IRB issued new public ruling on Accelerated Capital Allowances 4/2013
http://www.hasil.gov.my/goindex.php?kump=5&skum=5&posi=3&unit=1&sequ=1

Tax Watch July - August 2012

1. Join us on Facebook(www.facebook.com/jhtax) and Twitter (@jhtaxplanners) for more recent updates.
2. Voluntary Private Retirement Schemes established
3. MIDA Guidelines: Tax Incentives for Merger of Small Malaysian Service Providers
4. IRB RSS Feed introduced
5. New Transfer Pricing Guidelines and Advance Pricing Arrangement Guidelines
6. E-Lejar closed for maintenance from 28 August 2012 to 11 September 2012
7. Heavy Penalty for Tax Offenders under AMLATFA
8. Compensation of 2% for taxpayers who get delayed reimbursement
9. Deadline to submit February 2012 year end tax return form C and R is 30 September 2012 and March 2012 year end tax return form C and R is 31 October  2012

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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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Tax Incentive for Production of Halal Food

http://mytaxpages.googlepages.com/home22223

To enhance competitiveness of local products in the global market particularly halal products and to encourage new investments in halal food production for the export market and to increase the use of modern and state of the art machinery and equipment in producing high quality halal food that comply with international standards, the following tax incentives are granted to companies:

1. Double deduction

An amount twice the amount of the expenditure, not being capital expenditure, incurred by a company in the relevant period for the purpose of obtaining certification for halal certification, evidence by a certificate issued by a certification body as determined by the Minister:

2. Investment Tax Allowance

Companies producing halal food be given Investment Tax Allowance of 100% of qualifying capital expenditure incurred within a period of 5 years. This allowance can be set-off up to 100% of statutory income in each year of assessment.