IRBM’s Response to CTIM’s Transfer Pricing Issues
CTIM’s transfer pricing issues have received a response from the Inland Revenue Board of Malaysia (IRBM), which was provided on February 15, 2022. The following is a response from the IRBM to the points that CTIM made: 1. On the threshold for preparation of transfer pricing (“TP”) documentation IRBM acknowledges the need to revise the […]
Budget 2023
Latest Update: The tabling of the 2023 Budget will take place on Oct 7, instead of Oct 28, as previously scheduled According to information that can be found on the website of the Parliament [https://www.parlimen.gov.my/takwim-dewan-rakyat.html?&uweb=dr&id=3&ssid=5&lang=bm], the presentation of the Budget 2023 will take place on Friday, October 28, 2022. The Ministry of Finance (MOF) has […]
MOF – TERAS 2.0 for the Application and Renewal of Tax Agent Licence
In order to facilitate the application for and renewal of income tax agent licences, the MyCukai Single Sign On (SSO) has been upgraded to the TERAS 2.0 (“Treasury Authentication System 2.0”) authentication system. In order to continue with the process of renewing their income tax agent licences, users of MyCukai are needed to first register […]
PR No. 1/2020 – Application for Review
On July 29, 2020, the RMCD published two new public rulings in the national language on review applications and drawback facilities on imported goods that are subsequently re-exported. Both of these rulings came into effect on that date. Amendments to the Public Ruling No. 1/2020 An amended version of the Public Ruling No. 1/2020 was issued on […]
The latest updates and issues in claiming RA for Manufacturing Activities
The Reinvestment Allowance (RA) is an incentive provided to Malaysian resident companies involved in the manufacturing industry and specified agriculture sector. The purpose of this incentive is to encourage these companies to reinvest and grow their companies. Eligibility to Claim Reinvestment Allowance For these companies to be eligible for the RA incentive, they must have […]
