2022/2023 Business and Tax Information

Click on the link for the latest version of our Business & Tax Information Booklet, updated with the new legislative proposals and measures contained in the 2023 Malaysian Budget, which was re-tabled on 24 February 2023, and the Finance Bill 2023, which was made available for first reading in Parliament on 14 March 2023.

https://www.bakertilly.my/business-and-tax-information...

Special Voluntary Disclosure Program

Special Voluntary Disclosure Program (SVDP) is part of the government's efforts to encourage voluntary disclosure of their under-reported taxes until year of assessment 2017. Taxpayers who come forward voluntarily by 31 March 2019 to disclosed their under declared income will have their penalty reduced to 10%. Penalty will increase to 15% if submitted by 30 June 2019. Initially, this program was meant for taxpayers who have under-declared their income until year of assessment 2017. However, the Inland Revenue Board announced  (announcement in Bahasa Malaysia) that companies with year ended until 31 March 2018 are eligible for this program.


Links: 

Operation Guidelines: http://lampiran1.hasil.gov.my/pdf/pdfam/GO_012018_02.pdf

FAQ: http://lampiran1.hasil.gov.my/pdf/pdfam/FAQ_VD_BI.pdf

Announcements

1: http://lampiran1.hasil.gov.my/pdf/pdfam/MediaLHDNM_21032019_PEMBAYAR_CUKAI_SYKT_GAGAL_KEMUKA_BNCP_TT2018_LAYAK_PKPS.pdf

2. http://lampiran2.hasil.gov.my/pdf/pdfam/MediaLHDNM_27032019_PKPS_TURUT_LAYAK_BAGI_SYKT_YANG_TELAH_KEMUKA_BNCP_TT_2018.pdf

SST Orders and Proposed Regulations

SST Orders and Proposed Regulations

Proposed Sales Tax Rates

Proposed Sales Tax Rates Guide

Transitional Rules

https://mysst.customs.gov.my/SpecificGuides

NO	LIST OF SALES & SERVICE TAX SPECIFIC GUIDES	DATE OF UPDATE
1.	Customs Ruling	26/08/2018
2.	Sales Tax Registration	25/08/2018
3.	Service Tax Registration	25/08/2018
4.	Transitional Rules	24/08/2018

SST Latest Announcements

SST Latest Announcements

https://mysst.customs.gov.my/Highlights

[ 24/08/2018 ] - Proposed Subsidiary Legislation and various Industry Guides now Available at Legislation and Industry Guides tabs More >

[ 23/08/2018 ] - Application for exemption under Schedule C, Item 1 and 2 More >
[ 22/08/2018 ] - LIST OF PROPOSED TAXABLE SERVICES More >
[ 20/08/2018 ] - PROGRAM HAND-HOLDING ANJURAN JKDM JOHOR (JOHOR BAHRU) More >
[ 16/08/2018 ] - GETTING READY FOR SALES TAX EXEMPTION APPLICATION More >

Loan or Advances to Director by A Company

Public Ruling No. 8 /2015

Inland Revenue Board of Malaysia

30 November 2015

Source: http://www.hasil.gov.my/pdf/pdfam/LOAN_OR_ADVANCES_TO_DIRECTOR.pdf

CONTENTS

1. Objective

2. Relevant Provisions of the Law

3. Interpretation

4. Tax Treatment

Budget 2016

Budget 2016 Highlights

Finance Bill, 2016

Budget Speech and Summary

What is deductible from rental income?

Expenses incurred wholly and exclusive in the production of gross income are allowable for deduction. Here are the exact wordings of section 33(1) of the Income Tax Act, 1967:

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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