Tax A Minute

59 results found

14/06/2024

[Tax A Minute] An Updated Public Ruling on Investment Holding Companies (IHC) Has Been Released!

#IncomeTax #PublicRulingNo.2/2024

The Inland Revenue Board (IRB) has released an updated public ruling on investment holding companies (IHC) - PR No. 2/2024, dated 28 May 2024, which replaces PR No. 10/2015, dated 16 December 2015. This ruling includes updates on:
 - Expenses and deductions related to single-tier dividends
 - Time limit for unabsorbed adjusted business losses carried forward
The ruling also provides examples for clearer explanations. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


13/06/2024

[Tax A Minute] Notification of Closure of E-Form Access for the YA 2016 through MyTax and TAeF

#IncomeTax

Kindly be informed that the submission of e-Filing for all types of Income Tax Return Forms (BNCP) for the YA 2016 and previous YAs through the MyTax and TAeF portals will be closed starting from 15 June 2024. BNCP submissions shall be made manually using paper forms, which can be downloaded via the link below:


11/06/2024

[Tax A Minute] Is your submission of application for SVDP 2.0 accepted by HASiL?

#IncomeTax #SVDP2.0

The IRBM will issue a confirmation receipt of the SVDP 2.0 application to the taxpayer who submit the application to participate in SVDP 2.0 during the implementation period (e.g. from 06 June 2023 until 31 May 2024) via the IRBM official portal / MyTax. 


SVDP 2.0 applications will be processed within a period of 14 working days / 30 working days (for transfer pricing issues) from the date of receipt of the completed applications that meet the SVDP 2.0 eligibility. The SVDP 2.0 eligibility status notification letter will be issued after the review has been completed.

Source: CTIM

10/06/2024

[Tax A Minute] Deadline: Small Value Withholding Tax (WHT) Payments to Non-Residents Due on 30 June

#IncomeTax #WithholdingTax

Effective from 1 August 2022, withholding tax (WHT) payers may defer small value WHT payments to June or December if the following conditions are met: 

- The WHT payment is recurring (e.g. made more than once).
- The WHT applies to royalties and interest paid to non-residents.
- The WHT applies to special classess of income, including services and rental of movable property.
- The WHT amount does not exceed RM500 per transaction. 

The submission of WHT forms and remittance of payments may be made once every six months as follow: 
- WHT payments made to non-residents from 1 December to 31 May are due on 30 June. 
- WHT payments made to non-residents from 1 June to 30 November are due on 30 December. 

Download WHT Forms below: 


04/06/2024

[Tax A Minute] Extension of deadline for VDP Tax Payment!

#IncomeTax

The deadline for tax payment under the Voluntary Disclosure Programme (VDP) for applications submitted to the RMCD on or before 31 May 2024 has been extended from 31 May 2024 to 30 June 2024.


Please click the link below for more details!


31/05/2024

[Tax A Minute] E-Invoicing Updates: E-Invoice Countdown Clock Starts Next Week!

#IncomeTax #e-Invoice

The Inland Revenue Board (LHDN) will be officially launching a free software for e-Invoice on 1st June 2024 to help both big and small businesses. More than 60 pilot companies and service providers are already in the production environment.


The government said that the launching of the free software enables businesses to have a better understanding of the e-Invoice system before the first phase of the project takes place.


Please click the link below for more details!


24/05/2024

[Tax A Minute] Latest Media Release: Addressing a statement made by YB Datuk Seri Ir. Dr. Wee Ka Siong, President of MCA, which has gone viral

#IncomeTax #e-Invoice

The statement pertains to whether Micro, Small, and Medium Enterprises (MSMEs) are required to issue e-invoices to companies with annual revenue or sales exceeding RM 100 million starting from 1 August 2024. HASiL clarifies that, as outlined in the 2024 Budget, the implementation of e-Invoicing for MSMEs will commence on 1 July 2025 rather than the earlier date mentioned.

The initial phase, effective 1 August 2024, only applies to larger companies and does not necessitate MSMEs to issue e-invoices for expenditure claims at this stage.

Consequently, MSMEs can maintain their current business practices without the need to issue e-Invoices from 1 August 2024.

The media release also explained the following matters:
1. Methods of implementing e-Invoicing for MSMEs
2. Available guidelines for e-Invoicing implementation
3. Explanation regarding penalties of up to RM20,000 for non-compliance with e-Invoicing implementation
4. Monitoring of data security and privacy by HASiL
5. Explanation regarding e-Invoicing and the Sales and Service Tax (SST)


Please click on the link below for more details!


