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COMPETITION LAW & ANTITRUST
Finding of infringement by the Malaysian Competition Commission ("MyCC")
On 1 June 2016, MyCC found Ayza Industries Sdn Bhd, Ayza Logistics Sdn Bhd, ICS Depot Services Sdn Bhd, EAE Depot & Freight Forwarding Sdn Bhd and Prompt Dynamics Sdn Bhd in breach of Section 4 of the Competition Act 2010 by reason of their entering into a price fixing agreement for the provision of container storage and maintenance services within a 5-15km radius of the Penang Port.
For further information regarding competition law and antitrust matters, please contact
Dato' Johari Razar
jorazak@shearndelamore.com
K Shanti Mogan
shanti@shearndelamore.com
DISPUTE RESOLUTION
Punj Lloyd Oil & Gas (M) Sdn Bhd v Etiqa Insurance Bhd & Ors [2016] 5 CLJ 549
The Court of Appeal held that the withdrawal of an action more than 14 days after the service of the last defence is subject to the Court’s discretion.
Ng Chee Choy v Towards Rainbow Sdn Bhd & Anor [2016] 5 CLJ 688
Section 231 of the Companies Act 1965 gives the Court a wide discretion in the appointment of a provisional liquidator. The appointment will be made where the reason for the appointment is consistent with maintaining the status quo.
For further information regarding dispute resolution matters, please contact
Datin Jeyanthini Kannaperan
jeyanthini@shearndelamore.com
Robert Lazar
rlazar@shearndelamore.com
FINANCIAL SERVICES
Bank Negara Malaysia has announced the following:
- In a joint statement with the Financial Markets Association of Malaysia:
- a new methodology in the USD/MYR Spot Fixing ("PPKM-MYR") based on market transaction data will be adopted. The reference rate will be known as Kuala Lumpur USD/MYR Reference Rate; and
- the official closing hour for onshore ringgit market will be extended to give businesses additional time to complete their foreign exchange transactions,
with effect from 18 July 2016. The new Kuala Lumpur USD/MYR Reference Rate will be published in parallel with the current reference rate starting from 20 June 2016 to allow for the market to transition.
For further information regarding financial services matters, please contact
Christina S C Kow
christina@shearndelamore.com
Pamela Kung Chin Woon
pamela@shearndelamore.com
TAX & REVENUE
INCOME TAX
The Income Tax (Deduction for the Sponsorship of Hallmark Event) Rules 2016 and the Income Tax (Deduction for Investment in Qualifying Activity) Rules 2016 have been gazetted on 13 June 2016 and are deemed to have come into operation on 13 June 2008.
Further, the Income Tax (Deduction for Expenditure to Obtain the 1-InnoCERT Certification) Rules 2016 have been gazetted on 14 June 2016 and are deemed to have come into operation from the year of assessment 2015.
GOODS AND SERVICES TAX (GST)
The Price Control and Anti-Profiteering (Mechanism to Determine Unreasonably High Profit) (Net Profit Margin) (Amendment) Regulations 2016 have been gazetted on 24 June 2016.
The Amendment to the Director General’s Decision No 5/2015 (effective from 6 June 2016) and the revised version of the Specific Guide on Import (revised as at 24 June 2016) have been published on the Royal Malaysian Customs Department’s GST website.
For further information regarding tax and revenue law matters, please contact
Goh Ka Im
kgoh@shearndelamore.com
Anand Raj
anand@shearndelamore.com
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