BMCC Newsletter Issue #416 - (5 August 2024)
Dear Subscriber, |
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This week's highlights:
- Ministry of Finance invites feedback for Budget 2025
- A line-up of upcoming BMCC events for August till December
- Recaps of Chamber workshops, meetings, and engagements
- Check out our members' promos for the Mid-Autumn festival
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Ministry of Finance Malaysia Invites Feedback and Proposals for Budget 2025 Considers New Public-Private Partnership Masterplan
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This plan aims to encourage private investments in the development of crucial public infrastructures, fostering shared risk and return between the public and private sectors.
Broadening the Tax Base Current Tax Revenue Situation Malaysia’s tax revenue currently stands at 12.6% of GDP, lower than that of its ASEAN counterparts. To address this, MOF aims to broaden the tax base, ensure a progressive tax system, reduce tax leakages, and enhance tax compliance.
Upcoming Tax Measures Budget 2025 will introduce measures to manage public expenditure effectively, support Ekonomi Madani aspirations, and implement the high-value goods tax and global minimum tax (GMT) on revenues exceeding €750 million at a 15% tax rate starting in 2025.
Strategic Allocations in Budget 2025 Green Economy In support of Malaysia's green agenda, Budget 2025 will continue its energy transition efforts through a legislative framework encouraging investment and safeguarding public interest.
Micro, Small, and Medium Enterprises (MSMEs) Recognising MSMEs' vital economic role, Budget 2025 will formulate financing schemes and co-funding opportunities with private financial institutions to ease access to financing at all growth stages.
Islamic Finance The government aims to integrate Maqasid al-Shariah into economic reforms and promote trade and waqf innovation, supporting efforts by key players in Islamic finance to strengthen Malaysia’s leadership in ethical finance and sustainable development.
Defense Industry Budget 2025 will optimise allocations with a focus on the defense industry to address procurement weaknesses and promote domestic industry development. |
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- Restructuring the economy towards greater competitiveness and higher value-added activities.
- Improving the quality of life and inclusiveness of opportunities.
- Strengthening governance and public delivery.
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The BMCC is Calling for Public Comments, Feedback, and Proposals
BMCC is collating our members' feedback to be shared with MOF to guide the national budget formulation.
Members are encouraged to share their responses and opinions on Budget 2025 to Yoong@bmcc.org.my by 29 August. - Key issues
- Details / Background and context
- Estimated impact of such issues
- Recommendations / proposals
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We have an exciting lineup of events from August through December.
Mark your calendars now!
Looking to be Involved in our Events? BMCC Members interested in enhancing their brand exposure or seeking opportunities for speaking engagements and exhibition space are encouraged to reach out. Contact us at events@bmcc.org.my to learn more about our events, explore partnership opportunities and maximise your organisation’s presence. |
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| 22 August | BMCC Networking in Johor |
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| 23 August | BMCC Excellence Showcase: Site Visit to IOI Palm Wood |
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| 29 August | BMCC Connect: Members Mix & Mingle |
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| 5 September | Breakfast Briefing with MIDA |
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| 5 October | The Great British Brunch at Shangri-La Kuala Lumpur |
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| 14 November | Economic Outlook & Post-Budget 2025 with EY |
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| 29 November | BMCC Networking Session in Penang |
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| 6 December | Annual Corporate Christmas Luncheon at Four Seasons Kuala Lumpur |
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For more info on our events, head on over to our website with the button below. |
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| Introducing The Lifting Equipment Engineers Association (LEEA), Our Newest Sterling Member |
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We're proud to welcome LEEA to our network of members.
The Lifting Equipment Engineers Association (LEEA) is established across the world as the leading trade association for all those involved in the lifting industry. Their members work in every aspect of the lifting industry, from design, manufacture, refurbishment and repair, to the hire, maintenance and use of lifting equipment. |
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The Association has played a key role in this specialised field since 1944, from training and standards setting through to health and safety, the provision of technical and legal advice, and the development of examination and licensing systems.
They represent their members at the highest levels across a range of both public and private bodies, including government departments as well as nationally and internationally recognised professional and technical institutions.
