Practice Note No. 2/2023 – Explanation of Tax Treatment on Political Parties and Politicians
The Inland Revenue Board of Malaysia (HASiL) has issued Practice Note No. 2/2023 dated 27 June 2023. This Practice Note explains the following: The definitions of political parties and politicians are not explicitly stated in the Income Tax Act 1967 (ITA 1967). However, Section 2 of the Societies Act 1966 defines ‘political party’ as follows: […]
Technical Guidelines on Tax Treatment of R&D Expenditure for Special Assets under PITA 1967
Petroleum income tax is a tax imposed on the Chargeable Person on gains or profits derived from upstream petroleum operations pursuant to section 3 of the Petroleum (Income Tax) Act 1967 (PITA). The petroleum operations definition for this guideline is referred to the interpretation in subsection 2(1) PITA. Research and development expenditure (R&D) for the […]
Technical Guidelines on Tax Treatment of Lease Expenses for Special Assets under PITA 1967
The petroleum industry in Malaysia contributes to the country’s revenue. The Petroleum Development Act 1974 (PDA) granted PETRONAS exclusive petroleum exploration and exploitation rights in Malaysia. PETRONAS regulates petroleum operations, including awarding Production Sharing Contracts (PSC) for exploration. Field Development Plans (FDP) for petroleum agreements require PETRONAS approval. Floating Production Systems (FPS), Floating Production Storage […]
Notice of the Termination of Adhesive Stamps (Revenue Stamps) at LHDNM Stamp Counters
The Inland Revenue Board of Malaysia (HASiL) issued a letter to the Chartered Tax Institute Of Malaysia dated 27 July 2023 that the use of adhesive stamps (Revenue Stamps) at HASiL’s Stamp Duty Counter and the District Stamp Offices is to be terminated effective from 1 January 2024. Reference:- Disclaimer: The articles, templates, and other […]
Announcement Regarding the Closure of Group Electronic Form Submission (e-BaS) via TaeF
The Inland Revenue Board of Malaysia (HASiL) issued a letter to CTIM and other professional groups on August 3, 2023, about the Notice of Closure of Uploading of e-Form Submission in Batches (e-BaS facility) through TAeF. Reference:- Disclaimer: The articles, templates, and other materials on our website are provided only for your reference. While we […]
Invitation for Public Consultation on Draft Public Ruling – Tax Treatment On SPV Companies
The Inland Revenue Board of Malaysia (HASiL) has uploaded the Draft PR on Tax Treatment On Companies That Established Special Purpose Vehicles For The Issuance Of SUKUK – Section 60I Income Tax Act 1967 on its website for the public’s comments/feedback before finalising the PR: The objective of the Public Ruling (PR) is to clarify […]
HASiL Media Release – Encouraging The Use Of e-WHT For WHT Payment
In a press release dated 30 August 2023, the Inland Revenue Board of Malaysia (IRBM) wishes to announce that, to facilitate the payment of the Withholding Tax on its website, the electronic Withholding Tax form (e-WHT) was introduced starting January 1, 2023. e-WHT is one of the compulsory e-tax services that must be used online, […]
Tax Relief Measures Amid Travel Restrictions: IRBM’s Offer
The Inland Revenue Board of Malaysia (IRBM) would like to inform taxpayers that they may apply for instalment payments of outstanding amounts of Income Tax (CP) and Real Property Gains Tax (CKHT) for recent years without incurring any tax increment. This application can be made from June 6, 2023, until May 31, 2024, throughout the […]
Stamp Duty (Remission) (No. 3) Order 2023
In accordance with the power vested by subsection 80(2) of the Stamp Act 1949 [Act 378], the Minister has issued Stamp Duty (Remission) (No. 3) Order 2023 [P.U (A) 208/2023]. Under this Order, the Minister hereby grants remission for stamp duty, as specified in sub-subitem 31(a) of the First Schedule to the Act, in excess […]
MOF’s Response to CTIM on Foreign-Source Income Exemption Conditions for Dividends
With the release of revised technical guidelines on December 29, 2022, and a media release (only in Bahasa Malaysia) on December 30, 2022, the Inland Revenue Board (IRB) of Malaysia added a new requirement (an economic substance requirement) to qualify for the tax exemption for foreign-source dividend income received in Malaysia by qualifying persons. This […]
