Companies Act and budget.

The article presents information related to Malaysia's Companies (Amendment) Act 2007 (CA 2007) and budget for 2008. As reported, the CA 2007 came into force on August 15, 2007. Section 132(1) Companies Act 1965 as amended provides that a director of a company shall at all times exercise his powers for a proper purpose and in good faith in the best interest of the company. Budget 2008, which was introduced in parliament on September 7, 2007, is part of the government's effort towards a more competitive tax regime. It is reported that to enhance Malaysia's competitiveness, corporate tax rates will be further reduced to 25%, although there is still no indication as to when the goods and services tax would be implemented.