16/05/2024

[Tax A Minute] Upcoming Submission Deadline: What are the key dates for tax in May 2024?

#IncomeTax #TaxFilingDeadline

There are several submission deadlines that employers should be aware of. Let's take a look at what will be due by the end of May 2024:-


✅6th month revision of tax estimates for companies with November year-end


✅9th month revision of tax estimates for companies with August year-end


✅11th month revision of tax estimates for companies with June year-end


✅Statutory filing of 2023 tax returns for companies with October year-end


✅Maintenance of transfer pricing documentation for companies with October year-end


✅Form E & CP8D 


✅Form BE (Grace period is given until 15 May 2024)


✅Special Voluntary Disclosure Program 2.0 (deadline for participating in the SVDP 2.0)


Don’t miss the deadline!

Source:

03/05/2024

[Tax A Minute] Service Tax Updates: Service Tax Exemption for Maintenance, Repair and Overhaul (MRO) Activities

#IncomeTax #ServiceTax #MRO

The Royal Malaysian Customs Department (RMCD) has recently issued Service Tax Policy 6/2024, granting an exemption from paying and charging service tax on maintenance or repair services for maintenance, repair and overhaul (MRO) activities.


MRO activities refer to any maintenance, repair, and overhaul activities as defined by the Malaysian Investment Development Authority (MIDA) under the Malaysian Aerospace Industry Blueprint 2030 for the aerospace sector and the Shipbuilding and Ship Repairing (SBSR) incentives for the maritime sector.


This exemption will be effective from 1 March 2024 until 31 December 2027. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


29/04/2024

[Tax A Minute] Important Tax Statutory Deadlines for Businesses: What are the key dates for tax in April 2024?

#IncomeTax

There are several statutory deadlines that employers should be aware of. Let's take a look at what will be due by the end of April 2024:-


✅6th month revision of tax estimates for companies with October year-end


✅9th month revision of tax estimates for companies with July year-end


✅11th month revision of tax estimates for companies with May year-end


✅Statutory filing of 2023 tax returns for companies with September year-end


✅Maintenance of transfer pricing documentation for companies with September year-end


Don’t miss the deadline!

Source:

22/04/2024

[Tax A Minute] Form e-E Submission Deadline Pushed Back Another Month!

#IncomeTax #FormE

The Inland Revenue Board (IRB) has announced an extension of the Form e-E submission deadline to 31 May 2024. Taxpayers are encouraged to make the most of this additional time to ensure accurate filing. Please click on the link below for more details.


18/04/2024

[Tax A Minute] Service Tax Updates: Guide on Food & Beverages

#IncomeTax #F&B

📢  Attention F&B Operators! 📢  Exciting news! The Royal Malaysian Customs Department (RMCD) has just released an updated Guide on Food and Beverages. These updates are crucial for F&B operators to ensure compliance. Click the link below to access and download your copy now! 📚🔍


09/04/2024

[Tax A Minute] Latest Release: Stay Informed on LHDN's e-Invoice Guidelines and Software Development Kit!

We are excited to announce the latest updates from LHDN regarding e-Invoice Guidelines and Software Development Kit (SDK).

What's new:
1. e-Invoice Guideline Version 2.3 (published on 6 April 2024)
2. e-Invoice Specific Guideline Version 2.1 (published on 6 April 2024)
3. Software Development Kit (SDK) Version 1.0 (released on 6 April 2024)

Please click the link below to access and download!


09/04/2024

[Tax A Minute] HASiL Services during the celebration week of Hari Raya Aidilfitri 2024

In line with the government's commitment to providing the best and continuity services for customers, HASiL hereby announces that services during the celebration week of Hari Raya Aidilfitri 2024 will be available as stated in the announcement.

Please click the link below to download a copy of the announcement. (available only in Malay language).


01/04/2024

[Tax A Minute] Services Tax Update: Expansion of B2B Exemption for Logistic Services

#IncomeTax #ServiceTax #LogisticsSector

The Royal Malaysian Customs Department (RMCD) has issued Service Tax Policy 4/2024 regarding the expansion of the scope of the business-to-business exemption for logistic services. Changes include:



  • Amendments to Group J: Logistics Services in First Schedule, Service Tax Regulations 2018, whereby Item 1(a) in relation to logistics services, and Item 1(b) pertaining to delivery or distribution or transporting services have been merged into a single item.

