially shared services activities; Easy accessibility through air and sea; Youthful workforce; Attractive incentives for foreign investors; Liberal government policies; Various forms of businesses set up (e.g. representative office, branch office, companies, etc); Tax-free zones and growth corridors; and Labuan International Business and Financial Centre. All of the above points are further explained in the guide.

Foreword
Located in the heart of South East Asia, Malaysia has long played an important role in international trade and has gained commercial importance because of its strategic position linking seaborne trade routes between the Indian Ocean and East Asia. Today, the country continues to play a major role in international trade and business. The market-oriented economy and pro-business Government policies in Malaysia have made it one of the worlds top investment destinations for offshore manufacturing operations. To date, the country has attracted more than 5,000 foreign companies from more than 40 countries to establish their operations in the country. With a population of 28 million people, Malaysia is on the right track towards achieving its goal of becoming a developed country by 2020. A country that depended primarily on agriculture and primary commodities, Malaysia has evolved to become an exportdriven economy spurred by high technology, knowledgebased and capital-intensive industries. Last year, the country recorded a GDP growth of 7% one of the strongest showings in the region and amongst emerging economies globally. Malaysia with its key strengths as a business destination, has well-developed infrastructure, a productive workforce and is politically stable with a welldeveloped legal system. It also has a diversified economy with 50% of GDP coming from the services sector and offers attractive incentives for foreign investors. HSBC has been in Malaysia for more than 127 years and we have grown in tandem with the development of the country. With our vast experience and global connectivity, we are well-positioned to assist in making the most of market opportunities here. HSBC Malaysia offers a wide range of conventional and Islamic financial propositions through a growing network of 50 branches nationwide that can help businesses tap into this fast-growing market. This guidebook, Doing Business in Malaysia, will offer you insightful information on doing business here. We look forward to helping you unlock potential opportunities in Malaysia. Mr. Mukhtar Hussain Deputy Chairman & CEO HSBC Bank Malaysia Berhad

Introduction
Doing business in Malaysia
Malaysia is a country on the move. From a country dependent on agriculture and primary commodities in the sixties, Malaysia has today become an export-driven economy spurred on by hightechnology, knowledge-based and capital-intensive industries. Economic environment The structural transformation of Malaysias economy over the last 50 years has been spectacular. Often dubbed the lucky country because of its wealth of mineral resources and fertile soils, Malaysia did not rest on its laurels but progressed from an economy dependent on agriculture and primary commodities to a manufacturing-based and export-driven economy. Malaysia is one of the worlds leading exporters of semiconductor devices, computer hard disks, audio and video products and airconditioners and the country hopes to move-up the value chain and is currently focusing on attracting high-technology, high value-added, knowledgebased and skills intensive industries, incorporating activities such as design and development and research and development. The last decade has seen a deepening and widening of Malaysias industrial base, 8 as well as the further development of its services sector. As such, a strong foundation has been laid for the economy to move forward into the new globalised environment. Accessibility Malaysia is situated in Southeast Asia, bordered by Thailand in the north, Indonesia in the south and west, the Philippines in the east and Singapore in the south. The Malaysian government had made considerable efforts and large investments in expanding its highways, railroads, seaports and airports. More recently, the government played an active role in encouraging development of modern modes of communications, such as satellite telecommunications, and the internet. The major seaports in West Malaysia are Port Klang, Penang Port, Johor Port, Port of Tanjung Pelepas, Kuantan Port and Kemaman Port. The major seaport in East Malaysia is the Bintulu Port in Sarawak and Sepangar Bay Container Port in Sabah. During the last few decades, these ports were expanded to serve rapidlygrowing Malaysian exports and imports. Malaysia has also promoted development of aviation in order to serve growing tourism and business needs. The country has 32 airports with paved runways and 83 airports with unpaved runways. The largest of them is the US$3.2 billion state-of-the-art Kuala Lumpur International Airport, which is capable of handling 25 million passengers and 1.2 million tons of cargo annually*. Neighbouring the main terminal is the Low Cost Carrier Terminal opened in 2005, which offers extensive no-frill travel destinations at lower cost. Telecommunication services in Malaysia are up to international standards, thanks to an inflow of private investments and the governments initiatives in developing this sector. Malaysia as a place to do business The adverse circumstances arising from the financial crisis in the U.S. had a contagion effect in Europe and Asia. Despite the adverse circumstances, the Malaysian gross domestic product (GDP) grew 5.1% in 2011, supported by domestic demand and continued expansion in private and public consumption. The economy is expected to remain in steady growth mode in 2013.1
*

www.nationsencyclopedia.com

In 2013, Malaysias ranking in the World Banks Ease of Doing Business is 12th out of 185 territories. In 2012, it was ranked 14th out of 183 territories.2 Malaysia is a natural choice for shared services in view of its low costs, particularly for infrastructure, conducive business environment, and high levels of global integration. The labour market conditions in Malaysia are favourable. Labour costs in Malaysia are relatively low while productivity levels remain high in comparison with industrialised countries. Basic literacy among the labour workforce is high, and the workforce is youthful and trainable and the environment is generally strike-free. Employers and employees contribute to the Employees Provident Fund. Bahasa Malaysia, is the official language. It is the language of administration for the federal and state governments. Correspondence from the government is in Bahasa Malaysia, although

certain government departments will accept correspondence in English. English, taught as a second language in schools, is widely used in business. Incentives for foreign investors Despite prevailing global economic uncertainties, foreign direct investment (FDI) inflows into Malaysia in 2011 increased by 12.3 per cent to RM32.9 billion compared with RM29.3 billion in 2010. The manufacturing sector accounted for the largest share of FDI inflows, accounting for 50.1% of total FDI inflows, followed by the services sector (27.3%), mining and quarrying (22.2%) and agriculture, forestry and fishing (0.4%). Total investments approved in the manufacturing, services and primary sectors surged by 40.7% from RM105.6 billion (4,368 projects) in 2010 to reach RM148.6 billion (4,964 projects) in 2011. This is a testament to investors confidence in the local business environment. The FDI inflow into Malaysia is expected to remain strong this year and beyond.3

In its attempt to draw more FDI into the country, the Government has, since April 2009, announced a series of bold and significant liberalisation measures for the services sector including financial services, information and communications technology (ICT) and logistics sectors. Companies from various sectors including but not limited to the manufacturing, services, tourism, construction, trading, agriculture and education may be eligible to apply for the types of tax fiscal and non-fiscal incentives available for the respective sector. It may be useful to note that the Malaysian Government, in trying to attract foreign direct investment, is amiable to also consider pre-package incentives, i.e. a foreign investors wish list for tax fiscal and non-fiscal incentives. Factors such as the size of investment, level of spin-off, employment opportunities, and technology transfer, whether of national and strategic importance will play a role for granting of incentive.

