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Share your views. All Rights Reserved. ED MMYY This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Welcome to EY. Malaysia is one of the most populous countries in southeast Asia, and one of its most prominent economies. Malaysia is separated into two landmasses by the South China Sea: the western landmass, known as Peninsular Malaysia, is bordered to the north by Thailand and to the south by Singapore, while the eastern landmass, East Malaysia, is bordered by Brunei and Indonesia.
An important gateway to lucrative regional markets, Malaysia has a developed economy that has grown over the past half century at an annual rate of around 6. Malaysia industrialised rapidly over the 20th century as it transitioned from a reliance on traditional mining and agricultural sectors to modernise its business infrastructure.
Investment in Malaysia has been increasing for over 50 years, with the government pushing to transform the country into a major financial hub. Some of the main reasons to invest in Malaysia include:. It is focused on attracting inward investment in Malaysia from foreign multinational companies. There are currently no specific legal data protection requirements with regards to payroll data in Malaysia.
For the time being, companies with a payroll function in Malaysia either in-house or outsourced will have to rely on internal or external company policies to ensure data protection principals are upheld. Typical implementation timeline will be two months including a one-month payroll parallel run.
However, implementation duration will vary depending on the complexity of payroll requirements and the headcount to be implemented. It is not mandatory to make payments to both employees and the authorities from an in-country bank account. The working week in Malaysia is Monday to Friday. The normal number of hours worked per day in a commercial office is eight hours. Established in as the Malay Union, the country went through a series of territorial restructurings to become Malaysia in The diversity of Malaysia is reflected in its geography and climate: hot tropical regions see cooler periods and monsoon rainfall at periods throughout the year, while the South China Sea brings humidity and changeable weather to both territories.
Main exports : Electronic equipment, petroleum and liquefied natural gas, chemicals, palm oil, wood and wood products, rubber, textiles. Do you speak English?
Adakah anda bertutur Bahasa Inggeris. For employment income, a monthly tax deduction MTD system is in operation, whereby employers deduct monthly tax payments from the employment income of their employees. Therefore, these monthly deductions are net of personal relief, relief for spouse with no income, child relief, EPF relief and zakat payments if any.
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