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Shearn Delamore & Co. Legal Updates July 2021 (2) 

by Christina Kow, Anand Raj

Published: August, 2021

Submission: August, 2021

 



Financial Services


Recovery Planning Policy Document


Following feedback on its exposure draft, Bank Negara Malaysia has issued a revised policy document on recovery planning which are applicable to banks and investments banks licensed under the Financial Services Act 2013, Islamic banks licensed under the Islamic Financial Services Act 2013 and financial holding companies of the foregoing mentioned licensed entities (collectively, the “FIs”).


The policy document, which came into effect on 28 July 2021, sets out the regulator’s expectations and policy requirements on the development and maintenance of recovery plans for FIs.


Pursuant to the policy document, FIs are required to identify and plan for the execution of a suite recovery options to restore long term viability under a range of idiosyncratic and system wide stress events.


Bank Negara Malaysia indicates that resolution planning seeks to facilitate the effective use of available resolution powers by Perbadanan Insurans Deposit Malaysia, as the enabling resolution authority, to identify in advance a feasible and credible resolution strategy for each FI and an operational plan for its implementation.


Tax & Revenue


Tax Matters During the National Recovery Plan & Movement Control Order 3.0 Period


In view of the implementation of the National Recovery Plan in Malaysia, the Inland Revenue Board (“IRB”) has issued a list of Frequently Asked Questions on tax matters arising during this period. The FAQ (updated as of 21 July 2021) is accessible via this link.


Income tax


The following public ruling has recently been published on the IRB’s official website:


Sales tax


The following specific guide has recently been published on the Royal Malaysian Customs Department’s MySST website:



 

 

 
 

 

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