1.

Source: www.mida.gov.my For more information, refer to www.doingbusiness.org Source: Malaysian Investment Development Authority and Ministry of International Trade and Industry

2.

3.

10

Conducting business in Malaysia

Forms of business
In Malaysia, the most common form of businesses for foreign investors are limited liability companies, joint ventures, branches or representative/regional offices. Unincorporated joint ventures between two or more incorporated entities are common in civil construction and in large infrastructure projects. Besides the above, other types of entities include foreign branch, Limited Liability Partnership and representative/ regional offices. LLP is a new business vehicle introduced by The Companies Commission of Malaysia (CCM) recently. It provides the public with more options to choose their business vehicle. The following details out the principal forms of business: Company Companies are governed by the Companies Act, 1965 (Companies Act). The Companies Act provides for three types of companies: limited by shares; b. Company limited by guarantee; c. Unlimited company. In practical terms, almost all companies will be companies limited by shares, i.e. companies with limited 12
a. Company

liability, the maximum liability being limited to the value of share capital. Only a public company may offer shares or other securities to the public. Companies may be formed as either private or public companies. Public company: The public can subscribe for shares or debentures in the company or deposit money with the company. A public company must, before it allots shares or debentures, file with the Companies Commission of Malaysia (CCM) a prospectus in relation to its affairs, or a statement in lieu of prospectus if no public issue is made. Private company: This type of company limits the number of shareholders to 50. There are also restrictions on the right to transfer its shares and a prohibition on any invitation to the public to subscribe for shares or debentures of the company. A private company is usually suitable as a subsidiary of an overseas corporation that does not wish to raise capital or borrow funds from the public. A private company qualifies as an exempt private company if it has no more than 20 shareholders, beneficial interest is not held by a corporation and if it is a solvent company. A local subsidiary of a foreign corporation therefore does not qualify.

Forms of business
An exempt private company is relieved of certain obligations under the Companies Act, such as the requirement to file annual accounts with the CCM, where they would be available for public inspection. Also, the prohibition of loans to directors and to companies connected with the directors, does not apply to an exempt private company. Joint venture Joint ventures are structured either as a partnership or as a consortium of incorporated companies; the term joint venture does not denote a separate and distinct business entity. Branch of foreign company A foreign company is a company incorporated outside Malaysia. A foreign company that desires to establish a place of business or to carry on business within Malaysia, may establish a branch by filing the required returns to CCM. The establishment of a branch is not encouraged for a foreign company engaged in wholesale or retail trade. Limited Liability Partnership Limited Liability Partnership (LLP) is a hybrid between company and conventional partnership. LLP is governed by the Limited Liability Partnerships Act 2012. 14 LLP is a separate legal entity from its partners. The liabilities of the partners of a LLP are limited while the LLP has unlimited capability in conducting business and holding property. Two or more individuals or bodies corporate may form a LLP for any lawful business in accordance with the terms of the LLP Agreement. LLP may also be formed for the purposes of carrying on professional services of which the partners must be natural persons of same professional practice and have in force professional indemnity insurance approved by the Registrar. LLP has perpetual succession and any change in the partners will not affect the existence, rights or liabilities of a LLP. Representative/ regional office The representative office/ regional office does not undertake any commercial activities and only represents its head office/principal to undertake designated functions. The representative offices/regional offices operation is completely funded from sources outside Malaysia. The representative office/ regional office is not required to be incorporated under the Companies Act. The set-up of a representative/regional office requires the approval of the Malaysian Government. Representative office: An office of a foreign company/ organisation approved to collect relevant information on investment opportunities in the country, especially in the manufacturing and services sector, enhance bilateral trade relations, promote the export of Malaysian goods and services and carry out research and development (R&D). Regional office: An office of a foreign company/ organisation that serves as the coordination centre for the company/organisations affiliates, subsidiaries and agents in Southeast Asia and the Asia Pacific. The regional office established is responsible for the designated activities of the company/organisation within the region it operates. So far, the most common type of entity to conduct business in Malaysia is the private limited company (Sendirian Berhad Sdn Bhd). Such a company can be wholly owned or set up with local participation. In most instances, foreign ownership of up to 100% is permissible, with the exception of certain areas in regulated industries such as oil and gas and logistics.

Setting up a business
The main fees to be paid to CCM in respect of registering a company are as follows:5 body prescribed by the Minister of Domestic Trade and Consumer Affairs; or RM
Reservation of a name Fees to be paid for registration of a company whose authorised share capital Does not RM100,000 Exceeds RM100,000 but does not exceed RM500,000 Exceeds RM500,000 but does not exceed RM1 million Exceeds RM1 million but does not exceed RM5 million Exceeds RM5 million but does not exceed RM10 million Exceeds RM10 million but does not exceed RM25 million Exceeds RM25 million but does not exceed RM50 million Exceeds RM50 million but does not exceed RM100 million Exceeding RM100 million 1,000 3,000 5,000 8,000 10,000 20,000 40,000 50,000 70,000
b. an

30

The annual return contains the list of shareholders; a summary of the issued share capital; particulars of the directors, managers, secretary, and auditors; and certain other statutory information. This return must include a copy of the latest audited financial statements. The requirements to form a LLP are: 6 to have the proposed name of the LLP; to have at least two or more partners to have a registered office within Malaysia to have a compliance officer, who is either one of the partners or persons qualified to act as a company secretary under CA who: (a) is a citizen or permanent resident of Malaysia; and (b) ordinarily resides in Malaysia. a LLP must also indicate its nature of business during Its application for registration. Yearly compliance Accounts must be prepared, which shall give a true and fair view of the state of affairs of a LLP . Subject to LLP Agreement, the accounts are not required to be audited. Submit to CCM an annual declaration on the solvency of the LLP by at least two partners within 90 days from financial year end of the LLP .
5. 6.