  • All services under Group J: Logistics Services provided in or between Special Area/Designated Area, between Special Area and Designated Area, or vice versa are exempted from service tax, except for Customs Agent services.

  • Service tax exemptions are granted for:

    1. Door-to-door delivery services;

    2. Logistic services related to transit activities, i.e. goods arriving in Malaysia and then to another place outside Malaysia through land/ sea/ air transport mode; and

    3. Ocean freight within Malaysia, i.e. delivery of goods between Peninsular Malaysia and Sabah/ Sarawak/ Labuan, delivery of goods within Sabah/ Sarawak/ Labuan.




Please click the link below to download a copy of the Service Tax Policy (available only in Malay language).


01/04/2024

[Tax A Minute] Services Tax Updates: Clarification on Service Tax Rates

#IncomeTax #ServiceTax

The Royal Malaysian Customs Department (RMCD) has recently released a service tax policy, Service Tax Policy 3/2024 (Amendment No. 1), aiming to provide clarification on the service tax rates for the following services:



  • The provision or sales of cigarettes, tobacco products, smoking pipes (including pipe bowls), electronic cigarettes, and similar personal vaporizing devices, preparations of a kind used for smoking through electronic cigarettes and electronic vaporizing devices, in the form of liquid or gel, whether containing nicotine or not ➞ 8%

  • Alcoholic beverages (including temperance drinks) ➞ 8%

  • Non-alcoholic beverages (in ready-to-drink form, bottles/packs/cans/boxes or equivalent) ➞ 6%

  • Alcoholic beverages provided in meal packages (such as buffet/banquet) ➞ 6%

  • Corkage fees ➞ 8%

  • Preparation or sale of snacks, fruits or equivalent ➞ not subject to service tax

  • Service charge ➞ not subject to service tax


Please note that the abovementioned Service Tax Policy will take effect from 1 March 2024.  Any service tax collected from customers for the mentioned services must be remitted to the RMCD, and no refund of service tax is permitted.


Please click the link below to download a copy of the Service Tax Policy (available only in Malay language).


29/03/2024

[Tax A Minute] Important Tax Statutory Deadlines for Businesses: What are the key dates for tax in March 2024?

#IncomeTax

There are several statutory deadlines that employers should be aware of. Let's take a look at what will be due by the end of March 2024:-


✅6th month revision of tax estimates for companies with September year-end


✅9th month revision of tax estimates for companies with June year-end


✅11th month revision of tax estimates for companies with April year-end


✅Statutory filing of 2023 tax returns for companies with August year-end


✅Maintenance of transfer pricing documentation for companies with August year-end


✅Form E & CP8D


Don’t miss the deadline!

Source:

29/03/2024

[Tax A Minute] Good News! Implementation of High-Value Goods Tax Delayed!

#IncomeTax #High-ValueGoodsTax

The implementation of the High-Value Goods Tax (HVGT) has been delayed due to the Finance Ministry's postponement in presenting the bill to Parliament.


The government announced yesterday its decision to postpone the implementation of the HVGT, citing disagreements on the definition of "high-value goods" as well as the price range of items subject to the tax as the reasons for the delay.


Therefore, HVGT will no longer be implemented on 1 May 2024, as originally proposed during the Budget 2024 and the new implementation date has yet to be announced. Please click on the link below for more details.


18/03/2024

[Tax A Minute] Expansion of Scope of Service Tax Exemption for Logistics Sector

#IncomeTax #ServiceTax #LogisticsSector

The Minister of Finance (MOF) has issued a media release stating that the scope of service tax exemption for the logistics sector will be expanded to include:



  • logistics services for directly exported goods;

  • logistic services of transshipment activities;

  • logistics services of transit activities;

  • door-to-door logistics services; and

  • food and beverage delivery services through e-commerce.


Note: The date of coming into force of the above service tax exemptions is expected to be gazetted via subsidiary legislation.


Furthermore, newly registered logistics service providers are given a 1-month preparation period and are only required to charge service tax from 1 April 2024.


You may read the above media release in full by clicking on the link below.


13/03/2024

[Tax A Minute] IRB’s e-CP8D system has been successfully restored!

