1.Snapshot of Malaysia s Services Sector 2. ASEAN Economic Community 3.ASEAN Framework Agreement in Services (AFAS) 4. Mutual Recognition Arrangement
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2 1.Snapshot of Malaysia s Services Sector 2. ASEAN Economic Community 3.ASEAN Framework Agreement in Services (AFAS) 4. Mutual Recognition Arrangement in ASEAN 5. Accountancy Services 6. Legal Services 2
3 PERCENTAGE SHARE TO GDP AT 2010 CONSTANT PRICES 55% 4% 8% 9% 24% Construction Agriculture Mining & Quarrying Manufacturing Services GDP 2016 at Q2 USD Billion 3
4 COMPOSITION OF MALAYSIA S TOTAL TRADE IN SERVICES IN 2015 Other Business Services(17%) USD 13,003.8 Mil Personal (1%) USD 1,266.5 Mil Government (0.4%) USD Mil Manufacturing (3%) USD 2,198.1 Mil ICT(7.7%) USD 5,871.3 Mil Maintenance (0.9%) USD Mil Charges Intellectual Property(1.9%) USD 1,339.5 Mil Transport (19.6%) USD 14,494.1 Mil Financial Services (0.9%) USD Mil Insurance (4%) USD 2,734.5 Mil Construction (5%) USD 3,741.1 Mil Travel (39%) USD 28,094.35Mil TOTAL TRADE USD 74, Mil Source: Department of Statistic Malaysia 4
5 MALAYSIA S SERVICES TRADE PERFORMANCE USD billion Malaysia's Trade of Services f 2014f 2015r Exports Imports Net Trade Source: Department of Statistic Malaysia 5
6 COMPOSITION OF MALAYSIA S EXPORT OF SERVICES IN 2015 Other Business Services, (16.6%) USD 5, Mil Charges Intellectual Property, (1%) USD 93.2 Mil ICT, (7.7%) USD 2,658.6 Mil Personal, culturual and recreational services, (1.1%) USD Mil Governments goods and services, (0.3%) USD 94.4 Mil Manufacturing, (6.2%) USD 2,148.3 Mil Maintenance, (1%) USD Mil Transport, (11.6%) USD 4,011.5 Mil Financial Services, (1%) USD Mil Insurance,(1%) USD Mil Travel, (50.7%) USD 17,531.1 Mil Construction, (3%) USD 1,030.3 Mil TOTAL EXPORTS USD 34, Mil 6
7 COMPOSITION MALAYSIA S IMPORT IN SERVICES IN 2015 Travel (26.4%) USD 10,563.3 Mil Construction (6.8%) USD 2,710.8Mil Insurance (5.9%) USD 2,360.0 Mil Financial Services (1.1%) USD Mil Transport, (26.2%) USD 10,482.7 Mil Maintenance (0.1%) USD Mil Manufacturing (0.6%) USD 49.7 Mil Personal (2.2%) USD Mil Other Business Services (18.7 %) USD 7,452.6 Mil Charges Intellectual Property (3.1%) USD 1,246.2 Mil ICT (8%) USD 3,212. 6Mil Government (0.6%) USD Mil TOTAL IMPORTS USD 39, Mil 7
8 PROMOTED SECTORS Healthcare Legal Construction ICT Services Oil And Gas Architecture Franchise Education 8
9 MATRADE S ACTIVITIES FOR EXPORT OF SERVICES Franchise Oil & Gas 2 14 ICT Services 8 9 Construction & Related Services Oil & Gas 6 5 ICT Services 6 Construction Related Services Health and Environmental Services Transport, Logistic, & MRO Professional & Business Services 7 3 Transport, Logistic, & MRO Business & Professional Services Potential Export Sales Generated Activities Malaysian Companies Assisted Potential Export Sales Generated as at October 2016 Activities Malaysian Companies Assisted 9
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11 Free flow of goods Free flow of services Free flow of investment Free flow of capital Free flow of skilled labour Single market and production base Competitive economic region Competition policy Consumer protection Intellectual property rights Infrastructure development Taxation & E-commerce SME development Initiative for ASEAN Integration Region of equitable economic development Region fully integrated into the global economy Coherent approach towards external economic relations Enhanced participation in global supply networks 11
12 Liberalization in the context of AEC involves: o o o o o Elimination of import duties for intra-asean trade; Removal of equity restrictions on services and investments in ASEAN; Removal of other forms of impediments, such as limiting the number of services providers, etc.; Facilitation of intra-asean trade and investment by removing cumbersome procedures, rules and regulations; and Facilitating the mobility of skilled people. The main goal is to remove, to the maximum extent possible, barriers within the region to facilitate trade and economic activities. This is to allow business to operate in a competitive environment and allow firms to benefit from economies of scale. 12