Read more about them here. |
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| Highlights from BMCC’s Roundtable on Combating Modern Slavery with PwC and BHCKL |
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We recently collaborated with PwC and the British High Commission in Kuala Lumpur to host a closed-door workshop and roundtable sessions on combatting modern slavery in the supply chain in Malaysia—an initiative by the BMCC’s Sustainability Network.
The workshop offered informative sessions on modern slavery and forced labour, highlighting critical human rights issues and their effects on operations, focusing on Employment, Retention, and Repatriation.
Employment: The workshop delved into supply chain due diligence, a systematic and ongoing risk management process used to proactively address human rights issues and ensure responsible business conduct. A PwC survey revealed that modern slavery could be found throughout the recruitment and orientation processes, and can be inadvertently perpetuated in employment contracts and company policies.
Retention: The session addressed the challenge of retaining local hires and attracting local talent, which can be attributed to government policies and rebranding efforts. The insights provided were crucial for organisations to maintain a stable and committed workforce.
Repatriation: The workshop also addressed the severe impacts that can arise from not complying with employment regulations. The Dhaka Principles were introduced: equal treatment without discrimination and ensuring all workers enjoy employer protection.
The roundtable session then concluded with a discussion on grievance mechanisms that align with talent management and repatriation in the employment ecosystem. This included transparency in handling company data enforcing the right for employees to be heard.
We thank Malar Odayappan, Director of Environmental, Social, and Governance (ESG) Practice from PwC, for leading the meaningful session!
BMCC Members who are interested in being a part of the talent discussion can join our Talent Network by emailing Yoong@bmcc.org.my. |
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| Getting Acquainted at the InterChamber Workshop |
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Our Executive Office had an amazing time at a recent InterChamber Workshop hosted by AmCham Malaysia. The Executive Directors of each Chamber also met up for a productive meeting.
Through this session, we made new friends, learned a lot about each Chamber’s strengths and specialities, and are excited to work with other Chambers on future collaborations. |
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The BMCC DEI Network is a community of professionals from diverse sectors, who share a common passion for advocating and promoting diversity, equity, and inclusion. |
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Led by Chair, Natasha Zulkifli from YTL Construction, we concluded that the DEI Network's direction would lie in raising awareness, organising conferences and talks, and spotlighting DEI champions in the areas of multi-generational talent and neurodiversity.
If you are a member interested in joining and being an advocate for change, please contact Yoong@bmcc.org.my. |
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Last week, we had the honour of visiting Infobip – a Sterling member of the BMCCat their office.
We were graciously welcomed by Sharifah Thaherah, Chief Regional Counsel, APAC and India; Matija Kapić, Head of Professional Engineering; Lim Jiun Kei, Head of Operators Partnership; Emelyn Gonzales, Head of Finance; and FaisalWahedi, Head of HR. |
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Infobip, headquartered in Croatia and the UK, boasts a total market capital of USD8 billion. Making it to Fast Company's annual list of the World's Most Innovative Companies of 2024, Infobip is recognised for its innovative technology in Cloud infrastructure, conversational chat apps, and generative artificial intelligence (AI).
We learned that Infobip now has 80 global offices and has been operating in Malaysia for 12 years, serving as the APAC hub for the region's business operations. The discussion was enlightening and centred on potential areas for collaboration with the Chamber, particularly the facilitation of discussions on talent requirements in the AI sector and the overall governance of AI.
They emphasised the pivotal role of telecommunications companies in sharing insights and expanding the ecosystem with the financial industry to enhance trust and digital adoption through data security. Infobip is also passionate about driving its CSR objectives through the Chamber, especially in STEM Education for children. We aim to support their interests and assist in their successful expansion in Malaysia.
To learn more about Infobip, please visit here. |
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| Expatriate Satellite Centre expands to KLIA Terminal 2 |
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The Expatriate Satellite Centre (ESC) has expanded its operations to KLIA Terminal 2 to attract more investors and highly skilled talents to Malaysia, following the success of the operations at Terminal 1. |
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Home Minister Datuk Seri Saifuddin Nasution Ismail said the ESC at Terminal 2 has started to operate around the clock daily since June 4, with four officers stationed on a rotational basis.
