Jun 25, 20201 min readTax incentives for Company Relocating into MalaysiaTo attract foreign companies to relocate their business into Malaysia by addressing the of re-shoring, government has introduced the...
Jun 25, 20202 min readSpecial 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...
Jun 25, 20203 min readRM37,000 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...
Jun 25, 20208 min readPayments that are subject to Withholding Tax (WT)Generally, any person making certain payments such as royalties, interest, contract, payments, remuneration to a public entertainer,...
Jun 25, 20202 min readAmendments to withholding tax regulations passedFinance Act 2017 has been passed and gazetted. Some of the changes that could affect withholding tax requirements are highlighted here....
Jun 25, 20203 min readExpanding scope of withholding tax (WHT)There are some impending changes to the withholding tax regulations that will affect your business. Please pay close attention to this...
Jun 25, 20201 min readAlert: RMCD aims to collect RM3.0 billion of unpaid GST by this yearThe Royal Malaysian Customs Department (RMCD) has set a new target to collect RM3.0 billion in Goods and Services Tax (GST) this year (up...
Jun 25, 20202 min read100% Penalty on Defaulted TaxStarting from 1 Jan 2018, the Inland Revenue Board Malaysia (IRBM) will impose a 100% penalty on the tax of individuals and companies...
Jun 25, 20202 min readGST 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...
Jun 25, 20202 min readU-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...
Jun 25, 20202 min readSpecial 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...
Jun 25, 20208 min readBenefits in Kind (BIK)Generally, non-cash benefits (e.g. accommodation or motorcars) provided by employers to their employees are treated as income of the...
Jun 25, 20203 min readIRB 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...
Jun 25, 20203 min readEarnings 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...
Jun 25, 20202 min readAdvance 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...
Jun 25, 20202 min readVoluntary 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...
Jun 25, 20204 min readBitcoin and Tax ImplicationsAre gains from Bitcoin (and other virtual currencies / cryptocurrencies) taxable? The Inland Revenue Board Malaysia (IRBM) has not issued...
Jun 25, 20203 min readTax 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...
Jun 25, 20202 min readSummary 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...
Jun 25, 20201 min readClarifications 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...
