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.