Transformative Tax Compliance in the Digital Era: Insights into Malaysia’s New Sections 82B and 82C
Finance (No 2) Bill 2023 proposes new sections 82B and 82C. The current Income Tax Act 1967 is amended by inserting after section 82A the following sections: Duty to provide information and furnish documents for ascertaining chargeable income and tax payable 82B. (1) Where a person has furnished to the Director General a return in […]
Evolution of Record-Keeping: Amendments to Section 82
Section 82 is read as follows:- 82(1) [Records and receipts] Notwithstanding section 82A and subject to this section, every person carrying on a business:- 82(1A) [Where a return is not furnished] Where a person carrying on a business has not furnished a return under section 77(1), 77A(1) or (2) for a year of assessment, that […]
Amendment to S 77B: Understanding Section 77B’s Latest Facets – Impact on Amendment of Tax Return
Section 77B Amendment of Return is read as follows:- 77B(1) Where for a year of assessment a person has furnished a return in accordance with subsection 77(1) or 77A(1), that person may make amendment to such return in an amended return as prescribed by the Director General in respect of the amount of tax or […]
Amendment to S 77A: New Reporting Rules on Capital Asset Disposal – The Impact of Section 77A(1B)
Section 77A(1) is read as follows;- Every company, limited liability partnership, trust body or co-operative society shall for each year of assessment furnish to the Director General a return in the prescribed form within seven months from the date following the close of the accounting period which constitutes the basis period for the year of […]
Evaluating the Impact: Section 61 Amendment on Trust Taxation
Section 61(1) reads as follows: So long as a trust subsists— (a) the trustees for the time being shall be known as the trust body and the trust body shall be treated as a person for the purposes of all the provisions of this Act except Part VIII (other than section 122); (b) for the […]
Amendment to Section 6: Income Tax Rates on Capital Asset Disposals
The proposed amendment to Section 6 of the Income Tax Act represents a significant development in the taxation landscape. Section 6 is a foundational provision governing the chargeability of income tax on the income of any person in Malaysia. The amendment aims to refine and clarify certain aspects of this crucial section, ensuring a more […]
