Public Ruling No. 4/2022: Recovery From Persons Leaving Malaysia
Finance Act 2019 As a result of the Finance Act 2019, the scope of the stoppage order was expanded to include the increase of taxes in situations in which the company has failed to submit an estimate of the amount of tax that is payable under Section 107C(10A) of the Income Tax Act 1967. This […]
Withholding Tax Forms for Small Value Withholding Payments: Form CP37DS & Form CP37S
From August 1, 2022, the payer has the option of deferring the payment of small-value WHT [*] rather than remitting the WHT deducted to the IRB within one month after the payment to a non-resident has been paid or credited. WHT: Small-value WHT It refers to WHT that does not exceed RM500 per transaction. A […]
Postponement of the Implementation of Sales Tax on Low-Value Goods
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 the Implementation of Excise Duty on Premix Preparation Beverages
The application of excise duty on premix preparations was initially announced on 29 October 2021 during Malaysia’s Budget 2022. This excise duty is an enlargement of the excise duty imposed on ready-to-drink sugar-sweetened beverages on 1 July 2019, when it first went into effect. The Royal Malaysian Customs Department (RMCD) published an announcement on March […]
Excise (Amendment) Regulations 2022
IN exercise of the powers conferred by section 85 of the Excise Act 1976 [Act 176], the Minister makes Excise (Amendment) Regulations 2022, which was gazetted on October 18, 2022. These Regulations come into operation on 1 November 2022. The Excise Regulations 1977 [P.U. (A) 161/1977] are amended in the Third Schedule, in relation to […]
MOF’s Responses concerning the Application for Renewal of s.153 Tax Agent Licence
Refer to “Panduan bagi permohonan Kelulusan Ejen Cukai” (Guideline for Application for Approval as a Tax Agent) issued by the Ministry of Finance (MOF); applicants must meet the following requirements to renew their tax agent licence: Tax agents aged 60 and above are eligible for a 50% exemption from the CPD/CPE credit hour requirement for […]
Tax Treatment for Labuan Entities with Dormant Status
The Inland Revenue Board of Malaysia (IRBM) has published Guidelines on Tax Treatment for Labuan Entities with Dormant Status (“the Guidelines”) dated October 20, 2022, which will take effect in YA 2020. The Labuan Investment Committee Pronouncements 1-2019 and 2-2019 concerning the compliance with substantial activities requirements and audited accounts by dormant companies for the […]
