2021 Budget Highlights

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.

If you have any enquiries with regards to the above publication, feel free to contact us.

Tax Deduction for GST Payments

Are blocked input taxes allowable for tax deduction?  What about a GST registered person who forgoes his rights to claim input tax credit? These are the two common questions asked.

Finance Bill 2015 seeks to amend section 39 of the Income Tax Act, 1967 by stating:

• that any amount paid or to be paid in respect of goods and services tax by a person is not allowed as a deduction if he is liable to be registered under the Goods and Services Tax Act 2014 and has failed to do so, or if he is entitled under that Act to credit that amount of tax as input tax, and 
• that any amount of output tax paid or to be paid under the Goods and Services Tax Act 2014 which is borne by a person who is registered or liable to be registered under the GST Act is not allowed as deduction under the Income Tax Act.

These amendments have effect for the year of assessment 2015 and subsequent years of assessment.

Budget 2016

Budget 2016 Highlights

Finance Bill, 2016

Budget Speech and Summary

Highlights of the 2014 Budget Proposals

http://bakertillymh.com.my/wp/wp-content/uploads/2013/10/2014_Budget-highlights-Newsletter.pdf

Further Deduction for Minimum Wages

Budget 2014: Difference between the original salary and the minimum wages paid by employer's of SMEs, cooperatives, associations and organisations from 1 Jan 2014 to 31 Dec 2014 be given further deductions.

Malaysia GST Official Site

http://gst.customs.gov.my/

Malaysian Budget 2014

2014 Budget Speech: http://www.hasil.gov.my/pdf/pdfam/bs14.pdf

Appendix: http://www.hasil.gov.my/pdf/pdfam/APPENDICES_2014.pdf