TaXavvy Issue 14/2024

In this issue:

Companies Amendment Act 2024: Beneficial ownership reporting

The Companies (Amendment) Act 2024 (“Amendment Act”) has been enforced on 1 April 2024 in relation to section 2 and Division 8A, with the exceptions of sections 68 and 576. All companies registered under the Companies Act 2016 are required to lodge their beneficial ownership (BO) information to the Companies Commission of Malaysia within 3 months from 1 April 2024 through e-BOS. No enforcement action will be taken for non-compliance for lodgements up until 30 June 2024.

Following the enforcement of the Amendment Act, a revised guideline on BO reporting framework has been issued by the SSM to assist companies in fully complying with the framework.

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