The requirements to form a company are:6

i.

individual licensed by the CCM. Yearly Compliance Companies must hold an annual general meeting in each calendar year, not more than 15 months after the previous annual general meeting. A newly-incorporated company must hold its first annual general meeting within 18 months of its date of incorporation. Companies must lodge an annual return with CCM within one month of the date of the annual general meeting. Unless the company is an exempt private company, the audited accounts and directors report must be lodged with the annual return.

application to be made to CCM to ascertain whether the proposed name of the company to be incorporated is acceptable and available; minimum of two subscribers to the shares of the company (Section 14 Companies Act (CA)); (Section 122 CA); and

ii. a

iii. a minimum of two directors

iv. a

company secretary who can be either:

a. an

individual who is a member of a professional

Source: www.mida.gov.my Source: www.ssm.com.my

Taxation in Malaysia
Corporation Income Tax
Concepts of income taxation Malaysia operates under a Self-Assessment System (SAS) and income is taxed on a territorial basis. Income tax in Malaysia is imposed on income accruing in, or derived from, Malaysia except for income of resident companies carrying on a business of air or sea transport, banking or insurance, which are taxed on a worldwide basis. Foreignsource income received in Malaysia is not taxable. Corporations are taxed at a rate of 25%. A reduced rate of 20% on the first RM500,000 of chargeable income applies to resident companies with a paid-up share capital of RM2.5 million or below and is not controlled directly or indirectly by a related company which has a paid up capital exceeding RM2.5 million in respect of ordinary shares. The tax assessment period coincides with the actual financial year and is assessed on a current-year basis. For example, for the financial year ended 31 December 2011, the tax assessment period is from 1 January 2011 to 31 December 2011. Every company subject to tax is required to file an annual return of income with the Malaysian Inland 16 Revenue Board (MIRB). Failure to file a return or to give notice of the liability to tax is a punishable offence. The time limit for filing of the tax return is 7 months from the end of the financial year unless extended by the MIRB. Under the SAS, taxpayers are required to file a tax return and also to compute their own tax liabilities. It is not necessary to file audited statements of accounts together with the return. Tax audits will be the key enforcement tool used by the MIRB to ensure that the SAS is strictly complied with to prevent any loss of revenue to the Government and to promote and increase awareness and voluntary compliance by taxpayers. Profit distribution From year of assessment (YA) 2008, the imputation system of taxation was replaced by a single-tier system of taxation which came into effect from 1 January 2008. Under this system, tax on a companys profits is a final tax and dividends are exempt in the hands of shareholders. Companies are no longer required to deduct tax at source from dividends distributed to shareholders. A transition period of 6 years is provided for implementation of the single-tier system. All companies will move to the single-tier system on 1 January 2014, even though they may still have unutilised franking-credits as at 31 December 2013. Taxable income and gains The sources of income subject to tax include those listed below: Gains or profits from any trade, business, profession, or vocation; Dividends, interest and discounts; Rents, royalties and premiums; Pensions, annuities and other periodic payments; Amounts received by a non-resident person for provision of technical advice, assistance or services, or the provision of services relating to the installation or operation of any apparatus or plant. (Such income is only taxable if the services are performed in Malaysia.); and Rent or other payments for the use of movable property received by a non-resident. R eal property gains tax (RPGT) is a form of capital gains tax. RPGT is charged on gains arising from the disposal of real property which is defined as:

 Any land situated in Malaysia and any interest, option or other right in or over such land; or Shares in a real property company (RPC). Effective 1 January 2013, disposal of chargeable assets made within 2 years of their acquisition is subject to RPGT of 15% on gains arising from the disposal of the chargeable assets. Disposal of chargeable assets made after 2 years but before 5 years of acquisition is subject to RPGT of 10%. Disposal after 5 years of acquisition are not subject to any RPGT. Losses Business losses as adjusted for tax purposes can be utilised against income from all sources liable to income tax in the same basis period. Any excess business losses not utilised may be carried forward for set-off against future income from all business sources indefinitely. Group relief From YA 2006, group relief is available for all locallyincorporated resident companies provided that the conditions for eligibility are met. A company that qualifies may surrender a maximum of 50% of its adjusted loss for a YA to one or more related companies. 18

With effect from YA 2009, the maximum percentage of loss that can be surrendered is increased to 70%. To be eligible for group relief, the claimant and surrendering companies must meet the following conditions: Must be resident and incorporated in Malaysia; Each has a paid-up capital of ordinary shares exceeding RM2.5 million at the beginning of the assessment period; Both companies must have the same (twelve-month) accounting period; They are related companies as defined in the law, and must
Initial Allowance Industrial building Computer and IT equipment

be related throughout the relevant basis period as well as the 12 months preceding that basis period; and Companies currently enjoying certain incentives such as pioneer status, Investment Tax Allowance (ITA), reinvestment allowance etc. are not eligible. Capital allowances Capital allowances (some rates of which are shown below) are given on qualifying capital expenditure. Capital allowances can only be claimed against each business source based on the rates set by MIRB. Initial allowances are given only
Rate 10% 20% 40% 20% 20% 20%

once while annual allowances are given every year using the straight-line method. Tax incentives for foreign investors There are a suite of tax incentives available in Malaysia including but not limited to the following: Pioneer status; Investment tax allowance; Reinvestment allowance; Infrastructure allowance; Allowance for increased exports; Operational Headquarters; Treasury Management Centres; Green incentives; Double deductions/Special deductions; Pre-package incentives for approved business; and Import duty and sales tax exemption. The extent of exemption under each type of tax incentive varies. For example, Companies that are granted with Pioneer status enjoy tax exemption up to 100% of their statutory income for a period of up to 10 years. ITA on the other hand, allows tax exemption up to 100% of their statutory income based on certain percentage of qualifying capital expenditure incurred by the companies. Certain companies which incurred qualifying expenditure can also avail for double deduction

