New Developments --- The Limited Liability Partnership Bill 2011 [D.R. 13/2011]

In its efforts to reform the corporate laws in Malaysia, the Companies Commission of Malaysia (CCM) is introducing a new type of business vehicle, the limited liability partnership (LLP) in Malaysia to enhance the competitiveness of Malaysia in a globalised market.  The LLP offers a hybrid of characteristics between a conventional partnership and limited liability corporation. 

A Limited Liability Partnership Bill 2011 [D.R. 13/2011] has been drafted by the CCM and tabled for the first reading before the parliament on 14 June 2011.  For further information of the Bill, you may refer to the Institute’s website at Members only >Legislation Updates.   

In determining the tax treatment of an LLP, the CCM has invited the Institute and other stakeholders to a Special Consultative Session to deliberate on the various issues involved.  The participants were requested to submit written proposals for the CCM to consider.  The Institute, together with Malaysian Institute of Certified Public Accountants have submitted a Joint Memorandum on the Proposed Tax Treatment for LLP in Malaysia on 9 September 2011.  You may view the Joint Memorandum at the Institute’s website at Members only > Memorandum submitted.