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 […]
The Finance Bill 2023 was tabled for the first reading
The Finance Bill 2023 was tabled for the first reading in the Dewan Rakyat today by YB Tuan Steven Sim Chee Keong – Timbalan Menteri Kewangan. The Finance Bill 2023 can be downloaded here: Disclaimer: The articles, templates, and other materials on our website are provided only for your reference. While we strive to ensure […]
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 […]
FAQ on the Implementation of e-Billing and Bill Number as a Mandatory Reference for Tax Payments
On January 3, 2023, the Inland Revenue Board of Malaysia (HASiL) made available a set of Frequently Asked Questions (FAQ) regarding the mandatory use of e-billing and bill numbers for tax payments. However, it should be noted that the FAQ is currently only available in Bahasa Malaysia. The FAQ includes answers to the following questions: […]
Malaysian Personal Income Tax Thresholds and Rebates for 2022: What You Need to Know?
Here is a summary of the income thresholds that will subject to Malaysian Income Tax for different taxpayers in Malaysia in the Year of Assessment 2022: Taxpayers should keep these income thresholds in mind when filing their income tax returns in Malaysia. Tax Rebates It’s also important to note that individuals with Chargeable Income not […]
Guideline for Shipbuilding and Ship Repairing (SBSR) Incentive
In 2016, Malaysia introduced an incentive for the Shipbuilding and Ship Repairing (SBSR) industry with the aim of encouraging industry players to build their capabilities and capacities to meet the ever-challenging and competitive global landscapes. The incentive was set to expire, but it has been extended until 31 December 2022 to drive investments in the […]
Malaysia’s Aerospace Industry
Malaysia has world-class infrastructure and is strategically located in the largest air travel market, making it a cost-effective location for aerospace projects. The Malaysian government considers the industry a catalytic high-value industry under its 11th Malaysia Plan (11MP) and beyond and has implemented the Malaysian Aerospace Industry Blueprint 2030 (MAIB 2030) to drive industry growth. […]
Tax Treatment of Interest/Profit Expense Payable to Banks or FIs during the Moratorium Period
This Technical Guideline aims to explain the tax treatment on interest/profit expenses payable to banks or financial institutions during the moratorium period. A moratorium is a temporary suspension of loan/financing repayments (principal and interest/profit) without late payment charges, introduced under the PRIHATIN economic stimulus package to help borrowers facing financial difficulties due to the Covid-19 […]
The Guidelines for Applying for the Special Tax Incentive to relocate businesses to Malaysia
The Government announced the Special Tax Incentive (for the Company) through the announcement of PENJANA on 5 June 2020. The main objective of this incentive is to attract investors to relocate their businesses to Malaysia by addressing the risk of re-shoring. Under Budget 2021, the Government has announced the Special Income Tax Treatment (for Individuals) […]
BioNexus Status 3.0 Framework Guideline
BioNexus is a special status awarded to qualified international and Malaysian biotechnology companies. The status bestows fiscal incentives, grants and other guarantees to assist growth. This status is awarded to qualified companies undertaking biotechnology activities. BioNexus 3.0 Framework: Continuous changes Throughout the previous 2 phases of the National Biotechnology Policy (NBP), BioNexus Status was reviewed […]