Read the full article here. |
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| INTAN's First Economic & Public Finance Conference |
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The National Institute for Public Administration (INTAN) hosted a panel discussion to address various challenges and strategies related to the financial performance of both the public and private sectors. |
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The panellists highlighted multiple areas of focus for development to help Malaysia become a globally competitive economy. Some of the key focus areas were the prioritisation of developing a highly-skilled talent pool; enhancing Malaysia's technological development capabilities; pursuing and facilitating high-quality investments (e.g. Green Energy); and improving the competitiveness of local companies in becoming regional competitors
The panel consisted of BMCC Board Member Dato' Omar Siddiq, Non-Independent Executive Director and CEO of HSBC Bank Malaysia; Prof. Dr. Yeah Kim Leng, Professor of Economics at Sunway University; and Dr. Nungsari Ahmad, Chairman of Khazanah Research Institute. The panel was moderated by Zarina Nalla, Director of Project Engagement from TalentCorp Malaysia. |
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| Life At Work Awards 2024 (LAWA) by Talent Corporation Malaysia (TalentCorp) is now Open for Submissions! |
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LAWA 2024 embraces the theme, "Celebrating Excellence in Diversity Equity and Inclusion (DEI) for Sustainable Work, Workplace and Workforce," celebrates organisations for their exemplary efforts in creating diverse, equitable, inclusive, and sustainable work, workplaces, and workforces across Malaysia, regardless of organisation size or sector.
Deadline is 6 September 2024.
For enquiries, please reach out to the dedicated LAWA Support Team: - Anna Suppiah: anna.suppiah@talentcorp.com.my, 017-3336242
- David Tham: david.yicheng@talentcorp.com.my, 012-6482908
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| MGTC | Join Training Sessions on Green Practices for the Industry |
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The Malaysian Green Technology and Climate Change Corporation (MGTC) will be hosting a series of training sessions on Green Practices for the Industry, aimed at enhancing the competitiveness of local manufacturers, producers, suppliers, distributors, and service providers to meet the demands of both local and international markets in alignment with the National Green Technology Policy. These training sessions will delve into the significance of sustainable practices within the industry, emphasising their role in promoting environmental and social responsibility.
This 1-day training focuses on developing local companies and entrepreneurs embarking on green businesses. The course will guide participants through the process of assessing green practices, focusing on key sustainability indicators relevant to organisation operations and facilitating the development of green products and services including standard requirements, regulation compliance, and access to financing facilities on green practices.
BMCC Members are invited to the following training sessions. Brochures for each sector in the links provided:
Venue: Malaysian Green Technology and Climate Change Corporation (MGTC) Office Tentative Programme: Here
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| XCL Education | REALKids Voted Best Preschool for 6 Consecutive Years! |
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XCL Education Malaysia is proud to announce that their preschool brand, REALKids, has been voted Malaysia's Best Preschool for 6 consecutive years! |
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REALKids has received 5 prestigious awards at the Parenthood Magazine Malaysia Parents' Choice Awards 2024: - Best Preschool Programme
- Best Kindergarten Centre
- Best S.T.E.M. Programme
- Best Integrated Curriculum
- Best Early Childhood Programme
"This remarkable achievement reflects our commitment to providing affordable, quality preschool education. We are honoured by the trust parents place in REALKids and will continue to uphold our high standards of early childhood education."
To learn more about REALKids programmes:
Join Malaysia's number-one preschool today! |
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| Marlborough College Malaysia | Save the Dates for These Admissions Events! |
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Experience the extraordinary at Marlborough College Malaysia, a global top 100 school, with these exciting admissions events.
Singapore Information Evening Venue: The British Club, Singapore Date: 3 September 2024 Time: 5.30 pm
Admissions Open Morning Venue: Marlborough College Malaysia Date: 7 September 2024 Time: 8.30 am
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| TraTax | Answering Questions on IRBM's Statement on e-Invoicing |
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Following the Inland Revenue Board of Malaysia (IRBM)'s media statement on 26 July 2024, our member, TraTax shared their take and responses for the following 6 questions. |
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- Is the implementation of e-invoicing deferred by 6 months?
- My company's annual turnover is between RM25 million and RM100 million. What should I do?
