The ratification of two of the world’s mega-regional free trade agreements, namely the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marks a significant milestone for Malaysia in its pursuit of bolstering foreign investments and expanding its trade horizons.
With a population of just over 100,000, Labuan is a small Malaysian island located off the coast of Borneo in Southeast Asia. Little known to most is that Labuan, a federal territory of Malaysia, has a special status as an International Business and Financial Centre (IBFC). Prior to its rebranding as an IBFC in 2008, in the 1990s, Labuan was initially declared as an international offshore financial center.
The Secretariat of Foreign Trade, by means of Circular No. 22, of 13 June 2023, published on 14 June 2023, opened an antidumping sunset review concerning Brazilian imports of welded steel pipes of austenitic stainless steel originated from Malaysia, Thailand, and Vietnam.
The duties remain in force throughout the investigation, and they may be renewed for another five years at the end of the proceeding.
Baker McKenzie is proud to launch a series of webinars aimed at helping employers understand current employment trends and issues in the South East Asia region. Some of the topics discussed are Alternatives to the Traditional Employment Model, and complexities of Workforce Optimization.
Bank Negara Malaysia (i.e., the Central Bank of Malaysia) (BNM) had on 1 June 2023 updated its existing Risk Management in Technology Policy Document to provide further guidance on the use of cloud services to be adopted by selected financial institutions. These changes take effect on 1 June 2023 (for licensed digital banks and licensed Islamic digital banks) and 1 June 2024 (for all other financial institutions).
Malaysian Prime Minister and Minister of Finance Anwar Ibrahim re-presented Budget 2023 on 24 February 2023, with the three main focus areas being to drive an inclusive and sustainable economy, inspiring confidence with institutional and governance reforms, and facilitating social justice by reducing inequality. At MYR 388.1 billion (USD 87 billion), it is the largest expansionary budget in the country’s history.
The Energy Commission of Malaysia has recently issued a public consultation paper to collect feedback from the public to be used as a basis of consideration by the Ministry of Natural Resources, Environment and Climate Change to propose regulations for off-border electricity exportation and importation activities.
Following the passing of a suite of legislations, sales tax at the rate of 10% will be imposed…
Baker McKenzie’s Asia Pacific Employers’ Forum took place in Singapore on Thursday, 27 April 2023. You can access a number of related resources relating to employment issues and trends.
In brief The Minister of Natural Resources, Environment and Climate Change, had on 9 March, announced several revisions to the CGPP as follows: An additional 200MW of quota which brings to total available quota to 800MW. The extension of the application deadline to the earlier of 31 December 2023 or…