Tuesday, 4 September 2012

Tax Watch July - August 2012




  1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
  2. Voluntary Private Retirement Schemes established
  3. MIDA Guidelines: Tax Incentives for Merger of Small Malaysian Service Providers
  4. IRB RSS Feed introduced
  5. New Transfer Pricing Guidelines and Advance Pricing Arrangement Guidelines
  6. E-Lejar closed for maintenance from 28 August 2012 to 11 September 2012
  7. Heavy Penalty for Tax Offenders under AMLATFA
  8. Compensation of 2% for taxpayers who get delayed reimbursement
  9. Deadline to submit February 2012 year end tax return form C and R is 30 September 2012 and March 2012 year end tax return form C and R is 31 October  2012

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Tax Watch May - June 2012




  1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
  2. IRB receives 1.89 Million Forms via E-filing
  3. Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Expert Programme) Rules 2012 P.U. (A) 151 of 2012; 24 May 2012
  4. Draft GST Registration Guide released
  5. Budget 2013 to be tabled on Sept 28
  6. CP58 annoucement - The retrospective effect of the law has caused difficulties to many companies as their information systems may not have such information in the year 2011. The appeal has been raised by tax agents and associations representing agents, dealers or distributors . IRB has considered the appeal and a concession is given whereby CP58 does not have to be issued for the year 2011 (January 2011 – December 2011) if the payer company has issued annual statements or any other statements to their agents, dealers or distributors where value of both monetary and non-monetary incentives for that year have been stated.
  7. Tax Credit Repayment for Defunct Company by the Registrar
  8. Technical guidelines issued: Deduction under section 34(6)(m) and 34(6)(ma); and tax treatment for management corporation and joint management bodies.
  9. IRB releases Public Ruling on Deduction for Loss of Cash and Treatment of Recoveries
  10. Certification Bodies under Sub-paragraph 34(6)(ma) of Income Tax Act
  11. IRB Notification: Organizational e-Filing (OeF) System
  12. IRB releases Public Ruling on Clubs, Associations or Similar Institutions
  13. The Inland Revenue Board is empowered to take criminal action against those who evade taxes.
  14. IRB releases Code of Ethics for Tax Agents
  15. Deadline to submit December 2011 year end tax return form C and R is 31 July 2012 and January 2012 year end tax return form C and R is 31 August  2012

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Thursday, 24 May 2012

Tax Watch Mar-Apr 2012



  1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
  2. Customs Department targets to collect RM32 Billion in Indirect Taxes
  3. Income Tax (Deduction for Expenditure on Franchise Fee) Rules 2012 -  ascertaining the adjusted income of a qualified person from his business for the basis period for a year of assessment, there shall be allowed as deduction the expenditure incurred on the franchise fee paid to the franchisor for his franchise business prior to the commencement of that business.
  4. Tax Refunds in 30 Days, says IRB
  5. New business codes released
  6. Instructions on the submission of Individual Income Tax Return Form for residents who do not do business (BE) using a mobile device - https://mfiling.hasil.gov.my/
  7. Incomplete income tax return forms will be rejected and considered late, says IRB
  8. IRB aims RM110bil in Taxes this Year
  9.  Inland Revenue Board and Employees Provident Fund  warned the public against unscrupulous parties posing as agency officers.
  10. SC issues Guidelines on Private Retirement Schemes
  11. IRB clarifies section 83A for the issuance of CP58
  12. Second reading of GST Bill postponed
  13. Tax rebate for those who pays Zakat -  Zakat is compulsory only for Muslims. Therefore, non-Muslims cannot claim rebate.
  14. Income Tax (Deduction for Promotion of International or Private School) Rules 2012 - ascertaining the adjusted income of an international or private school from its business for the basis period for a year of assessment, there shall be allowed as a deduction any specified outgoings and expenses which were incurred by that school, during that basis period, with respect to that business, and principally for the purpose of promoting its international or private school operated and located in Malaysia.
  15. 2 Public Rulings issued: Appeal agaist an assessment and Tax Treaty Relief for Foreign Nationals Working in Malaysia
  16. Income Tax (Advance Pricing Arrangement) Rules 2012 
  17. Income Tax (Deduction of Expenditure incurred for the Provision of an Approved Internship Programme) Rules 2012
  18. Deadline to submit October 2011 year end tax return form C and R is 31 May 2012 and November 2011 year end tax return form C and R is 31 June 2012

