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The implementation of the beneficial ownership reporting obligations, administered by the Companies Commission of Malaysia (“CCM”), came into effect on 1 April 2024. These statutory and reporting requirements imposed the obligation on companies to notify the CCM of their beneficial owners via the dedicated e-BOS portal. The CCM provided a transition period of three months (from 1 April 2024 to 30 June 2024) for companies to complete this reporting obligation.

On 8 June 2024, the Electric Vehicles Charging (Licensing) (Amendment) Regulations 2024 (“Amendments”) came into operation. The Amendments introduce a new Regulation 4A into the Electric Vehicles Charging (Licensing) Regulations 2023 (“Regulations”), which prescribes the types of insurance Electric Vehicle Charging Operators (EVCOs) must have and maintain before EVCOs can be granted a licence to provide EV charging services in Singapore or operate an EV charging station under Sections 45(2)(f) and 45(3) of the Electric Vehicles Charging Act 2022.

Changes to the capital gains inclusion rate and the employee stock option deduction rate (as proposed in Budget 2024) will apply to stock options exercised and shares sold on or after 25 June 2024. The new measure reduces the stock option deduction and capital gains tax exemption from 1/2 of the taxable amount to 1/3 of the taxable amount, if an individual’s annual combined limit of CAD 250,000 has been exceeded. The individual taxpayer can choose how to allocate the preferential tax treatment between the stock option income and capital gains to the extent the combined limit has been exceeded.

The Cabinet has recently approved in principle the Draft Ministerial Regulation under the Revenue Code Regarding Revenue Tax to increase the personal tax exemption amount on severance pay for terminated employees, aligning with the new maximum rate of severance pay. This change is intended to further ease the financial burden on terminated employees.