or special deduction as the case may be, to reduce their taxable income. Companies from various sectors including but not limited to the manufacturing, services, tourism, construction, trading, agriculture and education may be eligible to apply for the types of incentives available for the respective sector. It may be useful to note that the Malaysian Government, in trying to attract foreign direct investment, is amiable to consider pre-packaged incentives, i.e. foreign investors wish list for tax, fiscal and non-fiscal incentives. Factors such as the size of investment, level of spin-off, employment opportunities, technology transfer, whether of national and strategic importance will play a role for granting of the incentive. Special investment zones and economic growth corridors T he Government has also introduced various measures to facilitate economic growth, spur investments and bridge the rural-urban divide in the country. The measures include the implementation of: Growth corridors Several growth corridors have been conceptualised and

implemented to promote investments and development in certain promoted areas and activities/industries. Major corridors include: 1. Multimedia Super Corridor (MSC): Designated cybercities and cybercentres; 2. Iskandar Malaysia: Southern Johor; 3. Northern Corridor Economic Region (NCER): Perlis, Kedah, Penang and Northern Perak; 4. East Coast Economic Region (ECER): Kelantan, Terengganu, Pahang and Mersing district of Johor; 5. Sabah Development Corridor (SDC): Sabah; and 6. Sarawak Corridor of Renewable Energy (SCORE): Sarawak. Apart from the incentives which are offered to various industries and approved activities under the Promotion of Investments Act 1986 and the Income Tax Act 1967, customised or special incentives have been modified for the purpose of each corridor. These incentives are over and above the existing set of incentives offered by the Malaysian Government. Industrial park Industries in Malaysia are mainly located in over 200 industrial estates or parks. State governments and private developers are continuously developing new sites which are fully equipped with infrastructure facilities such as roads, electricity

Plant and machinery used for conservation of energy Heavy machinery and motor vehicles General plant and machinery Others Annual Allowance Industrial building Computer and IT equipment Plant and machinery used for conservation of energy Heavy machinery and motor vehicles Plant and machinery Others

3% 80%/10%* 20% 20% 14% 10%

* 10% applies for companies which have been granted certain incentive under the Promotion of Investments Act 1986

and water supplies, and telecommunications. Specialised parks have also been developed in Malaysia to cater for the needs of specific industries. Examples of these parks are:
1. Technology

Licensed Manufacturing Warehouse (LMW) In areas where FIZs are not available, companies can set up LMWs which are accorded facilities similar to those enjoyed by establishments in FIZs. Transfer pricing guidelines The MIRB released transfer pricing guidelines which are meant to provide multinational corporations and other companies involved in relatedparty transactions with guidance on matters relating to transfer pricing such as information on methodologies for determining arms length prices that are acceptable to the MIRB, and the type of records and documentation that are expected to be kept for transactions involving related parties. The Malaysian Transfer Pricing Guidelines are largely based on the governing standard for transfer pricing which is the arms length principle as set out under the Organisation for Economic Co-operation and Development (OECD) transfer pricing guidelines. In addition to the Malaysian Transfer Pricing Guidelines, Income Tax (Transfer Pricing) Rules 2012 and Income Tax (Advance Pricing

Arrangement) Rules 2012 were gazetted on 11 May 2012, and are deemed to be effective from 1 January 2009 onwards. Prior to 2009, MIRB relied on the general anti-avoidance legislation under Section 140 of the Income Tax Act, 1967, to disregard any transaction between related parties which was not conducted on an arms length basis. In January 2009, Section 140A was introduced to provide specific legislative direction on transfer pricing in Malaysia. Unlike the general anti-avoidance provisions in Section 140 which covers all transactions, Section 140A specifically deals with relatedparty transactions from a transfer pricing perspective including thin capitalisation legislation. Although thin capitalisation legislation was introduced as part of section 140A, the implementation of these rules have been deferred to a later date. Withholding taxes Withholding tax is imposed on income derived in Malaysia by non-residents and is restricted to certain specific payments.

The payments and the related withholding tax rates are as below:
Types of payments Interest Royalty Technical fees Rental of moveable properties Contract payment (from 21 September 2002) Services performed by public entertainer Other income Tax rate (Note) 15% 10% 10% 10% 10% + 3% 15% 10%

Park Malaysia (TPM) in Bukit Jalil, Kuala Lumpur: Among the worlds most advanced and comprehensive centres for research and development by knowledge-based industries; 2. Kulim Hi-Tech Park in the northern state of Kedah: Caters to technology-intensive industries and research and development activities; and 3. Halal Parks: Communities of Halal-oriented businesses built on common property where they are provided with infrastructure and service support. Free Industrial Zones (FIZ) There are 18 FIZs throughout the country. FIZs are export processing zones which have been developed to cater for the needs of export-oriented industries. Companies in FIZs are allowed to duty-free imports of raw materials, components, parts, machinery and equipment directly required in the manufacturing process. FIZ manufacturers are also exempted from the payment of sales tax, excise duty and service tax.

There is no withholding tax on dividends. Note: Where the recipient is resident in a country which has a double tax treaty with Malaysia, the tax rates for specific sources of income may be reduced. Tax treaty networks Malaysia has an extensive network of tax treaties including: Albania, Australia, Austria, Bangladesh, Bahrain, Belgium, Brunei, Canada, Chile, China (P.R.C.), Croatia, Czech Republic, Denmark, Egypt, Fiji, Finland, France, Germany, Hungary, India, Indonesia, Iran, Ireland, Italy, Japan, Jordan, Kazakhstan, Korea (R.O.K.), Kuwait, Kyrgyz, Lebanon,

Luxembourg, Laos, Malta, Mauritius, Mongolia, Morocco, Myanmar, Namibia, Netherlands, New Zealand, Norway, Pakistan, Papua New Guinea, Philippines, Poland, Qatar, Romania, Russia, Saudi Arabia, San Marino, Seychelles, Singapore, South Africa, Spain, Sri Lanka, Sudan, Sweden, Switzerland, Syria, Thailand, Turkey, Turkmenistan, United Arab Emirates, United Kingdom, Uzbekistan, Venezuela, Vietnam, Zimbabwe. Malaysia also has limited tax treaties with Argentina (shipping and air transport), United States of America (shipping and air transport) and Taiwan (exemption orders). Malaysia has also signed a tax treaty with Hong Kong but it has not yet been ratified.

