GST Guides

The Royal Malaysian Customs updated a number GST Guides, please visit:

General Guides http://gst.customs.gov.my/en/rg/Pages/rg_gg.aspx
Industry Guides http://gst.customs.gov.my/en/rg/Pages/rg_ig.aspx
Specific Guide http://gst.customs.gov.my/en/rg/Pages/rg_sg.aspx

Public Rulings

New Public Rulings issued by the Inland Revenue Board of Malaysia

Loan or Advances to Director by A Company

Public Ruling No. 8 /2015

Inland Revenue Board of Malaysia

30 November 2015

Source: http://www.hasil.gov.my/pdf/pdfam/LOAN_OR_ADVANCES_TO_DIRECTOR.pdf

CONTENTS

1. Objective

2. Relevant Provisions of the Law

3. Interpretation

4. Tax Treatment

Tribunal rules 28 Boulevard soho units GST exempt

Source: The Malaysian Insider

http://www.themalaysianinsider.com/malaysia/article/tribunal-rules-best-boulevard-soho-residential-units-exempt-from-gst

Tax Deduction for GST Payments

Are blocked input taxes allowable for tax deduction?  What about a GST registered person who forgoes his rights to claim input tax credit? These are the two common questions asked.

Finance Bill 2015 seeks to amend section 39 of the Income Tax Act, 1967 by stating:

• that any amount paid or to be paid in respect of goods and services tax by a person is not allowed as a deduction if he is liable to be registered under the Goods and Services Tax Act 2014 and has failed to do so, or if he is entitled under that Act to credit that amount of tax as input tax, and 
• that any amount of output tax paid or to be paid under the Goods and Services Tax Act 2014 which is borne by a person who is registered or liable to be registered under the GST Act is not allowed as deduction under the Income Tax Act.

These amendments have effect for the year of assessment 2015 and subsequent years of assessment.