Tax Prep 2024: Tax Relief, Tax Deduction and Tax Rates for Resident Individual
Great news, everyone! The much-awaited Tax Prep 2024: Tax Relief, Tax Deduction, and Tax Rates for Resident Individuals, prepared by CCS, is now available! Whether navigating tax relief options, seeking deductions, or understanding tax rates for resident individuals, this comprehensive guide covers you. 好消息，各位！大家期待已久的《2024 年税务准备》： 由 CCS 编写的《居民个人减税、税务扣除和税率》现已面世！ 无论您是在选择减税方案、寻求扣除额，还是了解居民个人的税率，这本全面的指南都能为您提供帮助。 Download your copy today by clicking […]
How is a company’s annual turnover pro-rated when changing its financial year-end for e-invoice implementation purposes?
When a company changes its financial year-end, the annual turnover or revenue is pro-rated to a 12-month period for the purposes of determining the e-Invoice implementation date. This means that if the company’s financial year does not align with a standard 12-month period due to the change, the turnover or revenue will be adjusted to […]
Income Tax (Exemption) Order 2024
This Income Tax (Exemption) Order 2024 [P.U. (A) 37/2024] was made under paragraph 127(3)(b) of the Income Tax Act 1967. The Order provides tax exemptions for IDR-status companies carrying out qualifying activities in approved nodes within the Iskandar Development Region. The Order defines key terms such as “IDR status company”, “qualifying activity”, and “qualifying capital […]
How does the prohibition on consolidating transactions into a single e-invoice impact hardware shop that sell construction materials?
According to the e-Invoice Guideline, currently, the activities or transactions of industries where an e-invoice is required to be issued for each transaction include wholesalers and retailers of construction materials. Hence, the prohibition on issuing consolidated e-invoices includes hardware shops that sell construction materials such as PVC pipes, metals, nails, bolts, and similar items. According […]
E-Invoicing Impact on JMB Fund Collection
Question: Joint Management Bodies (JMBs) of apartments and condominiums collect maintenance and sinking funds from residential owners. What impact does e-invoicing have on this process? Should JMBs issue individual e-invoices or consolidated e-invoices to residential owners? Do you have any advice on preventing individual residential owners from simply rejecting the validation of the e-invoice? Answer: […]
e-invoice Cancellation Protocol: Buyer’s Last-Minute Cancellation
Question: If the buyer cancels the invoice 71 hours after validation, and the seller is unable to proceed with the cancellation due to a public holiday, what further action should be taken? Answer: In the scenario where the buyer requests cancellation of the e-invoice at 71 hours after validation, and the seller is unable to […]
Sales Tax (Low-Value Goods)(Amendment) Regulations 2023
Sales Tax (Low-Value Goods) (Amendment) Regulations 2023 [P.U. (A) 405/2023], were gazetted on 29 December 2023, and they introduced changes to the Sales Tax (Low Value Goods) Regulations 2022 [P.U. (A) 408/2022]. These changes pertain to issuing credit notes and debit notes for low-value goods, as well as submitting returns for each taxable period. A […]
Sales Tax (Goods Exempted from Tax)(Amendment) (No. 2) Order 2023
The Sales Tax (Goods Exempted from Tax) (Amendment) (No. 2) Order 2023 [P.U. (A) 401/2023] amended Schedule A of the Sales Tax (Goods Exempted from Tax) Order 2022 [P.U. (A) 175/2022]. It was gazetted on 28 December 2023 and will be effective from 1 January 2024. The amendment specifically alters Schedule A, focusing on heading 90.25. […]
Customs (Amendment)(No. 4) Regulations 2023
The Customs (Amendment) (No. 4) Regulations 2023 [P.U. (A) 400/2023] were gazetted on 28 December 2023, introducing changes to the Customs Regulations 2019. These amendments pertain to the control of intoxicating liquor and the specific locations on the left bank of Sungai Pulai. The regulations became effective on 1 January 2024 and were enacted by […]
Income Tax (Exemption) 2009(Amendment) Order 2023
Benefits-in-kind or perquisites received by an employee under his employment is chargeable to tax as part of gross income from employment under paragraph 13(1)(b) of the Income Tax Act 1967 (ITA). However, certain benefits-in-kind or perquisites are exempted from tax under the Income Tax (Exemption) Order 2009 [P.U. (A) 152/2009], including the child care allowance, […]
