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14 Jun 2018

Are gains from Bitcoin (and other virtual currencies / cryptocurrencies) taxable?

The Inland Revenue Board Malaysia (IRBM) has not issued any guidelines on cryptocurrency and related businesses. However, IRBM has stated that the provisions of the Income...

31 May 2018

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, all registered business entities have to comply with the GST rate adjustment to 0%.

In addition to...

9 May 2018

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 when the services have been rendered.

On 29 Dec 2015, the Finance Act was passed and S.24(1)(b) a...

8 Jan 2018

Key points:

a. Malaysia is a participating country of AEOI System (Automatic Exchange of Information) initiated by the OECD.

b. Malaysian tax authority will automatically receive information on offshore bank account owned by its citizens/residents.

c. All...

29 Dec 2017

Key points of this update:

1. Insurance premium paid for professional indemnity insurance is tax deductible if the     

    professional carries on a business related to his professional.

2. Taxpayer affected includes lawyers, accountan...

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