Special Voluntary Disclosure & Amnesty Program: Phase 2 Payment Deadline Extended
In the speech in 2021, as part of the Malaysian Budget 2022, the Minister of Finance announced that it would introduce a Special Voluntary Disclosure Programme for indirect taxes as part of concerted measures to increase tax revenue for the Malaysian Government. The Royal Malaysian Customs Department (“Customs”) published the guidelines that underpin the aforementioned […]
Calculation of Stamp Duty on Instruments of Transfer of Shares
The Malaysian Treasury, also known as the Ministry of Finance, is in charge of all policies that pertain to taxation. On the other hand, the Inland Revenue Board (IRB) is in charge of the enforcement of the tax laws that concern the key areas: Note that the taxes stated in (ii),(iv),(v) and (viii) above have […]
Breach of Contract of Service and Termination of Employment is 2 Different Things
There is no such thing as statutory termination. G Company v Nationam Union of Plantation Workers Employment Act 1955 Section 15 of the Employment Act 1955 reads: The word “consecutive” has been defined in the Oxford Advanced Learner’s Dictionary of Current English (Fifth Edition) as “coming one after the other without interruption or following continuously”. […]
Domestic Inquiry is not a MUST
Leave cannot be claimed as of Right; the Employer reserves the Discretion to Refuse or Revoke the Leave M Company v. IBS The Claimant contends that The Company contends that Photo: 李馨怡 Reason of the Claimant for absence: Leave Application Procedures Photo: Tahir Khan The claimant was aware of the procedure as he had previously […]
Tax Exemption in relation to Late Life Asset Production Sharing Contract (PSC)
Late Life Asset Production Sharing Contract (PSC) The Late Life Asset (LLA) PSC was adopted by Petronas in 2019 for specific oil and gas fields nearing the end of their productive life with resources of less than 30 MMstb. These PSCs have better terms for Contractors, intending to extend the value of the fields until […]
Accelerated Capital Allowance for Late-Life Assets projects for the Upstream Petroleum Industry
Late Life Asset Production Sharing Contract (PSC) The Late Life Asset (LLA) PSC was adopted by Petronas in 2019 for specific oil and gas fields nearing the end of their productive life with resources of less than 30 MMstb. These PSCs have better terms for Contractors, intending to extend the value of the fields until […]
Petroleum (Income Tax)(Deductions for Employment of Disabled Persons) Rules 1989
Double Tax Deductions for Employment of Disabled Persons IN exercise of the powers conferred by subsection (1) of section 83 of the Petroleum (Income Tax) Act 1967, the Minister makes Petroleum (Income Tax) (Deductions for Employment of Disabled Persons) Rules 1989 [P.U. (A) 391/1989], These Rules shall have effect for the year of assessment 1989 […]
Form C YA 2022: Trade / Brand Name / Intellectual Property in respect of Controlled Transactions
What are Intangible Assets? The very nature of intangibles makes them challenging to define. A physical product may be seen, touched, or pointed to, whereas an intangible product, such as an idea or know-how, does not have any physical properties. According to the definition provided by the OECD, an intangible asset is “anything that is […]
Form C YA 2022: R&D Activities in respect of Controlled Transactions
Recent changes were made to Form C by the Inland Revenue Board in preparation for the YA 2022. One of the most critical changes is for those businesses participating in transfer pricing arrangements. As a result, the disclosure items have been significantly expanded to cover new areas. These new areas include stating the characterisation of your company by reference to […]
Form C YA 2022 – Transfer Pricing Aspects of Business Restructurings
Recent changes were made to Form C by the Inland Revenue Board in preparation for the YA 2022. One of the most critical changes is for those businesses participating in transfer pricing arrangements. As a result, the disclosure items have been significantly expanded to cover new areas. These new areas include stating the characterisation of your company by reference to […]
