Global Anti-Base Erosion” (GloBE) Rules: Are you Pillar Two Ready?
What is Pillar Two? Pillar Two, also known as the “Global Anti-Base Erosion” (GloBE) Rules, is a component of the ongoing international tax reform efforts led by the Organisation for Economic Cooperation and Development (OECD) and the G20 countries. It is part of the Base Erosion and Profit Shifting (BEPS) project aimed at addressing tax […]
Additional Tax Deductions under Budget 2023: Gifts and Contributions
The following are allowed to be deducted from the aggregate income of a person for the relevant year of assessment. (*) Effective from YA 2009, such deductions shall not exceed the difference between 10% of the aggregate income and the amount deducted under s 44(6)[This restriction applies to only donations made to approved institutions or […]
CTIM, LHDNM & MOF: Joint Memorandum on Issues Arising from 2022 Budget Speech
The Budget 2022 was presented in Parliament on 29 October 2021. The following summary is extracted from a dialogue between the Ministry of Finance (MOF), the Malaysian Inland Revenue Board (IRBM/LHDNM) and professional organisations on 21 June 2023 on some key issues to be followed up in the Budget 2022 presentation. This can be regarded […]
Redefinition of ‘Plant’ for the Purpose of Capital Allowances
Plant is currently defined in Paragraph 70A, Schedule 3 of the Income Tax Act 1967 as follows: “An apparatus used by a person for carrying on his business but does not include a building, an intangible asset, or any asset used and that functions as a place within which a business is carried on.” Finance […]
Budget 2023: Redefinition of ‘Micro, Small and Medium Enterprise (“MSME”)’
Small and medium-sized enterprises (SMEs) are integral to the Malaysian economy as they contribute 38% or more than RM500bil to our gross domestic product (GDP). There were altogether 1,226,494 MSMEs in 2021 which accounts for 97.4% of overall establishments in Malaysia. Today we are pleased to inform you of an important update regarding the redefinition […]
Additional tax relief is available for Voluntary Contributions made to the EPF
The EPF strives to grow their members’ retirement savings while continuously developing a wide range of products and services to support their journey towards a comfortable retirement. Individuals who are employed, self-employed or business owners can opt to contribute based on their own requirements. As a member, you are eligible not only to enjoy annual […]
