The Companies Commission of Malaysia (CCM) has released a directive setting out the category and criteria for audit exemption. The practice directive entitled Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies revealed that dormant companies, zero revenue companies and threshold qualified companies would be eligible for audit exemptions. The threshold qualifications are: not exceeding RM 100,000, having assets not exceeding RM 300,000 and having no more than 5 employees.
Last week, Audit Analytics published their annual Indefinitely Reinvested Foreign Earnings report which takes a closer look at the balances held overseas by Russell 1000 companies over the last nine years. These earnings, which remain untaxed unless they are repatriated to the U.S., have continuously climbed since 2008 and are now over $2.6 trillion.