SSM extends compound reduction incentive until Oct 31

by FAYYADH JAAFAR / source: Nanta Linggi FB

THE Companies Commission of Malaysia (SSM) will extend compound reduction incentives to assist companies still recovering economically.

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi (picture) said the extension of the compound reduction was originally authorised under the Companies Act 1965 beginning July 1 and would end on Oct 31 this year.

Under the terms of this incentive programme, qualified corporations and company directors may be eligible for a discount of up to 90% of the initial value of the compound for any and all compounds that have been made available by the Companies Act.

During the minister’s question and answer session in the Dewan Rakyat today, Nanta Linggi said the incentive had been put into effect in the past from March 1, 2022, to June 30, 2022.

This was in response to a follow-up question from Datuk Robert Lawson Chuat (Betong MP), who wanted to know whether SSM plans to apply a compound reduction this year to assist businesses in light of the recent economic situation in the nation.

Nanta Linggi noted that those interested may verify their status through SSM’s official website, email or by physically visiting any of the SSM offices nationwide.