20

Personal Income Tax

Basis of taxation in Malaysia The tax year for an individual is the calendar year. Income is assessed on a current year basis. This means that income earned in 2011 will be assessed in the YA 2011. The SAS also applies to individuals. Income is taxed in Malaysia on a territorial basis, i.e. income tax is chargeable on income accruing in or derived from Malaysia. With effect from YA 2004, income received in Malaysia from a source outside Malaysia by an individual, whether tax resident or non-tax resident, is exempt from tax. The manner in which an individual is taxed is dependent on his tax residency status which is determined by the number of days that he is physically present in Malaysia Taxation of residents and non-residents A tax resident individual is subject to income tax at graduated rates between 0% and 26% after deducting personal tax reliefs. Various tax reliefs are available. A non-resident individual for tax purposes is not entitled to personal tax reliefs and is taxed at a flat rate of 26%. Tax residence status of individuals An individual is generally regarded as tax resident if he is: in Malaysia for at least 182 days in a calendar year; in Malaysia for a period of less than 182 days during the year (shorter period) but that period is linked to a period of physical presence of 182 or more consecutive days in the following or preceding year (longer period). Temporary absence from Malaysia for certain specified reasons during the shorter or longer period are counted as part of the consecutive days, provided that the individual is in Malaysia before and after each temporary absence; in Malaysia for 90 days or more during the year end, in any 3 of the 4 immediately preceding years, he was in Malaysia for at least 90 days or was resident in Malaysia; or resident for the year immediately following that year end and for each of the 3 immediately preceding years. Exemption (Shortterm employees) Income of a non-resident from an employment in Malaysia is exempt: if the aggregate of the period or periods of employment in Malaysia does not exceed 60 days in a calendar year; for a continuous period (not exceeding 60 days) which overlaps two calendar years; or for a continuous period (not exceeding 60 days) which overlaps two successive years and for a period or periods which together with the continuous period do not exceed 60 days. Self-assessment for individuals Self-assessment for individuals was implemented from YA 2004. Under the SAS, the responsibility for correctly assessing a persons tax liability is transferred from the MIRB to the taxpayer. The prescribed Form B/BE/M will be issued to individual taxpayers in the month of January or earlier and will be due for submission not later than 30 April (no business source) or 30 June (with business source) following the assessment year. The submission of the Form B/BE/M is deemed to be a notice of assessment for which tax is due and payable in the same date as the filing deadline. Under the SAS, the MIRB monitors taxpayers compliance with the law through tax audits. Employers tax obligations Where an individual exercises a Malaysian employment, his/her employer or deemed employer would be required to comply with the following tax and reporting obligations: submit an annual return of remuneration by the employer (i.e. Form E) which provides a summary of the salary paid and tax deducted in respect of their employees no later than 31 March in the year immediately following the relevant year of assesment; the income certificate (i.e Form EA) must be prepared and rendered to the employee on or before the last day of February of the following year; remit monthly tax deductions (MTD) to the MIRB by the 10th of the following month, for each new employee, to submit the notification of commencement of employment (i.e. Form CP 22) and the tax questionnaire (i.e. Form KL/R/173) not later than one month from the date of commencement of employment; and when an employee is ceasing employment and leaving the country, the employer has the obligation to notify the MIRB in order to facilitate the tax clearance procedure for the employee. In addition, the employer is required to retain whatever amount of monies due to the employee, i.e. salary, allowances etc. until 90 days after the receipt of the notification for cessation of employment by the Malaysian tax authorities or when the employee obtains his tax clearance, whichever is earlier.

22

Audit and accountancy

Sales and Service Taxes
A multi-stage, broad-based Goods and Service tax (GST) has been announced by the Malaysian Government to replace the existing single stage sales tax and service tax. The implementation date remains unannounced at this juncture. Sales tax Sales tax is governed by the Sales Tax Act 1972, which came into force on 29 February 1972. Sales tax is a single-stage tax charged and levied on all taxable goods that are: manufactured in Malaysia and sold by a licensed manufacturer to a person other than a licensed manufacturer authorised by Customs to acquire such goods without payment of tax; used or disposed of by the licensed manufacturer; or imported into Malaysia for home consumption. Taxable goods means goods of a class or kind not for the time being exempted from sales tax. Broadly, sales tax rates are as per the table below. All exports by licensed manufacturers are exempted from sales tax. Service tax Service tax is a consumption tax levied and charged on any taxable service provided by any taxable person. Taxable services include the provision of rooms for lodging/ sleeping accommodation, health services, certain professional services, certain telecommunication services including bandwidth services and certain value added services, management services, security services, provision of parking space, provision of golf course, golf driving range or services related to golf or golf driving range, courier delivery services (other than to destinations outside Malaysia), provision and issuance of charge card or credit card whether or not annual subscription or fee is imposed and the sale or provision of food, drinks and tobacco products. The rate of service tax is generally 6%. However for charge or credit cards, the service tax is MYR50 for the principal card and MYR25 for a supplementary card. Statutory requirements for companies incorporated under the Companies Act 1965 Accounting and other records Accounting and other records are the responsibility of the companys directors. The company and directors must keep such accounting and other records so as to sufficiently explain the transactions and financial position of the company and enable preparation of financial statements showing a true and fair view to be conveniently and properly audited. All transactions must be recorded within 60 days of completion. These accounting and other records must be kept at the companys registered office (which must be in Malaysia) or such other place in Malaysia as the directors think fit. Accounting records relating to operations outside Malaysia may be kept at a place outside Malaysia, provided statements and returns are sent to a place in Malaysia and are in sufficient detail to enable preparation of financial statements showing a true and fair view. Accounting and other records are to be retained for seven years after the completion of the transactions or operations to which they relate.

