Special Programme for Voluntary Disclosure (Deadline: 30 September 2019)

The Inland Revenue Board (IRB) has received 486,360 cases of voluntarily tax declaration under the SPVD programme. The deadline for this programme is ending on 30 September 2019. To avoid future scrutiny, taxpayers are urged to take this opportunity to declare under their unreported taxes. Under the programme, the penalty rate is 15% before the deadline of 30 September. After that, the penalty rate would revert to 45%-300%. Background: SPVD is a tax amnesty programme that allows taxpayers to voluntarily disclose their unreported income and be entitled to low discounted penalty rates. To find out more: https://www.stanleyco.com.my/single-post/2019/04/10/Special-Programme-for-Voluntary-Disclo

Restriction on Deductibility of Interest Guidelines (Earning Stripping Rules)

Income Tax (Restriction on Deductibility of Interest) Rules 2019 which is also known as earning stripping rules (ESR) has been gazetted on 28 June 2019. *Similar restrictions are called “Thin Capitalisation Rules” in some countries. Purpose of these rules As the name suggests, these rules are to address the tax planning trick by which profit is being shifted between related parties within the country, or from Malaysia to another country, through the charging of interest on inter-company borrowings. Who would be affected? The rules will apply to any company where the total interest expense payable to related parties exceeds RM500,000 in a basis period for a year of assessment. When does it st

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