#IncomeTax #e-CP8D

Please be informed that the IRB’s e-CP8D system has been successfully restored. You can now access the system and proceed with your submission (Form E) without any hassle!

Source:

13/03/2024

[Tax A Minute] IRB’s Operating Hours Throughout the Month of Ramadan

#IncomeTax #OperatingHours #Ramadan

Please be informed that the operating hours of the Inland Revenue Board (IRB) service counters during the month of Ramadan, from 12 March 2024 to 9 April 2024, are as follows:-


👉 HASiL Service Counter (except Kedah, Kelantan, Terengganu and Johor)


✅ State Consultation Service Counter (Taxation and Stamp Duty) / Satelite Office (General Taxation Advise and Stamp Duty)



  • 8.00 am to 4.00 pm (Monday to Friday)


👉 HASiL Service Counter (Kedah, Kelantan, Terengganu and Johor)


✅ State Consultation Service Counter (Taxation and Stamp Duty)



  • 8.00 am to 4.00 pm (Sunday to Wednesday)

  • 8.00 am to 3.00 pm (Thursday)


👉 HASiL Contact Centre (HCC)



  • 9.00 am to 4.00 pm (Monday to Friday)


👉 HASiL Revenue Management Centre (PPTH)


✅ Kuala Lumpur



  • 8.00 am to 3.00 pm (Monday to Friday) (for cash and debit / credit cards)

  • 8.00 am to 3.30 pm (Monday to Friday) (other than cash and debit / credit cards)


✅ Kuching



  • 8.00 am to 3.00 pm (Monday to Friday) (cash only)


👉 Urban Transformation Centres (UTC) nationwide



  • 8.00 am to 4.30 pm (Monday to Sunday)

  • 8.00 am to 1.00 pm (for 9 April 2024)


Please click on the link below for more details.


13/03/2024

[Tax A Minute] Notice of System Maintenance: IRB’s e-CP8D system is under maintenance

#IncomeTax #e-CP8D

Kindly note that the Inland Revenue Board of Malaysia (IRB) is currently resolving bugs within their e-CP8D system for submission of Form E due on 31st March 2024. As a result, their service is temporarily unavailable. We will keep you updated on the status and notify you once the system is restored.

Source:

07/03/2024

[Tax A Minute] 📢 A New Capital Gains Tax (CGT) guideline has been released!

#IncomeTax #CGT #CapitalGainsTax

The Inland Revenue Board (IRB) has published a new technical guideline for the implementation of Capital Gains Tax (CGT) on the disposal of unlisted shares, dated 1 March 2024. This guideline is set out to provide clarification regarding CGT on the disposal of –



  1. Unlisted shares of companies incorporated in Malaysia; or

  2. Shares in foreign companies that own real property in Malaysia or shares of another controlled company, or both.


It provides a detailed explanation of what types of investments are subject to CGT, including the tax rates, filing requirements, etc. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


04/03/2024

[Tax A Minute] Individual Tax Return Forms: Get ready to file your 2023 tax return

#IncomeTax

Taxpayers can now access the following tax return forms through the LHDN e-filing system 👇


Resident Individual



  1. e-BE: Without business source of income

  2. e-B: With business source of income

  3. e-BT: Specialised knowledge workers / Non-Citizen Workers Holding Key Position / Expert Workers


Non-Resident Individual



  1. e-M: Non-Resident Individual

  2. e-MT: Knowledge Worker


Kindly note that the statutory deadlines for Resident Individuals (Knowledge Workers / Expert Workers / Non-Citizen Workers Holding Key Positions) and Non-resident Individuals (Including Knowledge Workers) are as follows:- 



  • 30 April 2024: Without business income

  • 30 June 2024: With business income


For additional information, visit the LHDN's official website now!


01/03/2024

[Tax A Minute] Income Tax Filing for 2023: You can start filing your tax return forms starting today

#IncomeTax #TaxFiling

Taxpayers may file their income tax return forms for 2023 through e-filing for forms E, BE, B, M, BT, MT, P, TF and TP starting from 1 March 2024. The e-filing system can be accessed via the LHDN's official website at www.hasil.gov.my - MyTax - ezHasil Services - e-Filing.


Please click on the link below for more details!