13 W120: provides category of sectors Other Services Not Included Elsewhere Business Services Communication Services Commitments made across FTAs Transport Services Recreational, Cultural and Sporting Services Tourism and Travel Related Services Health Related and Social Services Malaysia has committed in 12 sectors Financial Serv1ic3es Environmenta l Services Construction and Related Engineering Services Distribution Services Education Services
14 Mode of Supply Description Example Mode 1: Cross-Border Mode 2: Consumption Abroad Mode 3: Commercial Presence The services moves across border The customer moves across the border to receive the service The producer moves across the border to provide the service through commercial establishment Delivery of services via post/ict e.g. distant learning and back office operations Tourists, students or receiving medical treatment abroad Establishment of companies/branch offices in host country Mode 4: Movement of Natural Persons The producer moves across the border only temporarily to provide the service. Movement of professionals/talents 14
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16 -MRAs - a tool developed towards achieving the ASEAN integration on trade in services. MRAs is an agreed arrangement between ASEAN professional groups and authority that provide the necessary integration through mutual recognition of authorisation, licensing, or certification of professional services suppliers. -can be defined as the acceptance of regulatory conditions for goods and services required in one country (exporting origin/home country) as equivalent with the conditions necessary in another country (importing country/host country). -The goal of the MRA is to facilitate the movement of foreign professionals between AMS. The movement however must take into account the domestic regulations and the supply and market demand condition of each AMS. 16
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19 Sector or Subsector Limitation on Market Access BUSINESS SERVICES A. Professional Services Legal Services (1) None (1) None (CPC86190*) (2) None (2) None covering advisory and consultancy services relating only to home country laws, international law and offshore corporation laws of Malaysia (3) None for corporations incorporated in the Federal Territory of Labuan. Legal services shall only be supplied to offshore corporations established in the Federal Territory of Labuan. Limitation on National Treatment (3) None Accounting, auditing and (1) None (1) None bookkeeping services (CPC 862) (2) None (2) None (3) None (3) None Taxation Services (1) None (1) None (CPC 863 / 8630) (2) None (2) None (3) None (3) None 19
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21 public practise services includes (a) Auditing including internal auditing; (b) Accounting and all forms of accounting related consultancy; (c) Accounting related investigations or due diligence; (d) Forensic accounting; (e) Taxation, tax advice and consultancy; (f) Bookkeeping; (g) Costing and management accounting; (h) Insolvency, liquidation and receiverships; (i) Provision of management information systems and internal controls; (j) Provision of secretarial services under the Companies Act 1965; and (k) Such other services as the Council may from time to time prescribed. 21
22 ASEAN Mutual Accountancy: Recognition Agreement (MRA) on o Facilitates freer movement of accounting professionals in ASEAN as their education, license, and experience of professionals from their country of origin shall be recognized in other ASEAN Member States; and o Operates through recognized Competent Authority in each Member State (MIA in Malaysia). 22
23 PRA/NAB NAB membership and/or PRA registration required? NAB membership requirement and/or PRA registration requirement? such as examination, tests, recognised qualifications etc NationalAuthority Body (NAB): Malaysian Institute of Accountants (MIA) PRA: MIA & MOF Professional Accountants in Business (PAIB) or Non-Regulated Services Citizenship requirement? Remarks Corporate Accountants: Example: CFO GM, Finance Finance Manager Group Accountant Etc NAB requirement: Yes, must be MIA member (Chartered Accountant(M)) PRA requirement: MOF - no NAB requirement: Must be CA (M), must complete one of the below: Degree from recognised universities under Part 1 1 st Schedule of the Accountants Act; or Membership of recognised professional bodies underpart 2 1st Schedule of the Accountants Act; or Passed Qualifying Exam for non-recognised degree or bodies. No. Only residency requirement. Subject to domestic regulations such as Accountants Act, immigration & employment laws, stock exchange rules etc. PRA requirement: MOF - No 23