Rate (%) Fruits, certain foodstuff, timber and building materials Cigarettes and tobacco Liquor and alcoholic drinks All other goods, except petroleum subject to specific rates and goods not specifically exempted 5 5 5 10

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 Financial statements Directors must present financial statements of the company to the shareholders in a general meeting not later than 18 months after incorporation and, subsequently, at least once in every calendar year at intervals of not more than 15 months. The financial statements must be prepared in accordance with the Malaysian Accounting Standards Board (MASB) approved accounting standards, the provisions of the Companies Act 1965 and audited by an approved auditor. The auditors report shall state whether the financial statements have been properly drawn up so as to give a true and fair view of the companys affairs and in accordance with the MASB approved accounting standards and provisions of the Companies Act. All amounts shown in the financial statements shall be presented in Malaysian currency.

Statutory requirements for foreign incorporated companies carrying on a business in Malaysia Accounting and other records The requirements under the Companies Act 1965 for foreign companies carrying on a business in Malaysia in respect of accounting and other records and of audited financial statements are similar to those companies incorporated in Malaysia as stated above. Financial statements The requirement of financial statements is similar to those companies incorporated in Malaysia. In addition, foreign incorporated companies that are publicly listed in Malaysia can also apply the acceptable international accounting standards issued by any of the following accounting standards issuing bodies:
i. International

Financial Reporting Framework in Malaysia The MASB approved accounting standards comprise:
i. Financial

(FRS);

Reporting Standards

ii.Private

Entities Reporting Standards (PERS); and

iii.Malaysian

Financial Reporting Standards (MFRS Framework). Only private entities can apply the PERS. Private entities are defined as private companies incorporated under the Companies Act 1965 that:

The MFRS Framework is to be applied by all Entities Other Than Private Entities for annual periods beginning on or after 1 January 2012, with the exception of entities that are within the scope of MFRS 141 Agriculture (MFRS 141) and IC Interpretation 15 Agreements for Construction of Real Estate (IC 15), including its parent, significant investor and venturer (herein called Transitioning Entities). Transitioning Entities (TE) will be allowed to defer adoption of the new MFRS Framework. With the deferment, TEs can continue to apply the existing FRS and are only required to adopt MFRS Framework for annual periods beginning on or after 1 January 2014. The key differences between the FRS and MFRS Framework are that in the former, (a) FRS 201 Property Development Activities will continue to be the extant standard for accounting for property development activities and not IC 15, and (b) there is no equivalent standard to IAS 41.
2004

i. are

not required to prepare/ lodge any financial statements under any law administered by the Securities Commision (SC) or Bank Negara Malaysia (BNM); and

Accounting Standards Board (IASB); Accounting Standards Board, United States of America; Standards Board, United Kingdom; or

ii.are

ii.Financial

not a subsidiary/associate of/jointly controlled by, an entity which is required to prepare/ lodge any financial statements under any law administered by the SC or BNM. The MASB has issued a new MASB approved accounting framework, the MFRS Framework, which comprises accounting standards as issued by the IASB.

iii. Accounting

iv. Australian

Accounting Standards Board, Australia.

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Human Resources and Employment Law

The Employment Act, 1955 is the main legislation on labour matters in Malaysia*. Malaysias business environment is generally strike-free. The Industrial Relations Department (IRD) continues to be important in maintaining a harmonious environment in the labour market, by helping to avert industrial action through active
Paid maternity leave Normal work hours Paid holiday

intervention, consultations as well as negotiations between parties. In the event of a dispute, the Industrial Relations Act provides for free negotiation between trade unions and employers on a voluntary basis. Disputes may be reported to the Ministry of Human Resources for conciliation and referred to the Industrial
60 days

Court for settlement. Awards made by the Industrial Court are final and legally binding. The Act prohibits strikes or lockouts after a dispute has been referred to the Industrial Court. Key employment law considerations are summarised below:7

Recruitment of staff Malaysia offers investors a young, educated and productive workforce at very competitive costs. Malaysias literacy rates are high and school leavers entering the job market have at least 11 years of basic education. Termination of employment The notice of termination required under the Employment Act, 1955 is summarised below:7
Experience < 2 years 2 to 5 years > 5 years

without just cause or excuse by his/her employer. The Industrial Court will hear, decide and hand down awards or remedies in cases related to unfair dismissals. The Industrial Court in awarding its decision can order reinstatement or award compensation in lieu of reinstatement plus salary arrears.

rules for the conduct of union business, such as the election of officers, strike ballots and the use of union funds. Legal obligations The Employees Provident Fund Act 1991 requires employers and employees to make monthly contributions to the Employees Provident Fund (EPF) to secure lumpsum payments to employees at the age of 55 or earlier in the case of incapacity or upon permanent departure from Malaysia. Employees can also withdraw part of their EPF for the purpose of purchasing a residential house or for settling medical bills for specific illnesses.

Not exceeding eight hours in one day or 48 hours in one week At least 10 gazetted public holidays (inclusive of four compulsory public holidays:- (i) National Day, (ii) Birthday of the Yang Dipertuan Agong, (iii) Birthday of Ruler or the Yang di-Pertua Negeri or Federal Territory Day (as the case may be), and (iv) Labour day) in one calendar year and on any day declared as a public holiday under section 8 of the Holiday Act 1951

Written notice of termination 4 weeks 6 weeks 8 weeks

Minimum paid annual leave for employees: Less than two years of service Two or more but less than 5 years of service Five years or more of service Minimum paid sick leave per calendar year: Less than two years of service Two or more but less than five years of service Five years or more of service Where hospitalisation is necessary Payment for overtime work: Normal working days Rest days Public holidays One-and-a-half times the hourly rate of pay Two times the hourly rate of pay Three times the hourly rate of pay 14 days 18 days 22 days up to 60 days 8 days 12 days 16 days

An employee may also be terminated on the grounds of proven gross misconduct and/ or absenteeism for more than 2 consecutive working days without reasonable excuse and without notification to the employer. Unfair Dismissal Industrial Relations Act 1967 provides protection to employees against unfair dismissals, i.e. dismissals

Unions Omnibus or general workers unions are not permitted, but unions belonging to the same industry may apply to form a federation of trade unions or become affiliated with the Malaysian Trade Unions Congress. All trade unions are required by law to be registered with the Registrar of Trade Unions and must comply with the requirements of the Trade Unions Act. The Act sets out

7 .

