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.

Tax Watch May - June 2012

1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
2. IRB receives 1.89 Million Forms via E-filing
3. Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Expert Programme) Rules 2012 P.U. (A) 151 of 2012; 24 May 2012
4. Draft GST Registration Guide released
5. Budget 2013 to be tabled on Sept 28
6. CP58 annoucement - The retrospective effect of the law has caused difficulties to many companies as their information systems may not have such information in the year 2011. The appeal has been raised by tax agents and associations representing agents, dealers or distributors . IRB has considered the appeal and a concession is given whereby CP58 does not have to be issued for the year 2011 (January 2011 – December 2011) if the payer company has issued annual statements or any other statements to their agents, dealers or distributors where value of both monetary and non-monetary incentives for that year have been stated.
7. Tax Credit Repayment for Defunct Company by the Registrar
8. Technical guidelines issued: Deduction under section 34(6)(m) and 34(6)(ma); and tax treatment for management corporation and joint management bodies.
9. IRB releases Public Ruling on Deduction for Loss of Cash and Treatment of Recoveries
10. Certification Bodies under Sub-paragraph 34(6)(ma) of Income Tax Act
11. IRB Notification: Organizational e-Filing (OeF) System
12. IRB releases Public Ruling on Clubs, Associations or Similar Institutions
13. The Inland Revenue Board is empowered to take criminal action against those who evade taxes.
14. IRB releases Code of Ethics for Tax Agents
15. Deadline to submit December 2011 year end tax return form C and R is 31 July 2012 and January 2012 year end tax return form C and R is 31 August  2012

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