Income Tax (Deduction for Training Costs Under National Dual Training System) Rules 2021
1. NDTS is the acronym for the National Dual Training System. ‘Dual’ means training in two learning situations, namely: 👉 The actual workplace (company) that covers 70% to 80% practical training (performance) and; 👉 Training Centre which covers 20% to 30% of theory (knowledge). 2. IN exercise of the powers conferred by paragraph 154(1)(b) read […]
Stamp Duty (Exemption) (No. 14) Order 2021: High Tech Facility
The Minister exempts the instrument of loan or financing agreement executed between a participating financial institution and small and medium enterprises for the High Tech Facility – National Investment Aspirations approved under Bank Negara Malaysia’s Fund for small and medium enterprises from stamp duty. P.U. (A) 387 – Stamp Duty (Exemption) (No. 14) Order 2021 […]
Stamp Duty (Exemption) (No. 13) Order 2021: Targeted Relief and Recovery Facility
The Minister exempts the instrument of loan or financing arrangement executed between Bank Negara Malaysia with a participating financial institution for the Targeted Relief and Recovery Facility approved under Bank Negara Malaysia’s Fund for small and medium enterprises from stamp duty. P.U. (A) 386 – Stamp Duty (Exemption) (No. 13) Order 2021 – As at […]
Stamp Duty (Exemption) (No. 12) Order 2021: Targeted Relief and Recovery Facility
The Minister exempts the instrument of loan or financing arrangement executed between a participating financial institution and small and medium enterprises for the Targeted Relief and Recovery Facility approved under Bank Negara Malaysia’s Fund for small and medium enterprises from stamp duty. P.U. (A) 385 – Stamp Duty (Exemption) (No. 12) Order 2021 – As […]
Audit Framework For Employer: Effective from October 1, 2021
1. The Audit Framework for Employer was released by Lembaga Hasil Dalam Negeri (LHDNM) on October 1, 2021, and went into effect on October 1, 2021. 2. This Framework lays forth the rights and duties of audit officers, employers, and tax agents, with the goal of ensuring that employer audits are carried out fairly, openly, […]
Accelerated Capital Allowance (ACA) for the purchase of Machinery and Equipment
Accelerated capital allowance (ACA) for the purchase of Machinery and Equipment – PDF 1. It was proposed in the 2020 Economic Stimulus Package, announced on February 27, 2020, that accelerated capital allowance (ACA), comprised of a 20% initial allowance and a 40% annual allowance, be given on qualifying capital expenditure on machinery and equipment (including […]
Income Tax Treatment of Interest expense incurred during the Moratorium Period
Income Tax Treatment of Interest expense incurred by SMEs and individuals during the Moratorium Period – PDF 1. According to S.33(4) of the ITA 1967: “For the purposes of paragraph (1)(a) and subsection (2), where any sum payable for a basis period for a year of assessment is not due to be paid in that […]
Income Tax Treatment of Wage Subsidy Programmes
1. We would like to remind taxpayers who receive the grant and/or subsidy: 👉 to pay attention to how the grant and/or subsidy are treated 👉 since the Subsidy Wages that employers get under the Wage Subsidy Programs are a kind of government assistance. 2. Taxpayers are exempt from tax under the Income Tax (Exemption) […]
SME Status Certificate issued by SME Corp. Malaysia: Special Tax Deduction
1. On September 8, 2021, the Malaysian government gazetted the following rules: 👉 Income Tax (Special Deduction for Rental Reduction to a Small and Medium Enterprise) Rules 2021 [P.U.(A) 353/2021]; and 👉 Income Tax (Special Deduction for Reduction of Rental to a Tenant Other Than a Small and Medium Enterprise) Rules 2021 [P.U.(A) 354/2021] 2. […]
Updated Guidelines for submission of Estimated Tax Payable (CP 204)
1) The Inland Revenue Board (IRB) has released Operational Guidelines No. 1/2021 (GPO 1-2021) on its website, dated December 22, 2020. 2) The guidelines are captioned “Pengemukaan Anggaran Cukai Yang Kena Dibayar Di Bawah Seksyen 107C Akta Cukai Pendapatan 1967 (ACP)” and are prepared in Bahasa Malaysia. 3) The new 45 pages Guidelines supersede the […]
