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.