A comparison of the key aspects between the e-Invoice Transmission via MyInvois Portal and via API
In summary, the MyInvois Portal is suitable for smaller businesses with lower invoice volumes, as it provides a simple and user-friendly interface to manage e-Invoices without technical integration. The API method suits businesses with high invoice volumes, allowing automated generation and transmission of e-Invoices by integrating with the company’s existing systems. However, the API method […]
HASiL: Forms CP 22A/ CP 22B/ CP 21 submission requirements & online submission of Notification Forms
The Inland Revenue Board of Malaysia (HASiL) has issued a letter dated 28 June 2023 to CTIM and other professional bodies regarding the submission requirements for Form CP22A/ CP22B/ CP21 and the online submission process for employee-related notification forms. The letter includes the following information:- 1. Notice of cessation of employment Section 83(3) of the […]
Additional Tax Deductions under Budget 2023: Gifts and Contributions
The following are allowed to be deducted from the aggregate income of a person for the relevant year of assessment. (*) Effective from YA 2009, such deductions shall not exceed the difference between 10% of the aggregate income and the amount deducted under s 44(6)[This restriction applies to only donations made to approved institutions or […]
CTIM, LHDNM & MOF: Joint Memorandum on Issues Arising from 2022 Budget Speech
The Budget 2022 was presented in Parliament on 29 October 2021. The following summary is extracted from a dialogue between the Ministry of Finance (MOF), the Malaysian Inland Revenue Board (IRBM/LHDNM) and professional organisations on 21 June 2023 on some key issues to be followed up in the Budget 2022 presentation. This can be regarded […]
Additional tax relief is available for Voluntary Contributions made to the EPF
The EPF strives to grow their members’ retirement savings while continuously developing a wide range of products and services to support their journey towards a comfortable retirement. Individuals who are employed, self-employed or business owners can opt to contribute based on their own requirements. As a member, you are eligible not only to enjoy annual […]
Budget 2023: Redefinition of ‘Micro, Small and Medium Enterprise (“MSME”)’
Small and medium-sized enterprises (SMEs) are integral to the Malaysian economy as they contribute 38% or more than RM500bil to our gross domestic product (GDP). There were altogether 1,226,494 MSMEs in 2021 which accounts for 97.4% of overall establishments in Malaysia. Today we are pleased to inform you of an important update regarding the redefinition […]
Redefinition of ‘Plant’ for the Purpose of Capital Allowances
Plant is currently defined in Paragraph 70A, Schedule 3 of the Income Tax Act 1967 as follows: “An apparatus used by a person for carrying on his business but does not include a building, an intangible asset, or any asset used and that functions as a place within which a business is carried on.” Finance […]
Global Anti-Base Erosion” (GloBE) Rules: Are you Pillar Two Ready?
What is Pillar Two? Pillar Two, also known as the “Global Anti-Base Erosion” (GloBE) Rules, is a component of the ongoing international tax reform efforts led by the Organisation for Economic Cooperation and Development (OECD) and the G20 countries. It is part of the Base Erosion and Profit Shifting (BEPS) project aimed at addressing tax […]
Section 46 paragraph (ha): Both Spouses can claim the Tax Relief of RM4,000
In accordance with the latest amendment to Section 46 of the Income Tax Act 1967, an additional paragraph (ha) has been included. This paragraph enables parents of children 18 years old or below diagnosed with specific symptoms of learning disabilities to seek tax relief for medical expenses. These expenses must be incurred in relation to […]
ISA 600: What’s New in Group Audits?
Auditing group financial statements present unique challenges, as these statements consolidate the financial information of multiple entities within a group. International Standard on Auditing 600 – Special Considerations – Audits of Group Financial Statements (ISA 600), which is set to revolutionise the way audits of group financial statements are conducted. However, the International Auditing and […]
