Income Tax (Exemption) Order 2024
This Income Tax (Exemption) Order 2024 [P.U. (A) 37/2024] was made under paragraph 127(3)(b) of the Income Tax Act 1967. The Order provides tax exemptions for IDR-status companies carrying out qualifying activities in approved nodes within the Iskandar Development Region. The Order defines key terms such as “IDR status company”, “qualifying activity”, and “qualifying capital […]
How is a company’s annual turnover pro-rated when changing its financial year-end for e-invoice implementation purposes?
When a company changes its financial year-end, the annual turnover or revenue is pro-rated to a 12-month period for the purposes of determining the e-Invoice implementation date. This means that if the company’s financial year does not align with a standard 12-month period due to the change, the turnover or revenue will be adjusted to […]
How does the prohibition on consolidating transactions into a single e-invoice impact hardware shop that sell construction materials?
According to the e-Invoice Guideline, currently, the activities or transactions of industries where an e-invoice is required to be issued for each transaction include wholesalers and retailers of construction materials. Hence, the prohibition on issuing consolidated e-invoices includes hardware shops that sell construction materials such as PVC pipes, metals, nails, bolts, and similar items. According […]