24 PRA/NAB NAB membership and/or PRA registration required? NAB membership requirement and/or PRA registration requirement? such as examination, tests, recognised qualifications etc Citizenship requirement? Remarks InternalAuditor Risk Manager GovernanceAdvisory Consultants Management Consultant Etc No NAB requirement: No PRA requirement: MOF - No No Subject to domestic regulations such as immigration & employment laws etc. REGULATED SERVICES Audit/Insolvency services: Approved (license) external auditor/liquidator Yes, must be MIA member (Chartered Accountant (M) PRA requirement: MOF (Accountant General Dept) - Yes NAB requirement: Must be CA (M), must complete one of the below: Degree from recognised universities under Part 1 1st Schedule of the Accountants Act; or Membership of recognised professional bodies under Part 2 1st Schedule of the Accountants Act; or Passed Qualifying Exam for non-recognised degree or bodies. No. Only residency requirement. Subject to domestic regulations such as Accountants Act, Companies Act, MOF (AGD) Guidelines, immigration & employment laws etc. PRA Requirement: Must obtain approval/audit license from MOF. Other regulatory requirement: For Public Interest Entities auditor, must register with Audit Oversight Board. For Financial Institutions/Insurance/takaful company auditor, mu 2 s 4 t be approved by Bank Negara Malaysia (Central Bank).
25 PRA/NAB NAB membership and/or PRA registration required? NAB membership requirement and/or PRA registration requirement? such as examination, tests, recognised qualifications etc Citizenship requirement? Remarks Taxation Services (this service is not cover under the signed MRA which cover only CPC 862) Approved tax agent MIA membership requirement No MOF (Tax Division) requirement Yes Approved Tax Agent must fulfill requirements including holding recognized degree or qualifications (including nonaccounting) by MOF (Tax Division). No. Only residency requirement. Subject to domestic regulations such as Income Tax Acts, MOF Guidelines, immigration & employment laws etc. Approved tax agent (GST) MIA membership requirement No MOF (Tax Division) requirement - Yes GST agent must fulfil requirements including holding recognised degree or qualifications (including non-accounting) by MOF (Tax Division GST Unit). No. Subject to domestic Only residency regulations such requirement. as GST Act 2014, Finance Act 2015, Finance Bill 2015 and etc. 25
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27 Legal Services subject to Act Laws of Malaysia Act A1444 LegalProfession (Amendment) Act 2012 International partnership 40F. (1) A foreign law firm and a Malaysian law firm may apply jointly to the Bar Council for an international partnership license if they satisfy such conditions as the Bar Council may think fit to impose in any particular case. (2)A foreign law firm shall not be part of more than one international partnership in Malaysia at any one time. (3)Upon receiving the application, the Bar Council shall refer such application to the Selection Committee for consideration and recommendation. (8) An international partnership is entitled to (a) practise in the permitted practise areas in accordance with such conditions as may be prescribed; (b) Bill its clients as a single law firm; and (c ) recover costs and retain payments in respect of such practice. 27
28 Legal Services subject to Act Laws of Malaysia Act A1444 Legal Profession (Amendment) Act 2012 Qualified foreign law firm 40G. (1) A foreign law firm may apply for a qualified foreign law firm license if it satisfies such conditions as the Bar Council may think fit to impose in any particular case. Employment of a foreign lawyer by a Malaysian law firm 40H. (1) A Malaysian law firm may apply to the Bar Council for a license to employ a foreign lawyer to practise in the permitted practise areas in the Malaysian law firm if it satisfies such conditions as the Bar Council may think fit to impose in any particular case. 28
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