FINANCIAL SERVICES Relaxation of FEP requirements on interest rate swap Bank Negara Malaysia has announced that nonresident banks may trade ringgit denominated interest rate swap without any underlying commitment with any participating onshore licensed banks and their appointed overseas offices (“AOOs”) with effect from 15th March 2021. This is part of its initiative to promote a more liquid domestic market to lower hedging costs for corporates and asset managers and funding costs for onshore banks. Pepared by: Christina S. C. Kow Partner Financial Services (Head) Personal Data Protection & Proivacy Law Technology, Media & Telco [email protected] (Tel)+603 2027 2786 (Fax)+603 2070 4445 Pamela Kung Partner Financial Services Energy, Natural Resources & Green Technology Infrastructure & Project Private Client & family Business [email protected] (Tel)+603 2027 2688 (Fax)+603 2070 4445 CONTACT US FOR FURTHER INFORMATION REGARDING FINANCIAL SERVICES MATTERS. TAX & REVENUE Tourism tax The following Orders have been gazetted on 16 March 2021 and will come into operation on 1st July 2021: - Tourism Tax (Rate of Digital Platform Service Provider Tax) Order 2021;
- Tourism Tax (Digital Platform Service Provider) (Exemption) Order 2021.
Prepared by: Anand Raj Partner Tax & Revenue (Head) Competition & Antitrust (Co-Head) [email protected] (Tel)+603 2027 2828 (Fax) +603 2070 4445 Irene Yong Partner Tax & Revenue Personal Data Protection & Privacy Law Technology, Media & Telco [email protected] (Tel)+603 2027 2923 (fax)+603 2072 6503 Foong Pui Chi Partner Tax & Revenue Private Client & Family Business [email protected] (Tel)+603 2027 2641 (Fax)+603 2072 6503 CONTACT US FOR FURTHER INFORMATION REGARDING TAX AND REVENUE LAW MATTERS. |