Deferment of Payments of Small Value Withholding Tax for Recurring Transactions
The Inland Revenue Board of Malaysia (IRBM) has issued a media release (in Bahasa Malaysia) dated September 27, 2022, that provides several updates and clarifications on its letter to the Chartered Tax Institute of Malaysia (CTIM) dated August 12, 2022, as well as the rules concerning withholding tax (WHT) form submission and WHT payment of […]
Revised Special Guidelines: Income Tax Deduction for Community/Charity Projects to curb Covid-19
The announcement that contributions (in cash or in-kind) to overcome the COVID-19 outbreak is allowed for deduction under s 34(6)(h) of the Income Tax Act was made by the Government on March 23, 2020. A guideline was then issued by the Ministry of Finance (MOF) to explain the conditions and procedures in such claims. Further, […]
IRBM’s Response to Clarification Sought on Item F9 of the Form e-C 2022
The income tax exemption on FSI received by any person (other than a resident company engaging in banking, insurance, or sea or air transport) was removed for all Malaysian-resident taxpayers from January 1, 2022, following the Finance Act 2021. As a result, the Inland Revenue Board (IRB) has amended the Corporate Income Tax Return (Form C) […]
Submission of Form CP 21/Form CP 22A
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. Under Section 83(3) – a notice of cessation of employment (Form CP 22A) must be submitted […]
Declaration Section of Form C Y/A 2022
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. CTIM comments: PEs not registered with the Companies Commission of Malaysia are also required to select […]
Submission of CP 204B
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. Change of Accounting Date From the Year of Assessment 2019, the provision of subsection 21A (3A) […]
Late Payment due to implementation of e-TT System for TT, EFT, and IBG Payment Methods
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. The e-TT system was introduced by the Inland Revenue Board of Malaysia (IRBM) to facilitate tax […]
Identifying the Right Branch for the Taxpayer
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. Currently, by typing the SSM incorporation number of a company, the tax agent will be able […]
Electronic Submission of Information requested by the IRB during an Audit
On September 27, 2022, the DESIRE Dialogue No.1/2022 was hosted by the Inland Revenue Board of Malaysia (IRBM) in collaboration with the Chartered Tax Institute of Malaysia (CTIM) and other professional organisations to explore concerns about compliance and operations. It is noted that while submitting the information requested to the IRB via e-mail is preferred, […]
IRBM’s Response to CTIM on the Tax Corporate Governance Framework (TCGF) & TCGF Guidelines
The new Tax Corporate Governance Framework (“TCGF“), dated April 11, 2022, as well as the Guidelines for the TCG Framework (Guidelines), has been published on the website of the Inland Revenue Board of Malaysia (“IRBM”). The TCG Framework and these Guidelines are intended to be read in conjunction with one another. For further information, see […]
