SSM extends compound reduction incentive under Companies Act 1965 until Dec 31

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) will extend the compound reduction incentive under the Companies Act 1965 starting from Nov 1, 2022 until Dec 31, 2022.

Under this incentive, companies and directors are eligible for a reduction of 90 per cent from the original value of the compound for all compounds under the Companies Act 1965, according to a statement by SSM.

The extension is aimed at providing more time for companies to comply with legislation as well as to lessen the financial burden towards the nation’s economic recovery during the transition period of the endemic phase.

"The incentive has been implemented for four months beginning March 1, 2022 until June 30, 2022, before it was extended to Oct 31, 2022,” it added.

SSM said compound status checks can be done via email to [e-mail] or visit any SSM office nationwide and online through the e-Kompaun​ link or at the EzBiz Online​ portal link.

For further information, can contact SSM call centre at 03-77214000 or email [e-mail].​ - Bernama