6: Jurisdiction to Tax – Introduction
Jurisdiction to Tax – Introduction – PDF 1. Under a country’s tax law, income may be taxed if there is a nexus between that country and the activity that generated the income. According to international practice, the assertion of jurisdiction based on this nexus is called “Source Jurisdiction [Territorial Concept].“ 2. All countries that impose […]
7: Jurisdiction to Tax – Source Jurisdiction
Jurisdiction to Tax – Source Jurisdiction [税收管辖区 – 来源地管辖权] – PDF 1. Source jurisdiction for tax purposes means that a country (let’s assume it’s your country) taxes non-resident individuals and corporations on income generated within that country (i.e., from your country). 2. In principle, this tax regime is aimed at income derived by non-residents from […]
8: Jurisdiction to Tax – Residence Jurisdiction
Jurisdiction to Tax – Residence Jurisdiction [税收管辖区 – 居民管辖权] – PDF 1. Resident jurisdiction involves taxing the foreign-source income (of course, also including your country itself) of individuals and corporations resident in your country, which means taxing the taxpayer’s worldwide income. 2. This includes the income derived by residents from the sale (or provision for […]
Employees Who Resign Without Notice
Resigning Without Notice: Understanding the Implications and Payment Obligations In employment, situations may arise where an employee feels compelled to resign without serving the contractual notice period or, in some cases, leaves abruptly without providing any notice. Such circumstances can be complex, both for the employee and the employer, and it is essential to comprehend […]
LHDN: Media Statement – Special Program For Revenue Saved Abroad
Special Program For Revenue Saved Abroad 9
Unabsorbed Losses extended to a Maximum Period of 10 consecutive Years of Assessment
Budget 2022 Highlights – Review of Tax Treatment on Unabsorbed Losses – PDF 1. The Budget 2022 was tabled in Parliament on 29 October 2021, It is proposed that: 👉 the current unabsorbed business losses that can be carried forward from the year of assessment 2019 onwards be extended from a maximum period of 7 […]
LHDN : Income Tax (Special Treatment for Bank or Development Financial Institution
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Cost of Detection Test of COVID-19 for Employees: Double Deduction
1. Under these Rules: 👉 Employer costs incurred between January 1, 2021, and December 31, 2021, will now be eligible for a further deduction. 👉 This means that a double deduction will be allowed for expenses incurred by an employer in a Covid-19 Detection Test carried out on its employee. The IRBM’s Response The Inland […]
Guidelines on Company Limited by Guarantee
1. The Companies Commission of Malaysia (‘CCM’) issued a set of new Guidelines on Company Limited by Guarantee on September 27, 2021, which went into effect on the same day. 2. A company limited by guarantee (CLBG) is defined under the CA 2016 as a public business formed with its members’ primary liability restricted by […]
No More Exemption on Foreign Sourced Income Remitted to Malaysia
1. No more Exemption on Foreign Sourced Income remitted to Malaysia! 2. This is undoubtedly a contentious subject, as many taxpayers were taken aback by the move in Budget 2022 to tax foreign-sourced income received by Malaysian individuals and corporate residents. 3. Any taxes paid outside of Malaysia on the foreign income remitted can be […]
