Imposition of Tax on Low Value Goods Sales Tax (Amendment) Bill 2022
The Sales Tax (Amendment) Bill 2022 was passed with a majority voice vote by Dewan Rakyat (House of Representatives) on August 4, 2022. A sales tax would be imposed on low-value goods (LVG) sold by registered sellers or sellers liable to be registered through online platforms and delivered to Malaysia under the terms of the […]
Postponement of Implementation of Service Tax on Goods Delivery Services
Budget 2022’s Proposal During the announcement of the 2022 budget, it was proposed that the scope of application of the Service Tax be expanded to include services related to the delivery of goods, regardless of the status of the service providers (whether licenced or not). However, the delivery of food and beverages and logistic services […]
Tax Corporate Governance Framework introduced
On April 11, 2022, in response to the growing expectation that organisations in Malaysia will implement governance practices that enhance the accountability, transparency, and integrity of the tax system, the Inland Revenue Board of Malaysia (IRBM) published: This Tax Corporate Governance Framework intends to provide an overview of the IRBM’s expectations on the Tax Corporate […]
Amendments to MFRS 17 Insurance Contracts
The IASB has been monitoring the implementation of IFRS 17 Insurance Contracts since it was announced in May 2017. IFRS 17 is one of the largest accounting changes in insurance in the last decade, impacting insurance firms’ entire operating model. During the meeting in October 2018, the Board came up with a list of 25 […]
Amendments to MFRS 112 on deferred tax related to Assets and Liabilities
TIAS 12 Income Taxes When an entity recognises assets or liabilities for the first time, under IAS 12, the entity is exempted from recognising any deferred taxes. There has been a degree of ambiguity regarding the applicability of this exemption to circumstances in which an asset and a liability are simultaneously recognised in the course […]
Amendments to MFRS 101 on classification of Liabilities as Current or Non-Current
On 23 January 2020, the International Accounting Standards Board (often known as the “IASB”) published amendments to paragraphs 69 to 76 of the IAS 1 Presentation of Financial Statements. The amendments clarify: In this context, the Malaysian Accounting Standards Board (commonly known as “MASB”) has decided to implement the same amendments for MFRS 101. Amendments […]
Annual Improvements to MFRS Standards 2018–2020
Annual Improvements provide a mechanism for dealing efficiently with a collection of minor amendments to MFRS Standards. The Annual Improvements to MFRS Standards 2018–2020 covers amendments to: An entity shall apply that amendment for annual reporting periods beginning on or after 1 January 2022. Earlier application is permitted. If an entity applies the amendment for […]
Amendments to MFRS 3 – Reference to the Conceptual Framework
The Accounting Requirements for Business Combinations have not been altered due to the amendments made to MFRS 3 Business Combinations; instead, MFRS 3’s reference to the Conceptual Framework for Financial Reporting has been brought up to date. In addition, the amendments make it clear that contingent assets should not be recognised at the acquisition date. An […]
