Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee
1. On 24 December 2021, the Minister, 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], gazetted the Income Tax (Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee) (Amendment) Rules 2021 [P.U. (A) 471]. 2. These Rules have […]
Industrial Building Allowance – Tun Razak Exchange Marquee Status Company
1. On 27 December 2021, the Minister, in the exercise of the powers conferred by paragraph 154(1)(b) read together with paragraph 80 of Schedule 3 of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Industrial Building Allowance) (Tun Razak Exchange Marquee Status Company) (Amendment) Rules 2021 [P.U. (A) 473] 2. These Rules […]
25: Income Derived by Individuals Exercising Employment Aboard Ships
Income Derived by Individuals Exercising Employment Aboard Ships – PDF 1. Although it is a high-risk job, many people still work hard every year to get on board and undergo various examinations and training to become crew members. 2. How should sailors and seafarers be treated for income tax purposes when they sail for long […]
How Can You Save More Tax by Planning your Spending: Reference Materials
<How Can You Save More Tax by Planning your Spending>: Reference Materials Taxes are one of life’s unavoidable realities, and no one enjoys having to give up a portion of their hard-earned money. The good news is that it is feasible to either pay less in taxes or obtain a larger refund at the end […]
24: FAQs – Special Income Remittance Programme (PKPP)
FAQs – Special Income Remittance Programme (PKPP) 1. The Inland Revenue Board (IRB) has published Frequently Ask Questions (FAQs) about a “Special Program for the Remittance of Foreign Income” for Malaysian Tax Residents who have money kept outside of Malaysia. 2. To find out more, you may consider tonight’s Live – https://lnkd.in/g7aTtcd2 π»π»π»π»π»π»π»π»π»π»π» 1. η¨ζΆε± […]
Guidelines on Types of Serious Illness for the Purposes of Para 46 (1) (g) of the ITA1967
Garis Panduan Berkenaan Dengan Jenis Penyakit Serius Bagi Maksud Perenggan 46(1)(g) Akta Cukai Pendapatan 1967 The IRB has on 4 May 2011 issued guidelines on serious diseases for the purpose of claiming relief under s 46(1)(g). A taxpayer may claim relief of not more than RM8,000 on medical expenses expended on himself/herself, his/her spouse and […]
Application Form for Revision of Corporate Income Tax Estimates Amendment For YA 2021 & 2022
1. Companies are required to pay tax in monthly instalments depending on estimated tax liabilities. Each month’s instalments must be paid on or by the 15th of the month. 2. A 10% penalty may be imposed for late or inadequate payments. If the actual tax payable exceeds the estimate by more than 30%, a 10% […]
Unabsorbed Losses extended to a Maximum Period of 10 consecutive Years of Assessment
Budget 2022 Highlights – Review of Tax Treatment on Unabsorbed Losses – PDF 1. The Budget 2022 was tabled in Parliament on 29 October 2021, It is proposed that: π the current unabsorbed business losses that can be carried forward from the year of assessment 2019 onwards be extended from a maximum period of 7 […]
LHDN : Income Tax (Special Treatment for Bank or Development Financial Institution
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Cost of Detection Test of COVID-19 for Employees: Double Deduction
1. Under these Rules: π Employer costs incurred between January 1, 2021, and December 31, 2021, will now be eligible for a further deduction. π This means that a double deduction will be allowed for expenses incurred by an employer in a Covid-19 Detection Test carried out on its employee. The IRBM’s Response The Inland […]
