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