KUALA LUMPUR (May 27): The Companies Commission of Malaysia (SSM) has announced a three-month waiver of late submission fees for statutory documents submitted through its new Malaysian Business Reporting System (MBRS 2.0), ahead of the full implementation of Phase 3 on June 1.

The waiver applies to documents filed after the seven-day grace period but within three months of the deadline, and will be in effect from June 1 to Sept 30, 2025.

In a statement, SSM said the temporary relief is designed to help companies and company secretaries adjust smoothly to the new digital reporting requirements, as SSM discontinues physical submissions at its counters.

Phase 3 requires mandatory online submission of audited financial statements and reports under the Companies Act 2016; applications for rectification or court orders related to audited financial statements; and requests for extensions or exemptions for submitting financial statements.

Phase 1 (started on Dec 1, 2024) covered annual returns, unaudited financial statements, exempt private company certificates, and related filings under the Companies Act 2016. Phase 2 started on March 1, 2025, and included similar documents under the Companies Act 1965, financial statements for Bank Negara Malaysia-regulated institutions, and filings for foreign companies.

SSM said the fee waiver will encourage smooth adoption of the MBRS 2.0, promoting greater corporate transparency, efficiency, and good governance in Malaysia.