Restriction on Deductibility of Interest (S.140C, ITA 1967)
History In addition to the basic anti-avoidance measures that were already in place, Malaysia began enforcing the Thin Capitalisation restrictions that are outlined in section 140A of the Income Tax Act 1967 (“ITA”) on January 1, 2009. Under section 140A, if the Director General of Inland Revenue (“DGIR”) believes that the value or aggregate of […]
Technical Guidelines on Tax Treatment of Digital Currency Transactions
The term “Digital Currency,” which is also known as “Cryptocurrency,” refers to a blockchain-based digital asset that can be bought, sold, and traded on a variety of platforms. Bitcoin was the first cryptocurrency ever created, all the way back in 2008 and was issued in 2009. Since that time, a wide variety of people and […]
Tax Deduction of Secretarial Fees and Tax Filing Fees
Pindaan Garis Panduan Potongan Bagi Perbelanjaan Berhubung Dengan Yuran Kesetiausahaan Dan Yuran Pemfailan Cukai Mulai Tahun Taksiran 2022 The amended guidelines for tax deductions for secretarial and tax filing fees were published on the Inland Revenue Board (IRB) website on August 17, 2022. The guidelines are in Bahasa Malaysia and are titled “Pindaan Garis Panduan […]
IRBM’s Response to CTIM on Appeal Regarding Time Extension Request
In response to the member’s request for an extension of time (EOT) to submit the Income Tax Return Forms(ITRFs), CTIM has sent an appeal letter to the Inland Revenue Board of Malaysia (IRBM). AND the Malaysian Inland Revenue Board has replied as follows: Disclaimer: The information in this article should not be construed as legal […]
Tax Incentive For Organising Conferences In Malaysia
Most of the time, a conference is a large meeting where researchers, academicians, and professionals can share their work and research in fields like medicine, law, science, engineering, technologies, business management, and so on. Since the year of assessment 1997, Malaysian organisers of conferences whose principal activities are to promote and run conferences have been given […]
Taxation Of Foreign Fund Management Company
Foreign Fund Management Companies in Malaysia A company that is incorporated in Malaysia and granted a licence under the Capital Markets and Services Act 2007 (Act 671) is considered to be a foreign fund management company. A foreign company incorporated for the exclusive purpose of providing fund management services to its customers is known as a […]
WHT Form Submission & Withholding Tax (WHT) Payment of Small Value for Transactions That Recurring
The Inland Revenue Board of Malaysia (IRBM) has given its approval to the CTIM’s suggestion to submit withholding tax (WHT) forms and the payment of WHT of Small Value for transactions that occur repeatedly less cumbersome administratively and less expensive to comply with. An individual or body resident in Malaysia or conducting business in Malaysia […]
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 […]
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 […]
