Deferment of imposition of sales tax on low-value goods (LVG)
Sales Tax applies to all taxable goods produced domestically or imported from other countries into Malaysia. Nevertheless, Low-Value Goods (LVG) imported by air couriers from overseas are exempt from Sales Tax under the de minimis facility, which permits a waiver of small tax amounts for efficiency reasons. The Ministry of Finance announced in Budget 2022 […]
Malaysian Income Tax Reporting System (MITRS): Scope Expanded
Letter from IRBM dated 28 September 2020 The Inland Revenue Board of Malaysia (IRBM) has introduced an online platform for electronically submitting tax returns called the Malaysian Income Tax Reporting System (MITRS), as stated in a letter dated 28 September 2020 to professional bodies. The MITRS platform is developed based on the XBRL (eXtensible Business […]
Sales Tax (Persons Exempted from Payment of Tax) (Amendment) (No. 2) Order 2022
We would like to inform the public that the Minister has made the Sales Tax (Persons Exempted from Payment of Tax) (Amendment) (No. 2) Order 2022, in the exercise of the powers conferred by paragraph 35(1)(b) of the Sales Tax Act 2018 [Act 806]. This order will come into operation on 1 January 2023. The […]
Ean Wong Promoted to Assistant Manager in Assurance Department
Dear all, We are excited to announce that Ean Wong has been promoted to Assistant Manager in our Assurance Department. Ean has been an integral part of the CCS & Co team since 2019 and has demonstrated his commitment to excellence in his work and dedication to his clients. Ean’s professional journey began in 2015 […]
Quick Facts: How to Prepare Forms E and EA
Announcement: We are pleased to announce that CCS will hold a Facebook Live-sharing session on “Quick Facts: How to Prepare Form E and EA” on March 23, 2023, from 9 a.m. to 1 p.m. This sharing was initially meant for in-house training, but we have decided to open it up to the public for free. […]
The Minister Appoints 1 January 2023 as the Effective Date for Indirect Tax Amendment Acts
The following Amendment Acts will come into operation on 1 January 2023, as appointed by the Minister: Reference: 1. Customs (Amendment) Act 2022 [Act A1669] 2. P.U. (B) 639 3. Excise (Amendment) Act 2022 [Act A1670] 4. P.U. (B) 640 5. Sales Tax (Amendment) Act 2022 [Act A1671] 6. P.U. (B) 641 7. Service Tax […]
IRBM’s Responses to CTIM Members’ Issues Raised at the CTIM Tax Audit and Investigation Roadshow
On the 5th of December 2022, CTIM had a courtesy visit meeting with the Deputy Chief Executive Officer (Compliance) of the Inland Revenue Board of Malaysia (IRBM). Also in attendance were representatives from the IRBM Tax Compliance Department and the IRBM Investigation Department. This visit will allow the CTIM and IRBM Tax Audit and Investigation […]
IRBM’s Response to CTIM on Tax rebate under Section 6D of the Income Tax Act 1967
In Malaysia, a tax rebate for the company or limited liability partnership under section 6D of the Income Tax Act 1967 refers to a tax incentive the Malaysian government provides to eligible companies and limited liability partnerships. The tax rebate is a form of tax relief where the taxable income of the company or limited […]
High Court: Priority of Wages Over Debenture Debts in Liquidation
In Perwaja Steel Sdn Bhd (in receivership) v. RHB Bank Berhad and 789 Others, the High Court has delivered its grounds of decision with a publication date of July 18, 2019. The case involved a company undergoing liquidation with insufficient funds to pay both the employees’ wages and the debenture holder’s debts. In accordance with […]
IRBM’s Response to CTIM on Deduction for the Sponsorship of Scholarship to Malaysian Students
“Income Tax (Deduction for the Sponsorship of Scholarship to Malaysian Student Pursuing Studies at Technical and Vocational Certificate, Diploma, Bachelor’s Degree, Master’s Degree or Doctor of Philosophy Levels) Rules 2022” (P.U.(A) 49/2022) was gazetted by the Malaysian government on March 7, 2022, to implement an extension and expansion of the Double Deduction for companies that […]