Sunday, 4 March 2012

Tax Watch Jan - Feb 2012


  1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
  2. Full stamp duty exemption be given on loan agreements for the purchase of residential properties priced up to RM300,000 under the PR1MA Scheme
  3. RPGT rates on the gains from the disposal of properties commencing from 1 January 2012 reviewed. RPGT of 10% on gains on disposal for disposals within 2 years, 5% for disposals between 2 to 5 years and 0% for disposals after 5 years.
  4. Expenses incurred by companies in participating in career fairs abroad that are endorsed by Talent Corporation Malaysia Berhad (TalentCorp) be given double deduction effective from year of assessment 2012 until 2016.
  5. Public Ruling No.1/2012 on Compensation for Loss of Employment
  6. Finance Act 2012 (Act 742) Gazetted on 9 February 2012.
  7. Limited Liability Partnerships Act 2012 was gazetted on 9 February 2012..
  8. Providers of industrial design services be given pioneer status with income tax exemption of 70% of statutory income for 5 years provided the company has fulfilled the stipulated criteria, including registration by the industrial design providers and the Malaysian designers with the Malaysian Design Council.
  9. Form CP58 [2011]–Statement of Monetary And Non-Monetary Incentive Payment to An Agent, Dealer or Distributor Pursuant to Section 83A of the Income Tax Act, (ITA) 1967
  10. IRB issued Filing Programme For Income Tax Return Forms (ITRF) In The Year 2012
  11. Cyberjaya Revenue Service Centre Begins Operations
  12. IRB issues CP500 - Notice of Instalment Payment for Year of Assessment 2012. Please remember to pay before Mar, May, Jul, Sept, Nov 2012 and Jan 2013 to avoid penalties. Submit revision by 30 June 2012
  13. E-filing for year of assessment 2011 now ready.
  14. IRB collected RM109.674bil last year. 26% increase.
  15. Submission of Income Tax Return Through Mobile Devices (m-filing)
  16. Now Hiring - Professional Associates / Semi / Senior -  Business Process Outsourcing division covering accounting, payroll and tax. Prefer Finance or Accountancy qualification. Audit and Co. Secretarial positions available. 
  17. Deadline to submit August 2011 tax return form C and R is 31 March 2012.

Tax News Round-up Nov - Dec 2011



Seasons' Greeting and a Happy New Year
  1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
  2. IRB Headquarters in Cyberjaya fully operational
  3. IRB Public Ruling No. 8/2011 on Tax Treatment of employment income derived by foreign nationals working in Malaysia,  Public Ruling No. 9/2011 on tax treatment of a co-operative society registered in Malaysia, Public Ruling No. 10/2011 on Gratuity, Public Ruling No.11/2011: Bilateral Credit and Unilateral Credit, Public Ruling No.12/2011: Tax Exemption on Employment Income of Non-Citizen Individuals Working for Certain Companies in Malaysia
  4. Exemption on service tax effective 1 January 2012 under section 6 of the Service Tax Act 1975 on certain services provided in Free Zones, Duty Free Islands and Joint Development Area
  5. Income Tax (Deduction for Implementation of RosettaNet) Rules 2004 revoked
  6. Controversial discretionary powers to the Inland Revenue Board (IRB) have been deleted from Budget 2012 proposal.
  7. IRB collected RM98 billion this year
  8. Deadline to submit June 2011 tax return form C and R is 31 January 2012.