- My company's annual turnover is above RM100 million, and we are somewhat prepared to implement e-invoicing as per the original guidelines. What should we do?
- What is a consolidated e-invoice?
- What are the particulars required for consolidated e-invoice for sale transactions during the initial 6-month period?
- Why should I act on e-Invoicing requirements given there is a 6-month penalty-free period?
Access their answers to these questions here |
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| Universiti Malaya | The UM Research Carnival is Back! |
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Universiti Malaya is delighted to announce the return of the UM Research Carnival!
Date: 15 to 17 December 2024 Time: 9 am to 5 pm Venue: Dewan Tunku Canselor (DTC), UM
Objectives - To showcase UM Research outputs and activities
- To provide a platform for researchers to network and engage with industry, society, government, and policymakers
- To stimulate multidisciplinary interactions among researchers & stakeholders
- To encourage impact-driven and societal-focused research
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For sponsorship opportunities and participation, kindly refer to the attachment here.
For more details or to discuss further, don't hesitate to get in touch with them at +6 (03) 7967 7350. |
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| Banyan Tree Kuala Lumpur | Indulge in a Mid-Autumn's Golden Dream |
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Banyan Tree Kuala Lumpur and Pavilion Hotel Kuala Lumpur proudly unveil Malaysia's first mooncake packaging with Augmented Reality (AR) features in celebration of the upcoming Mid-Autumn Festival.
Teaming up with renowned Malaysian artist Jaee Tee, known for her semi-abstract art that fuses tradition with contemporary elements, and blending Western influences while honouring her Chinese heritage. Her distinctive style brings a refreshing twist to this cherished tradition.
This exclusive promotion provides an ideal opportunity to share with colleagues, friends, or loved ones. Please note that delivery service is available for our mooncake collection and is subject to charges based on the delivery address and quantity. Fees will be determined by our delivery partner.
Find out more about their offers here!
Order online here. To place bulk orders or confirm your collection date and time, reach out to Jade Pavilion via WhatsApp at +60 10 397 7833. |
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| EQ Hotel | Enjoy Traditional Swiss Continental Fine Dining |
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Known for its award-winning cuisine and memorable dining experience since 1974, the Chalet Swiss Restaurant has returned to its roots at EQ. Menu items include Classic Caesar Salad, Raclette Valaisanne, Lobster Thermidor, Zuercher Veal Emince, and desserts like Crêpes Suzette and Sabayon, all of which are served table-side at the Chalet.
Join EQ in the journey of the past for a limited time only!
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| EQ Hotel | Enhance Your Mid-Autumn Festival with Celestial Treasure Mooncakes |
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From 15 June to 22 September, share the joy of the Mid-autumn festival with EQ's specially crafted mooncakes.
Deemed by those in the know as some of the best hotel mooncakes in Kuala Lumpur, selections for this season bring together traditional flavours and innovative new combinations designed to delight.
There is an early bird offer of 10% for orders placed between 1 to 31 August 2024. There are also bulk buying privileges, customisation and delivery services available with a minimum purchase. For orders and inquiries, please reach out to dineateqkl@kul.equatorial.com.
Access their catalogue here! |
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| Hilton Kuala Lumpur Offers Dining Perks for BMCC Members! |
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Hilton Kuala Lumpur is extending a 20% discount off the total bill to BMCC Members!
The offer is applicable at their premium outlets including Vasco’s (Buffet / All Day Dining), Graze (Italian Cuisine), Chambers Grill (Steak House), and Chynna (Chinese Cuisine) including their beautiful creations for the Mid-Autumn Festival. |
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Members can enjoy the discount at participating outlets from 1 July - 31 December 2024.
Terms & conditions for the offer are: 1. 20% discount on total bill (excluding alcoholic beverages) applicable with a minimum spend of RM150.00 nett in a single receipt. 2. This discount cannot be combined with any other offer, promotion, or discount, including Hilton Honors benefits 3. Prior reservation is required as the offer is subject to black-out dates. Members must present the EDM/Newsletter received with the offer messaging prior to dining in. 4. Applicable for dine-in only.
