MOF – Media Release – Scope of Tax Exemption for Logistics Services Sector is Expanded to Reduce the Impact of Cascading Tax Effect
During the closing speech of the Royal Address in the Dewan Rakyat on 11 March 2024, YB Senator Datuk Seri Amir Hamzah, the Second Finance Minister, announced that the Ministry of Finance (MOF) will enhance the scope of service tax exemptions for the logistics sector to reduce the impact of double taxation. As announced in […]
PR No. 1/2024 – Investment Tax Allowance – Promoted Product Under The Manufacturing Sector dated 24 January 2024
This Public Ruling issued by the Inland Revenue Board of Malaysia (IRBM) provides guidance on the investment tax allowance available to companies participating in manufacturing promoted products in Malaysia. It covers the ITA for promoted products under the general list, high technology companies, small scale companies, selected industries, and for reinvestment. The ruling explains the […]
Guidelines on Exemption From Registration under the Sales Tax Act 2018 dated 5 February2024 (in Bahasa Malaysia)
This guideline, published by the Royal Malaysian Customs Department on 5 February 2024, provides guidance on exemptions from registration under the Sales Tax Act 2018. It aims to assist industries in identifying manufacturing operations that are exempt from registration as provided under subsection 20(1) of the Sales Tax Act 2018. Most important content: 1. Subsection […]
Free Zone in Malaysia
Introduction 1. Free zones are established to provide exemptions from customs duties, excise duties, and sales tax on goods brought into, taken out of, or produced within a free zone, aimed at promoting export-oriented manufacturing activities and trading activities such as trading, bulk breaking, grading, repacking, and relabeling. 2. Referring to Section 2 of the […]