SSM announces additional compound reduction initiative to help businesses recover

KUALA LUMPUR - The Domestic Trade and Cost of Living Ministry (KPDN), through its agency the Companies Commission of Malaysia (SSM), today announced an additional initiative for compound reduction to support the current phase of business and corporate recovery.

SSM informed that the compound reduction initiative under the Limited Liability Partnership Act 2012 involved a compound reduction of 90 percent to owners of limited liability partnerships who had complied with the compounds.

The initiative is effective from July 3, 2023 to Dec 31, 2023 and will benefit 16,765 limited liability partnerships.

"This initiative is in line with SSM's efforts to encourage legal compliance in addition to creating a conducive business environment in Malaysia.

"This initiative is also expected to help the business and corporate community to continue doing business in a challenging business environment post the Covid-19 pandemic," SSM said in a statement.

Earlier this year, SSM announced eight initiatives to help in the country's economic recovery, including three compound reduction initiatives.

For further information, please contact the SSM call centre at 03-7721 4000 or email [email protected]. - BERNAMA