TECHNICAL UPDATES

NEW COMPOUND RATES BY COMPANIES COMMISSION OF MALAYSIA (CCM)

CCM has come out with new rates of compound which is imposed on companies for failing to comply with Section 169 of the Companies Act, 1965. The new rates of compound have been enforced with immediate effect and the details are listed below:-

SCHEDULE OF NEW COMPOUND RATE UNDER SECTION 169 OF THE COMPANIES' ACT 1965.

PENALTY

OLD RATES

NEW RATES

Thirty Thousand Ringgit or 5 years jail for non-compliance of Section 171 (1) of the Companies Act, 1965 Period of default Sdn
Bhd
Bhd PLC Period of default Sdn
Bhd
Bhd PLC
8 days - 3 mths RM50 RM150 RM150 8 days - 3 mths RM150 RM300 RM5,000
3 mths - 6 mths RM100 RM250 RM250 3 mths - 6 mths RM250 RM500 RM8,000
6 mths - 12 mths RM200 RM500 RM500 6 mths - 12 mths RM500 RM800 RM10,000
More than 12 mths RM200 RM500 RM500 More than 12 mths RM1,000 RM1,500 RM15,000

Note:
Section 169
of the Companies Act, 1965 states that the Directors of every Company must at a date not later than 18 months after the incorporation of Company and subsequently once in every calendar year not more than 15 months from the last Annual General Meeting (AGM), tabled before the AGM of the Company, an audited accounts made up to not more than 6 months before the date of Annual General Meeting.

Section 171(1) of the Companies Act, 1965 states that if any director of a company fails to comply or to take all reasonable steps to secure compliance by the company with foregoing provisions or has by his own willful act been the cause of any default by the company thereunder, he shall be guilty of an offence against this Act.

GENERAL ISSUE SCHEDULE / DUE DATE FOR SUBMISSION OF 2005
INCOME TAX RETURN FORM (INCOME FOR YEAR 2005)
 

Type of Forms Category General Issue Date Due Date for Submission
B Resident individual - Business source 28 February 2006 30 June 2006
BE Resident individual - Non-business source 28 February 2006 30 April 2006
P Partnership 28 February 2006 30 June 2006
M Non-resident 28 February 2006 *
TP Estate 28 February 2006 *
TF Associates 28 February 2006 *
TJ Hindu Joint Family 28 February 2006 *
C & R Company Every quarterly **
CI Co-operation 1 June 2005 **
TC Trust unit / property trust 1 June 2005 **
TA Trust body 1 June 2005 **
E Employer 28 January 2006 31 March 2006

* 30 April 2006  - Non-business source
   30 June 2006   - Business source

** 7 months from date of closing of accounts.


 


© 2005 Mustapha, Khoo & Co.
All rights reserved.
Disclaimer | Privacy Policy |