Source: Ministry of Human Resources www.mohr.gov.my

* applicable in West Malaysia only and to employees with monthly wages not exceeding RM2,000 and those who are engaged in such employments as prescribed under the Act only

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Trade
Free trade agreements Malaysia has concluded several regional and bilateral free trade agreements and several more are still under negotiation. One of the key features of free trade agreements is the preferential tariff treatment accorded to member countries. Currently, Malaysia has signed the following free trade agreements: ASEAN Free Trade Agreement; ASEAN China Free Trade Agreement; ASEAN Korea Free Trade Agreement; Malaysia-Pakistan Closer Economic Partnership; Malaysia-Japan Economic Partnering Agreement; Malaysia-New Zealand Free Trade Agreement; ASEAN-Australia-New Zealand Free Trade Agreement; ASEAN-Japan Comprehensive Economic Partnership; ASEAN-India Trade in Goods Agreement; Malaysia-Chile Free Trade Agreement; and Malaysia-India Comprehensive Economic Cooperation Agreement The preferential tariff treatment and the rules of origin may vary from one free trade agreement to another. Customs Duty Customs duty is levied under the Customs Act 1967 on dutiable goods imported into or exported from Malaysia. Import duties: Import duties are levied only on goods imported into the country and that are subject to import duties. The ad valorem rates of import duty may range from 2% to 60%. Raw materials, machinery, essential foodstuffs and pharmaceutical products are generally non-dutiable or subject to duties at lower rates. However, beer and spirits are still levied at specific rates beer at RM5 per litre and brandy at RM58 per litre. Export duties: Export duties are generally imposed on the countrys main commodities that are exported. The ad valorem rates of export duty range from 2.5% to 20%. Some of the commodities that attract export duty are crude petroleum oil (at 10%), rattan whole (at RM2,700 per kg), whilst export duty on crude palm oil is imposed based on scale rates. Excise Duty Excise duties are imposed on a selected range of goods manufactured and imported into Malaysia. Goods which are subject to excise duty include beer/stout, cider and perry, rice wine, mead, undenatured ethyl alcohol, brandy, whisky, rum and tafia, gin, cigarettes containing tobacco, motor vehicles, motorcycles, playing cards and mahjong tiles. The main legislations relating to excise duty are the Excise Act 1976 and the Excise Regulations 1977. The rates of excise duty vary from 10 cents per litre and 15% for certain types of spirituous beverages, to as much as 105% for motorcars (depending on the engine capacity). In a rebranding exercise, the name was changed to Labuan International Business and Financial Centre (Labuan IBFC) in January 2008 to reflect the jurisdictions growing international status. In the same year, a new entity, the Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), wholly owned by the Labuan Financial Services Authority, was established as the official agency for the promotion and marketing of Labuan as the premier international business and financial centre in Asia Pacific. The Labuan Financial Services Authority (LFSA), formerly known as Labuan Offshore Financial Services Authority (LOFSA) is an agency established on 15 February 1996 under the Labuan Financial Services Authority Act 1996, to be the supervisory authority in charge of regulating and supervising the industry in Labuan. Their role includes drawing up plans for further growth and greater efficiency of the Labuan IBFC. The objective of Labuan FSA is to act as a one-stop agency to implement the governments vision to develop Labuan as apremier IBFC by ensuring the highest level of integrity, commitment and professionalism.

Labuan
Labuan, a Federal Territory of Malaysia, was established on 1 October 1990 as an international financial business centre to provide for the development of offshore activities in the areas of banking and insurance, trust and fund management, investment holding and other activities carried on by multinational companies.

30

HSBC in Malaysia
Overview
The Labuan Companies Act 1990 (LCA) provides for the incorporation, registration and administration of Labuan and foreign Labuan companies in Labuan. Such companies will not come within the provisions of the principal Companies Act 1965, which governs companies operating in Malaysia domestically. A Labuan company is one which is formed either through incorporation under the LCA or through registration under the LCA of a foreign company incorporated outside Malaysia as a foreign Labuan company. The incorporation of a Labuan company would involve the following procedures: A ppointment of a Labuan trust company as an agent for registration of the applicant. The trust company must conduct its own due diligence on the prospective applicant; Application for reservation and approval of name; After reservation and approval of name, various documents must be lodged for registration including the memorandum and articles of association; and Payment of the incorporation fee depending on the value of nominal capital, as well as other administrative fees. 32 A Labuan company may be limited by shares, limited by guarantee or an unlimited company. There is no minimum capital requirement other than for Labuan companies formed to carry on the business of Labuan banking or Labuan insurance. Various classes of shares and different rights may be issued. A Labuan company has the power to issue different classes of shares valued in a currency other than Malaysian Ringgit. A foreign Labuan company is not required to maintain its accounting and other records in Labuan. It must submit an annual return in the prescribed form once every calendar year, not later than 30 days prior to the anniversary of the date of registration. With effect from 1 January 2009, a Labuan Holding Company is allowed to establish an operational and management office in Kuala Lumpur (co-location). Approval must be obtained from the Labuan FSA before setting up the office, and is subject to conditions, including a requirement for the Labuan company to make an irrevocable election for it to be taxed under the Income Tax Act, 1967 instead of the Labuan Business Activity Tax Act, 1990. An annual fee of RM7,000 is charged upon approval, and for every subsequent year during which the approval is valid. Generally, Labuan entities are accorded with a preferential tax treatment under the Labuan Business Activity Tax Act 1990 (LBATA) and subject to nil or low income tax (i.e. 3% of net audited profits or RM20,000) depending on the type of activity conducted in Labuan. The preferential tax treatment under the LBATA is granted to Labuan entities conducting Labuan business activities in Labuan. Labuan business activity is defined as a Labuan trading or Labuan non-trading activity carried on, in, from or through Labuan in a currency other than the Malaysian Ringgit by a Labuan entity with nonresidents or another Labuan entity. Labuan trading activities include banking, insurance, trading, management, licensing, shipping operations or any other activities not considered as a Labuan non-trading activity. Labuan non-trading activities refer to the holding of investments in securities, stocks, shares, loans, deposits or any other by a Labuan entity on its behalf. HSBC Bank Malaysia Berhad was locally incorporated in 1984 and is a wholly-owned subsidiary of the HSBC Group. In 2006, HSBC was the first foreign bank to be awarded a Takaful (Islamic insurance) licence in Malaysia. HSBC Amanah Takaful (Malaysia) Sdn Bhd, a joint venture between HSBC Insurance (Asia Pacific) Holdings Limited (49% shareholding), Jerneh Asia Berhad (31% shareholding) and Employees Provident Fund Board of Malaysia (20% shareholding), commenced operations in August 2006. In 2007, HSBC Bank Malaysia was the first locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia, and HSBC Amanah Malaysia Berhad, a fully-fledged Islamic bank wholly-owned by HSBC Bank Malaysia, commenced operations in August 2008. HSBC Bank Malaysias ability to combine international expertise with in-depth local knowledge and experience place us in a unique position to serve customers domestic and international needs. HSBC Amanah Malaysia and HSBC Amanah Takaful complement the Bank by providing a wide range of Islamic financial solutions and Takaful coverage for both retail and corporate customers. As at 31 May 2012, HSBC in Malaysia has a network of 58 branches nationwide, of which 16 are Islamic finance branches. Corporate Sustainability For HSBC, being sustainable means managing our business for the long term. That means achieving sustainable profits for our shareholders, building long-lasting relationships with customers, valuing our highly committed employees and managing the social and environmental impact of our business. HSBC has a longstanding commitment to protecting the environment and believes it is fundamental to a thriving society and sound economy upon which business depends. At HSBC, we are committed to reduce the impact of climate change on people, forests, freshwater and cities, and accelerate the adoption of low-carbon policies by working with local communities, governments, businesses, environmental NGOs and our employees. In 2005, HSBC was the first bank and FTSE100 company to become carbon neutral.

