Amendment to Section 44(7A): Expanded Business Allocation for Charitable Entities
Section 44(7) reads as follows: In subsection (6)— “fund” means a fund administered and augmented by an institution or organization in Malaysia for the sole purpose of carrying out the objectives for which the fund is established or held and that fund is not established or held primarily for profit; “institution” means an institution in […]
New Section 15C of ITA: Tax of Disposal Gains from Foreign Companies with Malaysian Real Property
Overview: The Income Tax Act 1967 is amended by inserting a new Section 15C after Section 15B. The introduction of the new provision, Section 15C, in the Income Tax Act marks a significant development in the taxation landscape in Malaysia. This section specifically addresses the taxation of gains or profits arising from the disposal of […]
Amendment to Section 4B of the ITA 1967 – Extension of the Scope of the Non-Business Income
Amendment to Section 4B of the ITA 1967 – Extension of the Scope of the Non-Business Income Overview: The proposed amendment to Section 4B of Act 53 introduces a significant change by completely substituting for Section 4B. The amendment aims to clarify gains or profits derived from a business by explicitly excluding certain income types. […]
Budget 2024: Further Tax Deduction For Voluntary Carbon Market (VCM)
A Certified Emissions Reduction, also known as CER, is a certificate issued by the United Nations to member nations for preventing one tonne of carbon dioxide emissions. These are usually issued to member states for projects achieving greenhouse gas reductions using Clean Development Mechanisms (CDM). CDMs allow these projects to occur and set a baseline […]
