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.