Review of Tax Incentive for Women Career Break
Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023; for more info, please visit – https://www.ccs-co.com/post/budget-2023-malaysia-madani. This tax incentive included in Budget 2023, tabled in Parliament on 7 October 2022, was not included in Budget 2023 (Re-tabled) on 24 February 2023. Response from […]
Green Investment Tax Allowance (GITA) & Green Income Tax Exemption (GITE)
Updated on 15 July 2023 – Dialogue between MOF， LHDNM， and CTIM [21/6/2023] Malaysia’s national budget for 2023 was re-tabled again in February 2023; for more info, please visit – https://www.ccs-co.com/post/budget-2023-malaysia-madani. The Ismail Sabri Government Budget is no longer applicable. Therefore, these tax incentives included in Budget 2023, tabled in Parliament on 7 October 2022, […]
Review of Individual Income Tax Rate
Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023. To Download Revised Budget 2023 Speech and some other related publications – https://www.ccs-co.com/post/budget-2023-malaysia-madani Current Position Tax is levied on the chargeable income, i.e. on the amount remaining after deducting from the total income all […]
Review of Income Tax Relief for Medical Treatment Expenses for Taxpayer, Spouse and Child
Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023; for more info, please visit – https://www.ccs-co.com/post/budget-2023-malaysia-madani This tax incentive included in Budget 2023, tabled in Parliament on 7 October 2022, was not included in Budget 2023 (Re-tabled) on 24 February 2023. Current Position […]
IRBM’s Response to CTIM on e-C 2022 (2)
We would like to inform you that the Inland Revenue Board of Malaysia (IRBM) has disseminated a revised version of the Company Return Form (Form C) for the Year of Assessment 2022. To download a PDF copy of the return – https://t.me/YourAuditor/3259 Chartered Tax Institute of Malaysia’s Previous Feedback Regarding Form e-C 2022, the Chartered […]
Invitation by IRBM for Public Consultation on Draft Public Ruling and Draft Guidelines
The Inland Revenue Board of Malaysia (IRBM) has published the following draft Public Ruling (PR) and draft Guidelines on its website for public review, comments and feedback before finalising the PR and Guidelines: The primary objective of this public consultation is to elicit the opinions of various stakeholders regarding the issues that are associated with […]
Petroleum (Income Tax)(Deductions for Employment of Disabled Persons) Rules 1989
Double Tax Deductions for Employment of Disabled Persons IN exercise of the powers conferred by subsection (1) of section 83 of the Petroleum (Income Tax) Act 1967, the Minister makes Petroleum (Income Tax) (Deductions for Employment of Disabled Persons) Rules 1989 [P.U. (A) 391/1989], These Rules shall have effect for the year of assessment 1989 […]
Accelerated Capital Allowance for Late-Life Assets projects for the Upstream Petroleum Industry
Late Life Asset Production Sharing Contract (PSC) The Late Life Asset (LLA) PSC was adopted by Petronas in 2019 for specific oil and gas fields nearing the end of their productive life with resources of less than 30 MMstb. These PSCs have better terms for Contractors, intending to extend the value of the fields until […]
Tax Exemption in relation to Late Life Asset Production Sharing Contract (PSC)
Late Life Asset Production Sharing Contract (PSC) The Late Life Asset (LLA) PSC was adopted by Petronas in 2019 for specific oil and gas fields nearing the end of their productive life with resources of less than 30 MMstb. These PSCs have better terms for Contractors, intending to extend the value of the fields until […]
Double Tax Deduction for the Cost of Detection Test of Covid-2019
In the exercise of the powers conferred by paragraph 154(1)(b) read together with paragraph 33(1)(d) of the Income Tax Act 1967 [Act 53], the Minister, on September 9, 2022, gazetted the Income Tax (Deduction for Expenses in relation to the Cost of Detection Test of Coronavirus Disease 2019 (COVID-19) for Employees) (Amendment) Rules 2022 (P.U. […]
