Amendments to the Finance Bill 2023 and Extension of Tax Relief for Contributions to the SSPN
We would like to inform you that the second reading of the Finance Bill 2023 was presented in the Parliament by YB Tuan Steven Sim Chee Keong – Timbalan Menteri Kewangan on 3rd April 2023. After going through a Committee Stage, some mirror amendments have been made to the Bill. Two amendments that we would […]
The OECD will progress on the Finalisation of Pillar 1 under the BEPS 2.0
What is OECD’s Inclusive Framework The OECD’s Inclusive Framework is a platform for multilateral cooperation on tax issues, which brings together more than 140 jurisdictions worldwide, including both OECD and non-OECD countries. The framework was established in 2016 to tackle base erosion and profit shifting (BEPS) and has since expanded its mandate to address the […]
Malaysia to Adopt E-Invoicing to Improve Tax Collection Efficiency and Reduce Fraud Risk
Hello, I’m Mr Chin from CCS, and thank you for watching this AI-created video clip. The Inland Revenue Board of Malaysia plans to introduce e-invoicing in 2024. This move aims to increase efficiency in tax collection and reduce the risk of tax evasion. Starting in June 2024, the e-invoicing system will be mandatory for entities […]
IRB to Introduce e-Invoicing in 2024
Malaysia to phase in e-Invoicing from 2024 New Straits Times The Inland Revenue Board of Malaysia plans to introduce e-invoicing in 2024. This move aims to increase efficiency in tax collection and reduce the risk of tax evasion. Starting in June 2024, the e-invoicing system will be mandatory for companies with an annual sales turnover […]
OECD publishes Manual on Handling of Multilateral Mutual Agreement Procedures and APAs
The Organisation for Economic Cooperation and Development (OECD) published a manual on the Handling of Multilateral Mutual Agreement Procedures (MAPs) and Advance Pricing Arrangements (APAs) on February 1, 2023. The manual provides guidance on handling Multilateral Mutual Agreement Procedures (MAPs) and Advance Pricing Arrangements (APAs), designed to help taxpayers avoid double taxation and provide greater […]
OECD released the Pillar Two “Safe Harbours and Penalty Relief Guidelines”
The Organization for Economic Cooperation and Development (OECD) has made further progress towards implementing its two-pillar solution for international tax reform. The two-pillar solution ensures that multinational corporations pay their fair share of taxes. Under Pillar One, the OECD has released a consultation document on withdrawing digital service taxes and other similar measures. The document […]
Business Restructuring in Malaysia: The Five Most Common Mistakes and How to Avoid Them
Business Restructuring refers to making significant changes to a company’s organisational structure to improve its performance, adapt to changing market conditions, or address financial or operational challenges. The primary purpose of business restructuring is to ensure the long-term success and sustainability of the organisation. Reasons for Business Restructuring Some common reasons for business restructuring include: […]
“Joyce Promoted to Senior Tax Manager at CCS”
We are pleased to announce that Joyce has been promoted to Senior Tax Manager at CCS – Chartered Accountants. With over a decade of experience in the field, Joyce has proven to be a highly accomplished tax professional. As Tax Senior Manager, Joyce manages the tax department and ensures that our clients receive the best […]
Tourism Tax Policy No. 1/2023
The Tourism Tax Policy (TTP) No. 1/2023, dated 16 February 2023, has been uploaded on the MyTTx website by the Royal Malaysian Customs Department (RMCD). Based on the information provided, it is the responsibility of the registered digital platform service provider (DPSP) to charge, collect, account and remit the tourism tax (TTx) from tourists who […]
Amended Guidelines On Tax Deduction Of Secretarial Fees And Tax Filing Fees From YA 2022 Onwards
The Inland Revenue Board of Malaysia (IRBM) has issued their responses dated 16 February 2023 to CTIM members’ issues dated 18 January 2023 on the following: – This article will see IRBM’s response regarding item 4 on the Amended Guidelines On Tax Deduction Of Secretarial Fees And Tax Filing Fees From YA 2022 Onwards, dated […]
