2022/2023 Business and Tax Information

Click on the link for the latest version of our Business & Tax Information Booklet, updated with the new legislative proposals and measures contained in the 2023 Malaysian Budget, which was re-tabled on 24 February 2023, and the Finance Bill 2023, which was made available for first reading in Parliament on 14 March 2023.

https://www.bakertilly.my/business-and-tax-information...

TaxSnaps_Indirect Tax Highlights

There has been a lot of anticipation and, in some instances, apprehension, recently following announcements made in conjunction with the Budget proposals on Low Value Goods as well as imposition of tax on ‘Luxury Goods’. This TaxSnaps tries to add clarity to some of the proposals, and also touches on the Voluntary Disclosure Programme for Indirect Taxes recently announced.

Read on https://bit.ly/BakerTillyTaxSnaps_27Mar2023

TaxSnaps - 2023 Budget Highlights

The 2023 Budget (superseding the previous Budget announced on 7 October 2022) was announced on 24 February 2023 by the newly formed Government led by Datuk Seri Anwar Ibrahim who is also the Honourable Finance Minister.

Here are some of the notable tax measures

https://bit.ly/BakerTilly2023BudgetHighlights

Encouraging Businesses - COVID-19 Tax Initiatives

Due to the COVID-19 pandemic which affected many businesses, various tax initiatives were announced since last year through multiple Economic Stimulus Packages for the benefit of these businesses. 

Some of these tax initiatives are only applicable for a certain period of time and as such, businesses may want to explore and take immediate action to take advantage of the benefits from these tax initiatives. 

In this connection, let us go through a select few of the tax initiatives that can be of interest to you and your business –

1. Renovation and Refurbishment cost (R&R cost) 

PLAN the renovation of your business premise. Up to RM300,000 of R&R cost is allowed to be deducted against the Company’s adjusted income on certain “specified” R&R costs incurred from 1 March 2020 to 31 December 2021. Please note that under normal circumstances, such R&R cost does not rank for a tax deduction against the Company’s adjusted income. 

“Deadline”: 31.12.2021 

2. Accelerated Capital Allowance 

PLAN the acquisition of your Company’s fixed assets. Claim “accelerated” capital allowance within 2 years of assessment (YAs) in respect of qualifying plant expenditure incurred from 1 March 2020 to 31 December 2021 for the Company’s business purposes. 

“Deadline”: 31.12.2021 

3. Special Reinvestment Allowance 

PLAN your Company’s reinvestment. For manufacturing or agricultural companies which have exhausted their 15 YAs of reinvestment allowance (RA) claim, a “special RA” is given for a period of 3 YAs, i.e. from YAs 2020 to 2022. This special RA is only applicable for qualifying projects on expansion, modernisation, automation or diversification. 

“Deadline”: YA 2022

As we enter the last quarter of 2021, it is still not too late to PLAN your capital expenditures and investments to be aligned with your business objectives and to maximise the tax deductions and incentives available. It is important to note that the above tax deductions and incentives are subject to certain conditions and rules to be complied with under the income tax legislation in order to make a claim. 

Mergers & Acquisitions - A Complimentary Webinar

A 1-hour Virtual Event via Microsoft Teams hosted by Baker Tilly Penang

Friday 20 August 2021
10.30 am - 11.30 am

We will be covering the following key topics in a M&A negotiation:

- IPO vs trade sale
- When and why should one consider a trade sale
- M&A process
- Valuation methodology

Speaker’s profile

Mr Quah Ban Huat is a corporate finance advisor and currently sits on the board of several companies. He advises clients across a wide range of industries including power, construction, hospitality, healthcare, logistics, properties, manufacturing, fintech and financial institutions. Prior to this, Quah has held various key positions at Deutsche Bank, IMC Group, City Gas Pte. Ltd and Rickmers Trust Management Pte. Ltd. Quah is a member of the Institute of Chartered Accountants in England and Wales and a fellow member of the Association of Chartered Certified Accountants.

Reserve your seat here: https://btmhpg.com/webinar.html