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 […]
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 […]
Frequently Asked Questions (FAQ) on Mutual Agreement Procedures (MAP)
Mutual Agreement Procedures (MAP) resolve international tax disputes between two or more countries. MAP allows the competent authorities of the countries involved to work together to eliminate any double taxation that may arise due to conflicting tax laws or interpretations. This procedure is typically initiated by a taxpayer who believes that they have been subjected […]
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 […]
The Finance Bill 2023: Proposed Amendments to Real Property Gains Tax Act in Malaysia
On 14 March 2023, the Dewan Rakyat of the Malaysian Parliament tabled the Finance Bill 2023 for its first reading. Amongst other things, the Bill proposes amendments to the Real Property Gains Tax Act 1976 (‘RPGTA’) in relation to: In this article, we explore the proposed changes to the RPGTA and their potential implications for […]
Updated Guideline on Real Property Gains Tax
The Inland Revenue Board of Malaysia has released a new Real Property Gains Tax (RPGT) guideline on its website. Dated 6 January 2023, the guideline is written in Bahasa Malaysia. It clarifies the scope of imposition, calculation of RPGT, exemptions, and the responsibilities of the disposer and acquirer in the disposal of chargeable assets in […]
Sports Development (Amendment of First Schedule) Order 2023
Please be informed that the Minister has made an order under section 37 of the Sports Development Act 1997 [Act 576]. The order, known as the Sports Development (Amendment of First Schedule) Order 2023, will come into effect on March 10, 2023. This order amends the First Schedule of the Sports Development Act 1997 by […]
Tax Investigation Framework 2023
The Inland Revenue Board of Malaysia (IRBM) released the Tax Investigation Framework, effective 1 January 2023. This new framework replaces the Tax Investigation Framework dated 1st January 2020 and is available in Bahasa Malaysia. The updated Framework includes amendments to several key paragraphs, such as:- * Para 11 in the previous Framework referred to “Payment […]
TIN for all Categories of Taxpayers except the Individual and Employer Categories
The Inland Revenue Board of Malaysia has informed us (being CTIM members) that the Tax Identification Number (TIN) format for all categories of taxpayers except for individual and employer categories has been changed. This is in line with the implementation of the Tax Identification Number and changes to the internal system of the Inland Revenue […]
Double Taxation Relief (The Government of the Republic of Poland) order 2014
Please be informed that the Malaysia-Poland Double Taxation Avoidance Agreement (DTAA) signed on 8 July 2013 (DTAA 2013): References: 1. HASiL announcement on dates of entry into force of Articles in Double Taxation Relief (Poland) 2. Double Taxation Relief (The Government of the Republic of Poland) Order 2014 8