Find out more and book here! |
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| Hilton Kuala Lumpur | Get Premium Mooncakes this Mid-Autumn Festival with an Exclusive Discount! |
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Share stories, laughter, and savour heartfelt reunions. This Mid-Autumn, celebrate tradition with those who matter most with Hilton Kuala Lumpur's premium handcrafted mooncakes designed by local artist Jaemy.C.
Hilton Kuala Lumpur is extending a 20% discount off the total bill to BMCC members, which is applicable to their beautiful creations for the Mid-Autumn Festival.
This premium series is available from 1 July to 17 September 2024.
Click here for more information! |
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| IGB International School | Embark on a New Journey at their Open Day on 17 August |
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We're delighted to share the following news on behalf of our member, IGB International School.
Save the Date! Date: Saturday, 17 August 2024 Time: 10 am to 1 pm |
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Join them for an exciting Open Day at IGBIS! This is a fantastic opportunity to meet with their Head of School, Dr Gregory Brunton, our dedicated educators, embark on a guided tour of their extensive campus and state-of-the-art facilities, and discover how their International Baccalaureate (IB) programmes inspire their young ones to think and act globally, preparing them for a rapidly changing world.
Experience unparalleled education at IGBIS by registering today here! See you then! |
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| Informed Solutions’ Strategic Partnership with GRC Consulting Services |
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Our member Informed Solutions and GRC Consulting Services Sdn Bhd (GRCCS) signed a strategic partnership to offer world-class Digital Transformation and Artificial Intelligence (AI) skills development in Malaysia and throughout ASEAN, through a new “GRCCS-Informed Solutions Development Academy”, to advance progress towards Malaysia’s and the region’s resilience and sustainability development goals.
The new GRCCS-Informed Solutions Development Academy is underpinned by Informed Solutions’ InformedACADEMY™.
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InformedACADEMY™ is a world-class, ISO9001 certified, talent and development framework that provides comprehensive development programmes for digital and business leaders from globally recognised public and private sector brands in the UK and Australia.
InformedACADEMY™ has been supporting these organisations to build the skills, capability, and insights they need to be successful in their roles, stay ahead in a rapidly changing digital world and, accelerate and de-risk their resilience and sustainability journeys for their organisations.
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| Knight Frank Malaysia Claims Two Awards at National Real Estate Awards 2024! |
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Congratulations to our member, Knight Frank Malaysia on this outstanding achievement at the National Real Estate Awards! They have been named MIEA-TRITERRA Commercial Firm of the Year 2024 and Commercial Rental Deal of the Year 2024.
This recognition is well-deserved, and we look forward to seeing Knight Frank continue to excel in delivering exceptional results. |
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| The RuMa Hotel | Experience Mooncake Festival Joy with these Mid-Autumn Treats |
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Enjoy this exclusive mid-autumn mooncake selection!
The RuMa Hotel and Residences proudly presents a luxurious mooncake gift box packaging featuring four exquisite flavours!
Promotion Period: Pre-order from 19 July 2024. Pick-up starts from 24 August 2024. Enjoy a 10% off throughout the sales period.
Price: MYR218 nett per box. |
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- Nyonya Sambal Hae Bee - Savoury white lotus paste with dried shrimp, belacan, chilli, and kaffir lime.
- Honey Longan - Sweet white lotus paste with dried honey longan from Chiang Mai.
- Ondeh - Rich pandan lotus paste with gula Melaka and Hawaiian desiccated coconut.
- Callebaut 811 - Decadent Belgian chocolate lotus paste with Ferrero Rocher.
Celebrate the mid-autumn festival with The RuMa Hotel's mooncake gift box, the perfect way to share the joy of this festive season!
Advanced order recommended and subject to availability. For enquiries and purchases, please WhatsApp +6012 527 7847 or email to IRD@theruma.com.
Terms and conditions apply. |
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Stay up to date with the Chamber’s latest news and activities through this newsletter or follow us on our social media platforms. |
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British Malaysian Chamber of Commerce Berhad 201801018075 (1280091-P) No 02-B, Menara IQ, Lingkaran TRX, Tun Razak Exchange, 55188 Kuala Lumpur Copyright © BMCC 2024 |
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