Finance Bill 2021
CCS Library – Finance Bill 2021 – PDF 10
Income Tax Exemption for Social Enterprise
1. The Budget 2022 was tabled in Parliament on 29 October 2021, It is proposed that: π tax exemption be given on all income for up to 3 years of assessment subject to the validity period of Social Enterprise Accreditation; and π to establish a Joint Committee on Accreditation comprising Yayasan Hasanah and the Ministry […]
Live – Budget 2022 – Personal Tax Reliefs + The Employment (Amendment) Bill 2021
Budget 2022 – Personal Tax Reliefs + The Employment (Amendment) Bill 2021 – PDF An Act to amend the Employment Act 1955 40
Tax Incentive for Nonresident Individuals Holding Key Positions In Companies
1. On June 5, 2020, the Malaysian government announced the Special Tax Incentive under the Economic Recovery Plan (PENJANA) for manufacturing companies who seek to transfer their operations to Malaysia. 2. Non-Citizen Individuals Holding Key Positions (C-Suite) are taxed at a fixed rate of 15% for 5 years. 3. This tax incentive is limited to […]
Imposition of Cukai Makmur
Budget 2022 Highlights – Imposition of Cukai Makmur – PDF 1. To aid the affected parties, effective from the year of assessment 2022 a one-time special tax is known as Cukai Makmur be placed on companies other than MSMEs that generate substantial profits during the COVID-19 pandemic period, It is proposed that: π The first […]
Tax Incentives for Global Trading Centre
1. To improve and simplify tax incentives for trading activities, a new tax incentive in the form of a GTC with a concessionary tax rate of 10% for up to 10 years was suggested in Budget 2021. (made up of an initial five years, extendable for a further five years). 2. In light of the […]
Capital Market Masterplan 3: A Strategic Framework for Malaysia’s Capital Market Growth
Capital Market Masterplan 3 (βCMP3β) – Reference 1. The Securities Commission Malaysia (SC) announced the release of the third Capital Market Masterplan (CMP3), which will serve as a strategic framework for Malaysia’s capital market growth over the next five years on 21 September 2021. 2. The capital market is critical in assisting the economy’s structural […]
Incentive for Manufacturers of Pharmaceutical Products Including Vaccines
1. The following incentives were proposed in Budget 2021 to attract pharmaceutical product manufacturers (including vaccines) to invest in Malaysia : π For the first 10 years, the tax rate will range from 0% to 10%. π For the following 10 years, the tax rate will be 10%. 2. Following the aforesaid suggestion, the MIDA […]
Statement on a Two-Pillar Solution to Address the Tax Challenges – Digitalisation of the Economy
1. On October 8, 2021, the BEPS Inclusive Framework released its latest statement announcing the latest developments in the two-pillar taxation program. 2. The 136 countries and tax jurisdictions that support the latest two-pillar framework include Malaysia, China, Hong Kong, and Singapore, as well as Ireland, Hungary, Estonia, Barbados, and Peru, which had reservations about […]
Special Tax Incentive under the PENJANA: Relocation of Service Activities
Application of Special Tax Incentive for Selected Services Activities under the PENJANA – PDF Guidelines and Procedures for the Application of Special Tax Incentive for Selected Services Activities under the National Economic Recovery Plan (PENJANA) 1. A special tax incentive has been established for manufacturing businesses that transfer their manufacturing operations to Malaysia under the […]
