Visas for Malaysia - No Objections Clauses

Hi Experts, I am working in Malaysia from more than 1.5 yrs. My contract will expire after I complete my 2 yrs, i.e. in May,2014. My EP visa will expire after 3 days of my contract end date. My client want to absorb me as their own employee now. I would go back to my country after my visa expire naturally(without cancelling EP). I would like to return back after one week on the new EP from the new employer. I would like to know few things here: 1. Is this plan feasible? 2. Do I need to get an NOC from my previous employer before I go from here or no need. I suspect that I won't be provided with the NOC.? 3. Is there any cooling period concept in my case as I am naturally expiring my EP and not asking my employer to cancel it? 4. I suppose I need to clear TAX formality before I go. Will I be changed with flat Tax 26% as I will be leaving before May this financial year? 5. Will there be again a 26% deduction for the 6 months after I come back after 1 week on new visa and new employer? Thanks in advance.