Friday, 17 September 2021

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. 

Thursday, 12 August 2021

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

Tuesday, 29 June 2021

PEMULIH ("PAKEJ PERLINDUNGAN RAKYAT DAN PEMULIHAN EKONOMI") STIMULUS PACKAGE

Yesterday, the PM announced the PEMULIH Stimulus Package, which entails a range of financial assistance for various sectors of the Public. Have a look at our Tax Update for more information:





Monday, 28 June 2021

Tax Updates - Extension of Time for Tax Filing And Tax Payments

Due to the implementation of the ongoing Full Movement Control Order (“FMCO”), the Inland Revenue Board Malaysia (“IRBM”) has updated the 2021 Return Form Filing Programme <click here> on 26 June 2021. A 2-month grace period has been given for the submission of the tax returns for the following group of taxpayers :-

 For the submission of Forms B, P, BT, M, MT, TF, TP and TJ (individuals, partnerships, associations, deceased persons’ estate and Hindu Joint Families who carry on business) as well as for the payment of balance of tax payable (if any) for year of assessment (“YA”) 2020 –


 For the submission of Forms C, C1, PT, TC, TA, TR and TN (companies, cooperative societies, limited liability partnerships and trust bodies) as well as for the payment of balance of tax payable (if any) for the accounting periods ending 1 October 2020 to 31 January 2021 –



Note: For submission of Form CPE, a 2-month grace period is also given to Petroleum companies with accounting period ending from 1 October 2020 to 31 January 2021.

Further updates will follow as and when they are made available.



Wednesday, 2 June 2021

PEMERKASA PLUS

On Monday, the Prime Minister announced the PEMERKASA Plus Stimulus Package valued at RM40 billion. 

Please click on the image below for the highlights.