Banking in Malaysia
Financial institutions that make up the banking system include commercial banks, investment banks and Islamic banks. They form the primary sources of financing to support economic activities in Malaysia. Bank Negara Malaysia (BNM) is the central bank and is responsible for supervising the banking system and the insurance industry. It also issues the Malaysian currency, acts as a banker and financial advisor to the government, administers foreign exchange control regulations, and is a lender of last resort to the banking system. Comprehensive regulations govern the management and ownership of banks and finance institutions. The principal ones are the BNM Guidelines and the Banking and Financial Institutions Act 1989 and the Islamic Banking Act 1983, which cover licensing, financial requirements (e.g. liquidity ratio, statutory reserve), duties, ownership, control and management of licensed institutions and restrictions on the business activities. Subject to other conditions, the maximum permissible shareholding of an individual in a licensed local institution is 10%; maximum shareholding of a corporation is 20%. All acquisition or disposal of shareholdings of a licensed institution of 5% and above require written approval from 34 the Minister of Finance. The Minister of Finance, on the recommendation of BNM may approve exceptions on maximum permissible holdings in the financial institutions. Under the Banking and Financial Institutions Act 1989, no licensed institution can open any office in or outside Malaysia (to carry out banking business) without prior written consent of BNM. BNM has set the minimum capital fund requirement of domestic banks at RM2 billion. There are also other financial intermediaries operating parallel to conventional banking institutions, which include Islamic banks, investment banks, offshore banks and specialised financial institutions. Commercial banks are the main players in the banking system. In 1999, the BNM initiated a programme for the consolidation of the domestic banking sector. The objective is to create strong domestic banking groups that are able to meet the demands of adverse economic conditions as well as future challenges from globalisation and liberalisation. Since then, the banking sector has been successfully consolidated to only 9 anchor banks. The anchor banking groups provide a wide range of financial services covering retail banking and financing, asset management, unit trusts, investment banking and even insurance services for some of the larger ones. In view of the challenging and competitive banking environment, the Government continues to encourage further consolidation of the banking sector. Local financing Sources of local financing available to business include the range of normal banking loans and facilities, as well as development finance, export credit, refinancing, Private Debt Securities (PDS) market and venture capital. Working capital financing is available through the commercial banking sector, while more specialised needs are usually met through the investment banking sector. Loan availability to foreign investors The rules for domestic borrowing by non-resident controlled companies are fully liberalised by removing the RM50 million limit and the 3:1 gearing ratio requirement. Previously, borrowings of above RM50 million and 3:1 gearing ratio required the approval of the Bank Negara Malaysia.

Country overview
Capital city Area and population Language Currency International dialling code Major stock exchanges Political structure Kuala Lumpur Area of 330,000 sq km and population of 28 million Bahasa Malaysia (official language), English, Mandarin, Tamil Ringgit Malaysia (RM) Country exit code + 60 + City area code + Number Kuala Lumpur Stock Exchange (KLSE) A federation with 13 states (11 in peninsular Malaysia and 2 in Malaysian Borneo) and 3 federal territories. As a federation, the governance of the country is divided between the federal and the state governments GDP for the year 2011 was RM588.3 billion with a growth of 5.1% Scheduled Public Holidays for 2013 New Years Day Chinese New Year Labour Day Wesak Day (Birth of Buddha) Malaysian Kings Birthday Hari Raya Puasa (End of Ramadan) Independence Day Malaysia Day Hari Raya Qurban (Feast of the Sacrifice) Deepavali or Diwali (Festival of Lights) Awal Muharram (Islamic New Year) Christmas Day
Sources: www.statistics.gov.my and www.data.worldbank.org

Economic statistics National Holidays

1 January 9-11 February 1 May 24 May 1 June 8-9 August 31 August 16 September 15 October 3 November 5 November 25 December

Mawlid al-Nabi (Birth of Prophet Muhammad) 24 January

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Contacts
Theresa Lim, Senior Executive Director, PricewaterhouseCoopers General Line: +603-2173 1188 Direct Line: +603-2173 1583 Email: theresa.lim@my.pwc.com http://www.pwc.com/myen Head Office HSBC Bank Malaysia Berhad Address: No 2 Leboh Ampang, 50100 Kuala Lumpur, Malaysia. Phone: +603-2075 3000 Facsimile: +603-20701146 Website: www.hsbc.com.my 3rd Edition: August 2012
Copyright Copyright 2013. All rights reserved. PwC and PricewaterhouseCoopers refer to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firms professional judgment or bind another member firm or PwCIL in any way.

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