Income Tax (Deduction For Incorporation Expenses) Rules 2003 [P.U. (A) 475/2003]
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 3, Income Tax (Deduction For Incorporation Expenses) Rules 2003 [P.U. (A) 475/2003] as amended by P.U. (A) 472/2005. Rule 2(1) […]
Qualifying Plant Allowances for Computers and IT Equipment and Cost of Prov. of Computer Software
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: – In this article, we will see IRBM’s response regarding item no. 2, the Qualifying Plant Allowances for Computers and Information Technology Equipment, and Cost of Provision of Computer […]
List of Laboratories Conducting RT-PCR Test for COVID-19 to the COVID-19 Management Guidelines
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: – In this article, we will see IRBM’s response regarding item no. 1, which is the Deduction for Expenses in relation to the Cost of Detection Tests for Covid-19 […]
IRB: Implementation of the use of Locked Bags for correspondence and Taxation Notices
Through a media release dated December 20, 2022, the Inland Revenue Board of Malaysia (IRBM) informed that from January 1, 2023, all correspondence and tax notices to IRBM offices in each state would use Locked Bags/Locked Boxes addresses. This new approach facilitates customer affairs/transactions and ensures systematic tax administration management. This means that starting January […]
“The Rise and Fall of Theranos: A Corporate Governance Cautionary Tale”
“The Theranos controversy, explained“, this article delves into the rise and fall of Theranos, a medical testing startup founded by Elizabeth Holmes, and its connection to corporate governance. Despite raising over $700 million and achieving a $9 billion valuation, a journalist exposed the company as a fraud in 2015, leading to Holmes being indicted on […]
Announcement: Peter Ong Promoted to Assurance Manager at CCS Group
Dear valued clients, We are thrilled to announce that Peter has been promoted to the role of Assurance Manager at CCS Group. This promotion is a testament to his years of experience and dedication to auditing. Peter has been a valuable team member and has shown exceptional work commitment. He has worked diligently to ensure […]
CCS In-House Training – Deferred Tax Workshop
Deferred tax is a type of accounting concept that relates to the difference between a company’s tax accounting and financial accounting methods. It refers to the tax impact of temporary differences between the carrying amounts of assets and liabilities on the financial statements and their respective tax bases. Temporary differences can arise for various reasons, […]
Guide and Flowchart for Submission of Form and Appendix for the 2% WHT under Section 107D
On its website, the Inland Revenue Board of Malaysia (IRBM) has published the following Guide and Flowchart: The Inland Revenue Board of Malaysia (LHDNM) has provided the latest Amended Form CP107D(2) [Amendment 1/2023]. The amendment is intended to align the 2% tax deduction amount calculation. The procedure for submitting the form that must be complied […]
CTIM Online Resources can now be accessed from anywhere
The Chartered Tax Institute of Malaysia (CTIM), originally formed under the auspices of the Malaysian Institute of Accountants (MIA), was established in 1991. Currently, CTIM has approximately 3800 members comprising accountants, licensed tax agents, lawyers, members from commerce and industry and other tax practitioners like members from the IRB. Since its inception, CTIM has actively […]
Are Investors Required to Pay Taxes on Income Distributed by Unit Trust Equity and Bond Funds
Income distributed by unit trust funds, equity funds, and bond funds will be subject to taxation, and investors will receive tax credits to be claimed in their respective tax returns. Investors can claim the tax credits under Section 110(9A) of the Income Tax Act 1967 (ITA). If unit trust funds, equity funds, and bond funds […]
