Apr 272 minSpecial Tax Deduction on Rental Reduction for SMEsOwners of buildings or business premises that provide at least 30% reductions or waiver on rent to SME tenants shall be given a special deduction. This measu...
Apr 62 minSummary of RM10 Billion Additional Economic Stimulus Package for SMEs (Announced on 6 April 2020)1. Wage Subsidy - All companies incorporated before 1 Jan 2020 and are registered with PERKESO. It seems that there is no requirement to show that the busine...
Oct 14, 20191 minHighlights of Malaysia's Budget 2020Click to open this PDF: Highlights of Malaysia's Budget 2020
Jul 30, 20191 minSpecial 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 ...
Jul 18, 20193 minRestriction 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. *Sim...
Apr 9, 20192 minSpecial Programme for Voluntary Disclosure (Updates: Deadline extended to 30 September 2019)381,979 taxpayers had voluntarily disclosed their previously undeclared income to the Inland Revenue Board (IRB) under the Special Programme for Voluntary Di...
Apr 4, 20193 minEarnings Stripping Rules (Thin Capitalisation Rules)S.140C has been added to Income Tax Act 1967 to restrict interest deduction where an entity is excessively debt funded by a related party. The restriction is...
Mar 8, 20192 minTax Exemption for Rental Income from Residential Property (YA 2018)It was proposed in Budget 2018, which was tabled in parliament on 27 October 2017: i. 50% tax exemption will be granted on rental income not exceeding RM2000...
Nov 21, 20188 minBenefits in Kind (BIK)Generally, non-cash benefits (e.g. accommodation or motorcars) provided by employers to their employees are treated as income of the employees. These benefit...
Nov 19, 20182 minVoluntary Disclosure of Under Declared TaxIn an effort to boost revenue for the country, the Inland Revenue Board is offering a special tax amnesty called the Special Programme for Voluntary Disclosu...
Oct 5, 20188 minPayments that are subject to Withholding Tax (WT)Generally, any person making certain payments such as royalties, interest, contract, payments, remuneration to a public entertainer, technical and management...
Jun 14, 20184 minBitcoin and Tax ImplicationsAre gains from Bitcoin (and other virtual currencies / cryptocurrencies) taxable? The Inland Revenue Board Malaysia (IRBM) has not issued any guidelines on c...
May 31, 20182 minGST Rate will be revised from 6% to 0%The newly elected government of Malaysia has announced the reduction of the Goods & Services Tax (GST) rate from 6% to 0% effective 1 June 2018. Therefore, a...
May 9, 20182 minAdvance payments are taxable!Is business income taxed on accrued or receipt basis? Prior to year of assessment 2016, it was a generally accepted principle that business income is taxable...
Apr 9, 20183 minOnline advertising services provided by non-residents are subject to withholding taxThe Inland Revenue Board of Malaysia (IRBM) has issued a practice note entitled “Practice Note 1/2018 – Tax Treatment on Digital Advertising Provided by a No...
Jan 8, 20183 minIRB knows how much you have in that offshore bank account (AEOI explained in layman’s terms)Key points: a. Malaysia is a participating country of AEOI System (Automatic Exchange of Information) initiated by the OECD. b. Malaysian tax authority will ...
Dec 29, 20173 minTax Deductibility of Professional Indemnity Insurance PremiumKey points of this update: 1. Insurance premium paid for professional indemnity insurance is tax deductible if the professional carries on a business related...
Dec 13, 20171 minClarifications on effective date of Income Tax (Exemption) (No. 9) Order 2017The Inland Revenue Board Malaysia (IRBM) has issued Practice Note No. 3/2017 to clarify the effective date of the abovementioned Exemption Order (No. 9) in r...
Nov 1, 20173 minRM37,000 Fine for Failure to Keep Business RecordAn owner of a car accessories and car parts company was fined RM37,000 by the magistrate’s court for 6 counts of failing to keep his business records as requ...
Oct 27, 20172 minU-turn on withholding tax for service fees paid to non-residents (Income Tax (Exemption) (No. 9) OrdThe Ministry of Finance has gazetted the latest exemption order referred to as “Income Tax (Exemption) (No. 9) ) Order 2017”. Under the order - non-residents...