Malaysia Crude Oil Terminal Requirement

This is the regulatory requirement for getting the terminal up and running.

  1. Trade License for terminal (state regulations).
  2. Storage License (Federal regulation, under KPDNHEP).
  3. Petroleum license (Federal regulations, under KPDNHEP, PDA 1974) .
  4. Terminal gazetted as “Protected Area” (Federal regulations).
  5. To register International Ship and Port Facility Security Code (ISPS).
  6. Control of Industrial Major Hazard (CIMAH) Regulations 1996.
  7. Customs, Approved Legal Landing Points  – under Seksyen 30 Akta Kastam 1967.
  8. Terminal owners to ensure that storage tanks capacity tables and measurement equipment are calibrated and certified by SIRIM and submitted for Pengarah Kastam Negeri approval.
  9. Terminal agreements with respect from incoming tanker arrangement to risk and liability.
  10. Terminal Handbook should be made available.
  11. Terminal Accounting procedures should be made available for accounting of product received and volume exported.

Although I might miss something. Do add in if you can.

Malaysia Seven Labour Laws to be Amended

According to New Straits Times, the Human Resources Ministry is seeking to tighten and make changes to the current labor regulations and laws.

The laws include the 64-year old Employment Act, which was legislated in 1955; the 60 year-old Trade Unions Act which was legislated in 1959; and the 62-year-old Industrialisation Act, which was legislated in 1957. Other laws which will see changes are the Minimum Standards of Housing and Amenities Act 1990, and the Occupational Safety and Health Act 1994.

The move to amend these labor laws was to safeguard the rights of the workers.

The proposed legislative amendments would include a clause on workplace discrimination but this would take time since it would involved detailed discussions with the relevant stakeholders.

Another major proposed changes in the labor laws would be the provision to provide Social Security Organisation benefits to 1.4 million housewives nationwide.

The amendments seems to be a good effort in the right direction.

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Malaysia Income Tax Relief

This actually the income tax relief for Malaysian. And it’s for 2018 (meaning tax filed in 2019).

What is an income tax relief?

Tax reliefs are set by LHDN, where our taxable income could be exempted for a certain amount. The government aimed to encourages or facilitates certain activities and behaviors to lighten our financial burdens as well as an economic stimulus.

Therefore, if planned properly, we can save a significant amount on our taxable income.

Guide from tax relief 2018

So, taking tax relief from 2018 as a guide, we can actually planned for 2019.

So, plan well and you will save money.

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Kaodim (MY) Feboulous deals

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