01/03/2024

[Tax A Minute] Service Tax Updates: New Service Tax Policies, effective 1 March 2024

#IncomeTax #ServiceTax

The Royal Malaysian Customs Department (RMCD) has published the following new service tax policies on 28 February 2024, which serve as a guide to the latest service tax changes:


STP 1/2024: Determination of the date of charging service tax on new taxable services


STP 2/2024: Service Tax Exemption for traditional and complementary medicine (TCM)


STP 3/2024: Determination of service tax rate for the provision of various taxable services


The new policies will take effect on 1 March 2024. Stay informed by checking out the links below!

Source: MySST Portal

28/02/2024

[Tax A Minute] Service Tax Updates: The RMCD has finally released the long-awaited guides!

#IncomeTax #ServiceTax

The Royal Malaysia Customs Department (RMCD) has published the following new guides (currently only made available in Bahasa Malaysia):

Guide on Telecommunication Services;

Guide on Transmission and Distribution of Electricity Services; and

General Guide on Service Tax.

Please click on the link below for more details!

Source: MySST Portal

27/02/2024

[Tax A Minute] Service Tax Updates: The service tax rate will be increased from 6% to 8%, effective 1 March 2024

#IncomeTax #ServiceTax

The law regarding the service tax, increasing from 6% to 8%, has been gazetted on 26 February 2024. Effective from 1 March 2024, the service tax rate will be increased from 6% to 8% on all taxable services, excluding food and beverages services, telecommunication services, provision of parking place services or logistic services. For more details, stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


26/02/2024

[Tax A Minute] Service Tax Updates: Expanded Scope of Service Tax

#IncomeTax #ServiceTax

The Royal Malaysian Customs Department (RMCD) released a new regulation to introduce a series of amendments to the existing Service Tax Regulations 2018. Effective from 26 February 2024, the range of services subject to service tax is expanded to include karaoke centre services (Group C), maintenance or repair services (Group G), brokerage and underwriting services (Group I), and logistics services (Group J). For more details, stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


21/02/2024

[Tax A Minute] Important Tax Statutory Deadlines for Businesses: What are the key dates for tax in February 2024?

#IncomeTax #StatutoryDeadlines #February2024

There are several statutory deadlines that employers should be aware of. Let's take a look at what will be due by the end of February 2024:-



  • 6th month revision of tax estimates for companies with August year-end;

  • 9th month revision of tax estimates for companies with May year-end;

  • Statutory filing of 2023 tax returns for companies with July year-end;

  • Maintenance of transfer pricing documentation for companies with July year-end;

  • EA Forms (deadline for employers to prepare EA forms for their employees).


Don’t miss the deadline!

Source:

20/02/2024

[Tax A Minute] Good News!! Traditional and Complementary Medicine (TCM) will be exempted from the service tax! 🤓

#IncomeTax #ServiceTax

According to the Ministry of Finance (MOF), traditional and complementary medicine (TCM) practitioners who are registered under the T&CM Act 2016 [Act 775] will be exempted from the service tax. For more details, stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


08/02/2024

[Tax A Minute] RMCD has finally released the long-awaited guides!

#IncomeTax #ServiceTax #RMCD

The Royal Malaysia Customs Department (RMCD) has issued the following new service tax guides:


【Draft】Guide on Logistics Service (Malay Version)


【Draft】Guide on Change of Service Tax Rate (Malay Version)


Please click on the link below for more details!


05/02/2024

[Tax A Minute] Capital Gains Tax Return Form Filing Programme is now available on IRB’s Website!

#IncomeTax #CapitalGainTax #CGT

The IRB has released a sample e-CKM form, an explanatory note, and a guide note on Capital Gains Tax (CGT) on their official website. Please refer to the links below for more details.


29/01/2024

[Tax A Minute] Important tax-related deadlines: What are the key dates for tax in January 2024?

#IncomeTax

There are several tax-related deadlines that employers should be aware of. Let's take a look at what will be due on 31 January 2024:-



  • 6th month revision of tax estimates for companies with July year-end;

  • 9th month revision of tax estimates for companies with April year-end;

  • Statutory filing of 2023 tax returns for companies with June year-end;

  • Maintenance of transfer pricing documentation for companies with June year-end.


Don’t miss the deadline!

Source:

26/01/2024

[Tax A Minute] The latest version of Form E & EA for 2023 has been released

#IncomeTax #FormEA #FormE

The latest version of Form E & EA is now available for download! Please be aware that the deadline for submission of Form EA is 29 February 2024. Click on the link below to download the relevant forms!


