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Malaysia

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In Environment

Malaysia: Implications of Budget 2023 on the Malaysian projects and infrastructure Scene

by and 4 Mins Read

On 7 October 2022 the Malaysian Minister of Finance tabled the Budget 2023 which covers the following 3 agendas, each supported by the agenda’s individual core focus and strategies:
• Responsive Budget – to expand fiscal policy
• Responsible Budget – to ensure financial sustainability of the Government
• Reformist Budget – to implement reforms and enact policies that could adapt to new norms
The comprehensive list of objectives within the Budget 2023 among others, is to strengthen economic recovery post COVID-19 and numerous incentives and action plans had been laid out to achieve these objectives. This alert focuses on the Budget 2023 highlights that would have an impact on the projects and infrastructure industries in Malaysia.

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In ESG

Malaysia: Malaysian National Energy Policy 2022-2040

by and 6 Mins Read

The Malaysian Government had, on 19 September 2022, launched the National Energy Policy 2022-2040 (“NEP”) with the following objectives:
• Enhancing macroeconomic resilience and energy security
• Achieving social equitability and affordability
• Ensuring environmental sustainability
In order to achieve these objectives, numerous action plans have been developed and laid out in the NEP and this client alert aims to provide an overview of the Low Carbon Aspiration 2040 initiative and highlight key action plans that would be of interest to all types of investors and companies intending to comply with environmental, social and governance requirements.

In Antitrust / Competition

Malaysia: Competition Appeal Tribunal overturns MyCC’s decision against the General Insurance Association of Malaysia and its members

by and 5 Mins Read

In 2020, MyCC imposed a total financial penalty of RM173 million against the General Insurance Association of Malaysia (PIAM) and its 23 members for alleged price-fixing of trade discounts on automotive parts prices and hourly labour rates for motor vehicle repairs by workshops under the PIAM Approved Repairers Scheme in breach of the Competition Act 2010. PIAM and the general insurers appealed to the Competition Appeal Tribunal (CAT). In September 2022, the CAT found that there was no liability on the part of the general insurers and PIAM under the Malaysian Competition Act and unanimously overturned MyCC’s decision.

In

Indonesia: Ratification of Regional Comprehensive Economic Partnership Agreement (RCEP)

by , , and 4 Mins Read

On 30 August 2022, the Indonesian House of Representatives agreed to pass a law ratifying the Regional Comprehensive Economic Partnership, the largest regional free trade agreement outside the World Trade Organization — involving 10 ASEAN countries and five non-ASEAN countries, i.e., China, New Zealand, Australia, Japan and South Korea. With the passing of this law, which still requires promulgation by the President, RCEP is set to come into force for Indonesia, possibly before the end of the year.

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In Employment

Malaysia: Deferred implementation date for amendments to the Employment Act 1955

by 2 Mins Read

On 26 August 2022, the Minister of Human Resources announced a delay to the implementation date of the amendments to the Malaysian Employment Act. The amendments to the EA were originally anticipated to take effect on 1 September 2022, but this has reportedly been deferred to 1 January 2023. The Minister had clarified that this delay would allow employers to focus, in the short term, on recovering from the difficult economic situation arising from the COVID-19 pandemic. This would also, practically, provide a longer runway for employers to assess their employment benefits for compliance under the amended EA.

In Corporate Compliance

Malaysia: Enhanced transparency in Labuan

by , and 8 Mins Read

Following the developments to the Labuan tax regime through the introduction of economic substance requirements in 2019, the Labuan Companies (Amendment) Act 2022 recently came into effect on 10 June 2022 to amend the Labuan Companies Act 1990. These further developments to the Labuan corporate and regulatory regime clearly highlight Malaysia’s commitment towards adhering to international legal standards of corporate governance and transparency.

In Corporate Compliance

Malaysia: Bank Negara Malaysia issues the Bancassurance/Bancatakaful Policy Document

by 5 Mins Read

Following the issuance of the Exposure Draft of the Bancassurance/Bancatakful Policy Document on 30 August 2021, Bank Negara Malaysia has issued the final Bancassurance/Bancatakaful Policy Document on 30 June 2022. The objectives of the Policy Document are to: ensure bancassurance/bancatakaful remains as a viable and accessible channel for consumers to purchase insurance and takaful products; promote sound market conduct practices that safeguard consumers’ interest through needs-based sales, disclosure and enhanced transparency; and promote market competitiveness and preserve consumer choice.

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