May this Year of the Ox bring you Health, Happiness and Prosperity!
Wednesday, 3 February 2021
One of the tax measures introduced under the Short-Term Economic Recovery Plan (“PENJANA”) was the Special tax deduction for renovation and refurbishment of business premises, which has recently been gazette under P. U. (A) 381.
These Rules have the effect from the year of assessment 2020.
Criteria for claiming the special deduction are as follows:-
- The cost of renovation and refurbishment must be incurred for business premise
- The cost is to be incurred from 1 Mar 2020 until 31 Dec 2021 (Qualifying period)
- Subject to maximum of RM300,000 for the entire qualifying period
- The cost which is entitled for the deduction is specified in the First Schedule of the Gazette Order, as follows:-
- It shall not include the cost specified in the Second Schedule, as follows:-
- The special tax deduction does not apply where capital allowance or allowable expense under S33(1) ITA 1967 has been claimed in relation to the cost of renovation and refurbishment.
Wednesday, 20 January 2021
The Prime Minister announced the PERMAI Assistance Package valued at RM15 billion on 18 January 2021. A total of 22 initiatives will be implemented under the PERMAI Assistance Package, anchoring on three main objectives as follows –
Sunday, 8 November 2020
The COVID-19 pandemic heralded a significant increase in spending on tackling the crisis, making the newly tabled 2021 Budget the biggest allocated budget in Malaysian history. It is expected to help the nation’s economy get back on track.
Click on the following image to download our latest publication, 2021 Budget Highlights, which gives you a snapshot of the tax proposals introduced in the Budget.