IRBM’s Response to CTIM on Profiling Issues
According to what the CTIM has been told, the Intelligence and Profiling Department of the Inland Revenue Board of Malaysia (IRBM) has been making requests for information involving tax practitioners and their clients (such as the names, identity card numbers, tax reference numbers, contact numbers, etc.) to gather data from tax practitioners and other industries […]
IRBM’s Response to CTIM on e-C 2022 (1)
DOWNLOAD The Inland Revenue Board of Malaysia (IRBM) released its answer on 29 July 2022 to the following issues that were brought up in the CTIM Feedback and Comments on Form e-C 2022 on 20 July 2022. Issue No 1 Form e-C for Y/A 2022: The accompanying attachments provide a summary of the statutory income […]
RMCD: Guide on Customs Agent Services
The Royal Malaysian Customs Department (RMCD) has just lately published the revised Guide on Customs Agent Services with a publication date of August 9, 2022. The updated guide replaces the older guide published on March 15, 2019, and it is available here. At the very end of the revised guideline is an appendix that contains a […]
Sustainable and Responsible Investment linked (‘SRI-linked’) Sukuk Framework
The Securities Commission of Malaysia (SC) established the Framework for Sustainable and Responsible Investment-Linked Sukuk (the Framework) on June 30, 2022. The Sustainable and Responsible Investment Sukuk framework was first introduced by the Securities Commission Malaysia (SC) in 2014. This was done to facilitate the creation of an ecosystem that promotes sustainable and responsible investing […]
Malaysia launches Malaysia Digital, succeeding MSC Malaysia
Since the initial announcement of the Multimedia Super Corridor (“MSC”) in 1996, the world has undergone significant transformations. For one, the technologies available to us now did not exist back then. Additionally, many people and businesses did not feel comfortable using technology then. The MSC was an ICT-led programme designed to change all that, and […]
Service Tax (Digital Services) (Amendment) Regulations 2022
In the exercise of the powers conferred by paragraph 91(2)(m) of the Service Tax Act 2018 [Act 807], the Minister, on August 12, 2022, gazetted the Service Tax (Digital Services) (Amendment) Regulations 2022 (P.U. (A) 260/2022). The Service Tax (Digital Services) Regulations 2019 [P.U. (A) 269/2019] are amended. Digital service provided to the group of […]
Sales Tax (Amendment) Regulations 2022
In the exercise of the powers conferred by section 106 of the Sales Tax Act 2018 [Act 806], the Minister, on August 12, 2022, gazetted the Sales Tax (Amendment) Regulations 2022 (P.U. (A) 259/2022), which come into operation on 15 August 2022. The Sales Tax Regulations 2018 [P.U. (A) 203/2018] are amended:- Returns Returns can […]
Dewan Negara passed Indirect Tax (Amendment) Bills 2022
The Dewan Negara passed the following Bills on 15 August 2022 and have been made available on the official Portal of Parliament of Malaysia website:- · Customs (Amendment) Bill 2022 – to amend the Customs Act 1967 [Act 235] · Excise (Amendment) Bill 2022 – to amend the Excise Act 1976 [Act 176] · Free […]
Time Limit For Unabsorbed Adjusted Business Losses Carried Forward
The carried forward of unabsorbed company losses would be extended for 10 instead of 7 consecutive years of assessment, as was indicated in the Budget 2022. In light of this, section 44(5F) has been amended with retrospective effect from YA 2019. PR No. 1/2022, entitled “Time Limit for Unabsorbed Adjusted Business Losses Carried Forward,” was […]
Tax Treatment for Developers, JMBs, MCs or Sub-MCs for the Maintenance Fees and Sinking Fund
The Inland Revenue Board (IRB) has released on its website revised Technical Guidelines in Bahasa Malaysia, titled “Garis Panduan Berhubung Layanan Cukai Ke Atas Pemaju Atau Badan Pengurusan Bagi Penyenggaraan Dan Pengurusan Bangunan Dan Harta Bersama” (Guidelines), dated 18 July 2022. These Guidelines represent a significant revision to the earlier Guidelines (“Old Guideline”) dated 21 […]