18/01/2024

[Tax A Minute] Reminder: Tax Filing Deadline for Forms EA & E

#IncomeTax #TaxFilingDeadline #FormEA #FormE

As an employer, it is essential to stay informed about the various tax filing deadlines that are approaching. Here are the key dates that employers should mark on their calendars!   


Form EA submission deadline: 29.02.2024


An EA form is a yearly remuneration statement that includes the employee's salary for the year. Employers are required to prepare and provide Form EA to employees no later than the end of February every year. The deadline for 2023 is 29 February 2024.


Form E submission deadline: 31.03.2024 (30.04.2024 for e-filing)


Form E is a declaration report to inform the IRB of the number of employees and the list of employee's income details. Employers are required to submit Form E to the IRB no later than 31 March every year. The deadline for submission of Form E for 2023 is 31 March 2024 while a grace period is given until 30 April 2024 for the e-Filing of Form E.


As an employer, make sure you submit Form E & EA on time! Failure to do so may result in substantial fines!

Source:

09/01/2024

[Tax A Minute] Return Form (RF) Filing Programme for 2024 is now available on the Hasil Portal!

#IncomeTax #2024ReturnFormFilingProgramme

The Inland Revenue Board of Malaysia (IRBM) has issued a media release stating that the Return Form (RF) Filing Programme for 2024 is now accessible on the Hasil Portal. Taxpayers can use the 2024 Filing Programme as a reference and submission guide to file their tax returns as it consists of various tax filing deadlines and grace periods for several different types of tax return forms. For more details, stay tuned for our February Monthly Update Class for a more in-depth understanding!


08/01/2024

[Tax A Minute] A new guideline: Tax treatment of a deceased estate

#IncomeTax #PublicRulingNo.9/2023

The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No.9/2023 - The Deceased Part I - Introduction, which explains the administration of the estate and the liabilities of The Deceased. Stay tuned for our February Monthly Update Class for a more in-depth understanding!


22/12/2023

[Tax A Minute] Tax Treatment For A Company That Establishes A Special Purpose Vehicle (SPV) For The Issuance Of Sukuk

#IncomeTax #PublicRulingNo.8/2023

The Inland Revenue Board of Malaysia (IRBM) has published Public Ruling (PR) No.8/2023, which provides clarification on the tax treatment for a company that establishes a Special Purpose Vehicle (SPV) for the issuance of sukuk. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


20/12/2023

[Tax A Minute] Tax Treatment on Copyright And Software Payments By A Distributor and A Reseller To A Non-Resident

#IncomeTax #PracticeNoteNo.3/2023

The Inland Revenue Board of Malaysia (IRBM) issued Practice Note No. 3/2023, which clarifies the tax treatment of copyright and software payments made by distributors and resellers to non-residents. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


19/12/2023

[Tax A Minute] A New Guideline: Taxation of Upstream Petroleum

#IncomeTax #PublicRulingNo.7/2023

The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling No. 7/2023, which provides an explanation and interpretation in relation to the taxation of upstream petroleum in Malaysia from the perspective of the Petroleum (Income Tax) Act 1967 [PITA] and the scope of taxation thereunder.


Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!


08/12/2023

[Tax A Minute] A New Guideline for Tax Incentive for Approved Food Production Projects

#IncomeTax
The Inland Revenue Board of Malaysia (IRBM) has recently published a Public Ruling (PR) No.5/2023 on Tax Incentive for Approved Food Production Project. This PR provides detailed guidance on the eligibility criteria, requirements and conditions for claiming this tax incentive. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!

 


06/12/2023

[Tax A Minute] Frequently Asked Questions: Understanding E-Invoices for Construction Industry

#IncomeTax #e-Invoice #FAQs
The Inland Revenue Board of Malaysia (IRBM) has published a set of Frequently Asked Questions (FAQs) regarding the implementation of e-invoices for the construction industry. Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding. 

05/12/2023

[Tax A Minute] Frequently Asked Questions: Understanding e-Invoice for Healthcare Industry

#IncomeTax #e-Invoice #FAQs
The Inland Revenue Board of Malaysia (IRBM) has published a set of Frequently Asked Questions (FAQs) regarding the implementation of e-invoices for the healthcare industry. Stay tuned for our December Monthly Update Class for a more in-depth understanding. 

