Tuesday, 8 November 2011

Tax News Round-up Oct 2011

  1. Budget 2012 tabled on 7 October 2011
  2. IRB updates Public Ruling on Investment Holding Company - by  additional explanations to paragraph 10: Capital Allowance/ Industrial Building Allowance (IBA) and the eligibility to claim against rental income.
  3. Tax Case: Incentive trips paid to taxpayer's dealers who achieve their sales target were incurred in the production of gross income.
  4. Double Taxation Relief (The Government of the Republic of South Africa) (Amendment) Order 2011
  5. Income tax exemption to taxpayers who obtains its green building index certificate
  6. Deadline to submit April 2011 tax return form C and R is 30 November 2011.

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Tuesday, 11 October 2011

Budget 2012

Tax News Round-up Sept 2011


Tax News Round-up Sept 2011
  1. Budget 2012 to be tabled on 7 October 2011
  2. Public Ruling 7/2011 - Notification Of Change In Accounting Period Of A Company /  Trust Body / Co-Operative Society
  3. GST Industry Guide on Relief on Second-Hand Goods (Margin Scheme) (Draft)
  4. BNM is seeking  inuts from property developers on increasing real property gains tax (RPGT) to curb speculations. Read more: BNM seeking inputs on property gains tax  http://www.btimes.com.my/articles/camolg-2/Article/#ixzz1ZUXapNao
  5. Telcos to defer collection of 6% government service tax from prepaid users. 
  6. The Inland Revenue Board will impose a 20% to 35% penalty for late or non submission of annual tax returns. http://www.hasil.gov.my/pdf/pdfam/PengenaanPenalti112_3.pdf
  7. Deadline to submit March 2011 tax return form C and R is 31 October 2011.

Tax News Round-up August 2011


Tax News Round-up August 2011
  1. Budget 2012 to be tabled on 7 October 2011
  2. GST Guides for public comments Industry Guides - 
    • Auctioneer
    • Specific Guides – Transfer of Business as a Going Concern (TOGC)
    •  Designated Areas
  3. GST Portal (http://www.gst.customs.gov.my/portal/page/portal/MYGSET)
  4. Deadline to submit February 2011 tax return form C and R is 30 September 2011.
Happy Merdeka!!!

Monday, 15 August 2011

Tax News Round-up July 2011


  1. Penjelasan berhubung dengan "Service Charge" / "Government Tax" / "Service Tax"http://www.customs.gov.my/index.php/bm/component/content/article/183-pengumuman/735-penjelasan-berhubung-dengan-service-charge--government-tax--service-tax
  2. On 11 August 2011, Suruhanjaya Syarikat Malaysia (SSM) will hold a special consultation session with relevant stakeholders to discuss matters related to taxation on limited liability partnerships (LLPs) in Malaysia.
  3. Draft GST Guide on Duty Free Shop and GST Guide on Designated Areas. http://www.gst.customs.gov.my/portal/page/portal/MYGSET/SubTopicDetailPage?_piref255_1040729_255_1040710_1040710.__ora_navig=nodeId=131
  4. Certification Bodies under Section 34(6)(ma) of the Income Tax Act http://www.hasil.gov.my/pdf/pdfam/ACCREDITEDLIST11072011.pdf
  5. Transfer Pricing Information on Cross Border Transactions Form http://www.hasil.gov.my/pdf/pdfam/FORM_MNE_12011.pdf
  6. From 1 June 2011, IRB increased its penalties for late filing of tax return. Penalties are imposed based on the length of delay that the return is submitted.
  7. Submission of Form CP204 for small and medium enterprises (SMEs) - http://www.hasil.gov.my/pdf/pdfborang/CP204_Pin2010.pdf
  8. New sample dividend voucher showing the different categories of dividends paid - http://www.hasil.gov.my/pdf/pdfam/BaucarDividen.pdf
  9. Deadline to submit January 2011 tax return form C and R is 31 August 2011.
Wishing all our Muslims friends a Selamat Hari Raya!!!

Tax News Round-up June 2011

- LHDN eyes RM97 billion in taxes this year.- Technical Guideline for Tax Treatment on Interest Income for Pawnbroking Industry
- Guidelines on the Deduction of Broadband Subscription under Section 46(1)(m) of the ITA
- Revised Guidelines on Real Property Gains Tax
- Updated List of Certification Bodies under Section 34(6)(ma) of ITA
- Guidelines on Serious Disease for the purpose of Section 46(1)(g) of Income Tax Act
- IRB will redouble publicity efforts the use of forms TP1 and TP2 for the purpose of Schedular Tax Deduction (STD) calculation.
- Deadline to submit December 2010 tax return form C and R is 31 July 2011.

List of taxable and non-taxable services for service tax purposes

05/05/2011 List of taxable and non-taxable services for service tax purposes

Updates

05/04/2011 Guidelines for the application to strike-off a name of a defunct company during monotorium period 3 March 2011 to 30 June 2011

05/04/2011 Two new Public Rulings issued 3/2011 Investment Holding Company and 4/2011 Income From Letting Of Real Property

22/03/2011 2011 Filing Programme and Schedule

07/03/2011 New Public Rulings issued - 1/2011 Taxation of Malaysian Employees Seconded Overseas and 2/2011 Interest Expense and Interest Restriction

23/12/2010 Customs issued new guidelines

15/10/2010 Budget 2011 (Link to IRB’s website)

19/08/2010 IRB: Don’t be fooled by scam
18/08/2010 Beware of fake income tax refunds via e-mails: IRB
28/07/2010 IRB instructs employers to collect outstanding taxes