Automated Compound Reduction Scheme by Companies Commission of Malaysia (SSM) Part 1 of 2

01eKTP 117

Starting from 1 July 2019, SSM will implement an automated compound reduction scheme as a measure to facilitate the settlement of compound within the period of time.

This approach is to encourage the company under Companies Act 1965 and Companies Act 2016 to take this advantage to enjoy the higher compound reduction rate without having to submit any appeal letter.

The rate of compound reduction will be automated according the following table:

This offer is subject to Section 38A(1) of the Companies Commission of Malaysia Act 2001. No appeals will be entertained when there is legal action taken toward the company.

This reduction scheme also EXCLUDE any compound which:

• settlement out of court or investigation conducted by “
• expired and re-issued for payment; and
• successful reduced amount through appealing process.

SSM urge the companies and directors to take this opportunity to make payment through counter at any of the SSM State Offices throughout Malaysia.

Please refer to the following link for further details:
http://www.ssm.com.my/Lists/Press%20Release/DispForm.aspx?ID=142&Source=http%3A%2F%2Fwww%2Essm%2Ecom%2Emy%2FPages%2FPublication%2FPress%5FRelease%2FPress%2DRelease%2Easpx&ContentTypeId=0x010098952881AC48D34C9D9967E0232CDB0B