 


01/12/2023

[Tax A Minute] Frequently Asked Questions: Implementation of e-Invoice in Malaysia

#IncomeTax #e-Invoice #FAQs
The Inland Revenue Board of Malaysia (IRBM) has recently published a set of Frequently Asked Questions (FAQs) that covers a broad range of information regarding e-invoices. Stay tuned for our December Monthly Update Class for a more in-depth understanding.

 


01/12/2023

[Tax A Minute] Overview of Investment Tax Allowance

#IncomeTax #InvestmentTaxAllowance #PublicRulingNo.4/2023
The Inland Revenue Board of Malaysia (IRBM) has released a new Public Ruling No. 4/2023, which provides an overview of investment tax allowance. Besides, this Public Ruling also provides several examples to clarify the application of the investment tax allowance. Stay tuned for our December Monthly Update Class for a more in-depth understanding.

01/12/2023

[Tax A Minute] Latest Update on Taxation of A Resident Individual

#IncomeTax #PublicRulingNo.3/2023
The Inland Revenue Board of Malaysia (IRBM) has published a new Public Ruling (PR) No. 3/2023 - Taxation of A Resident Individual Part III, which supersedes the preceding PR No. 6/2018 dated 13.09.2018. This revised PR provides clarification on the tax rebates for departure levy paid for performing umrah and pilgrimage to holy places.

 

Stay tuned for our December Monthly Update Class for a more in-depth understanding!

02/11/2023

[Tax A Minute] High-Value Goods Tax to be implemented from 1 May 2024

#IncomeTax #High-ValueGoodsTax
It is proposed during the Budget 2024 that the government would like to introduce a high-value goods tax with rates ranging from 5% to 10% on certain high-value items, such as jewellery and watches based on the threshold value.

On top of that, the Ministry of Finance (MOF) has recently announced its intention to implement the high-value goods tax starting from 1 May 2024, with the added provision that tourists will be exempt from this tax.

Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!

30/10/2023

[Tax A Minute] Amendments on Tax Exemption Order for Qualifying Activity in Iskandar Development Region

#IncomeTax #ExemptionOrder
The Amendment Order [P.U.(A) 304/2023] was gazetted and published on 9 October 2023, by amending Paragraph 2, Paragraph 2A, Paragraph 7 and Schedule of the Income Tax (Exemption) (No. 20) Order 2007 [P.U.(A) 418/2007]. These changes encompass the introduction of new qualifying activities as well as a new deadline for the commencement of qualifying activities for Iskandar Development Region (IDR) status companies.

Stay tuned for our November Monthly Update Class for a more in-depth understanding.

12/10/2023

[Tax A Minute] Latest Update On Tax Incentive For Investment In BioNexus Status Company

#IncomeTax #TaxIncentive #PublicRulingNo.2/2023
The Inland Revenue Board of Malaysia (IRBM) has issued Public Ruling (PR) No.2/2023: Tax Incentive For Investment In BioNexus Status Company on 4 October 2023, which replaces the earlier Public Ruling (PR No.10/2018 dated 4 December 2018).

The new PR is broadly similar to the earlier PR, which explains the tax incentives offered to an investor who has invested in a BioNexus status company in Malaysia. However, there were some updates and amendments in the new PR, especially the eligibility criteria for the BioNexus Status application.

Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding.

11/10/2023

[Tax A Minute] Latest Update on Taxation of Income From Employment On Board A Ship

#IncomeTax #PublicRulingNo.1/2023
The Inland Revenue Board of Malaysia (IRBM) has published the Public Ruling (PR) No. 1/2023 - Taxation of Income From Employment On Board A Ship on 3 October 2023 to replace the previous Public Ruling (PR No. 12/2016 dated 9 December 2016). This is the first Public Ruling issued by IRBM in 2023.

The objective of this PR is to provide clarification on the tax treatment of individual income obtained from employment on board ships. This ruling has been updated to clarify the definition of ‘seagoing ship’ and its qualifying criteria.

Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding.

03/10/2023

[Tax A Minute] A New e-Invoice Specific Guideline is now accessible on the HASiL website!

#IncomeTax #e-Invoice #SpecificGuideline
The Inland Revenue Board of Malaysia (IRBM) has officially released a Specific e-Invoice Guideline (Version 1.0) on 29 September 2023. This guideline was issued to provide further guidance on specific areas of e-invoice, to aid taxpayers in gaining a better understanding of certain e-invoice treatments and ultimately, to successfully implement e-invoice!

Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!

03/10/2023

[Tax A Minute] Getting Ready for e-Invoice!

#IncomeTax #e-Invoice
The Inland Revenue Board of Malaysia (IRBM) has recently released an e-Invoice Guideline (Version 2.0) to replace the version issued on 21 July 2023 (Version 1.0). The latest version of the guideline is now accessible on the HASiL website!

Stay tuned for our upcoming Monthly Update Class for a more in-depth understanding!

02/10/2023

[Tax A Minute] A Special Tax Rate for An Individual Resident Who Is Not A Citizen and Holds C Suite Position In An Approved Company

#IncomeTax #CSuitePosition
A flat income tax rate of 15% will be granted to non-citizens who hold key positions / C-suite positions in approved companies during the specified years of assessment. This rule is deemed to have taken effect from the year of assessment 2021, and application must be made through the Malaysia Investment Development Authority (MIDA) from 7 November 2020 until 31 December 2024.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.

29/09/2023

[Tax A Minute] Relocation of Manufacturing Business Incentive Scheme

#IncomeTax #TaxIncentive
New manufacturing companies relocating their facilities or setting up new operations in Malaysia may qualify for a zero percent income tax rate. Under the scheme, companies could enjoy the tax incentive for 10 to 15 years of assessment, depending on the amount invested.

The scheme is deemed to have taken effect from the year of assessment 2021, and application must be made through the Malaysia Investment Development Authority (MIDA) from 1 July 2020 until 31 December 2024.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.

27/09/2023

[Tax A Minute] Minister Grants A 5-Year Tax Exemption for Existing Manufacturers that Relocate Operations to Malaysia for New Manufacturing Activities

#IncomeTax #taxexemption
An income tax exemption is given for existing manufacturing companies that relocate their operations to Malaysia. As determined by the Malaysian Investment Development Authority (MIDA), the tax exemption period is 5 consecutive years from the first qualifying capital expenditure date. Qualifying companies can submit written applications to the Minister through MIDA between 1 July 2020 to 31 December 2024.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.

26/09/2023

[Tax A Minute] Online submission is now available for Form e-CP22 (Prescribed Form for the Notification of New Employee)

#IncomeTax #e-CP22
The Inland Revenue Board of Malaysia (IRBM) has issued a user manual in relation to the procedures for submission of Form e-CP22 (Prescribed Form for the Notification of New Employee). According to the user manual, employers can now submit their e-CP22 through the MyTax portal. Employers are responsible for reporting new employees who are or likely to be chargeable to tax using Form e-CP22. This user manual is issued to provide guidance on the usage of e-CP22, which can be found in the ‘User Manual’ section of the MyTax portal.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.

25/09/2023

[Tax A Minute] HASiL Encourage the Usage of e-WHT for Withholding Tax Payment, Starting From 1 January 2023

#IncomeTax #e-WHT #WithholdingTax
The Inland Revenue Board of Malaysia (IRBM) has introduced Electronic Withholding Tax Payment (e-WHT) to replace the manual submission method. Taxpayers can now fill up and submit their withholding tax payments by using the new electronic service (e-WHT) through the MyTax Portal.

Taxpayers who wish to make withholding tax payments via e-WHT are required to access the system by logging in to their MyTax account. A Bill Number will be automatically generated after the form is successfully submitted online. It means that the whole submission process is now available online.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.

25/09/2023

[Tax A Minute] Amended Special Voluntary Disclosure Programme 2.0 guidelines add extra conditions for triggering tax audits

#IncomeTax #SVDP2.0
Under the amended guideline, the Inland Revenue Board of Malaysia (IRBM) may now conduct tax audits/investigations on the year of assessment the voluntary disclosure is made. If the voluntary disclosure is made on non-transfer pricing matters only and the IRBM finds there is a risk of transfer pricing issues, a tax audit/investigation can be performed. Conversely, if the taxpayer makes a voluntary disclosure of transfer pricing matters only, a tax audit/investigation can be performed on non-transfer pricing issues.

In contrast to the previous version of the Special Voluntary Disclosure Programme 2.0 guidelines, where tax audits or investigations were triggered only if the taxpayer failed to make the voluntary disclosure payment within the stipulated period.

Stay tuned for our October Monthly Update Class for a more in-depth understanding.