SSM to offer up to 80% discounts on settlement of compounds

PETALING JAYA: Companies Commission of Malaysia (SSM) will be offering up to 80% discounts for the settlement of compounds within the period from Sept 1 to Dec 31.
Domestic Trade and Consumer Affairs (KPDNHEP) Minister Datuk Saifuddin Nasution Ismail, who officiated SSM National Conference 2018 today, said the move was taken in conjunction with SSM’s “Comply with Company’s Act 2016, Show Compassion, Love Your Company” campaign.
He said the campaign is aimed at providing an understanding, awareness and reminder to the public of the basic requirements and provisions that need to be complied under the Company Act 2016.
Saifuddin further explained that the compound reduction incentives will be implemented in stages, with the reduction rate of 80% over the month of September, followed by 70% in October, 60% in November, and as much as 50% throughout December.
Given that the campaign will be implemented across the country, he urged all related companies to take advantage of the discounts offered in order to settle their outstanding compounds.
According to SSM, the commission recorded RM395.75 million total outstanding compounds as of July 31 with 86,450 compound notices issued.
Last year, SSM collected a total of RM65.06 million compounds, compared with RM49.5 million in 2016. For 2018, it has collected RM23.08 million in compounds as of Aug 10.
Asked on the KPDNHEP ministry’s readiness towards the implementation of the new sales and services tax (SST) early next month, Saifuddin said that the ministry has taken the necessary steps including preparing its agencies and departments that are responsible to monitor and control prices of goods.
He added the ministry will give its full support to ensure that all the SST-related bills are approved in both Dewan Rakyat and state assemblies.
“We can only implement the new tax regime once the related laws are approved by both legislatures. Besides that, we will also intensify our efforts in taking care of the consumers’ interests and avoid excessive price increase in goods due to profiteering,” he added.
The two-day conference involved over 1,000 participants comprising company secretaries, law practitioners, entrepreneurs and stakeholders from the Malaysian corporate sector.
The annual conference themed “Doing Business In The Age Of Disruption” focuses on the changing business landscape and the impact of the digital revolution on the economy and globalisation.