Finance Bill 2021
CCS Library – Finance Bill 2021 – PDF 10
Income Tax Exemption for Social Enterprise
1. The Budget 2022 was tabled in Parliament on 29 October 2021, It is proposed that: π tax exemption be given on all income for up to 3 years of assessment subject to the validity period of Social Enterprise Accreditation; and π to establish a Joint Committee on Accreditation comprising Yayasan Hasanah and the Ministry […]
Tax Incentive for Nonresident Individuals Holding Key Positions In Companies
1. On June 5, 2020, the Malaysian government announced the Special Tax Incentive under the Economic Recovery Plan (PENJANA) for manufacturing companies who seek to transfer their operations to Malaysia. 2. Non-Citizen Individuals Holding Key Positions (C-Suite) are taxed at a fixed rate of 15% for 5 years. 3. This tax incentive is limited to […]
Imposition of Cukai Makmur
Budget 2022 Highlights – Imposition of Cukai Makmur – PDF 1. To aid the affected parties, effective from the year of assessment 2022 a one-time special tax is known as Cukai Makmur be placed on companies other than MSMEs that generate substantial profits during the COVID-19 pandemic period, It is proposed that: π The first […]
Highlights Budget 2022 – Personal Tax Reliefs Highlights
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Updated Guidelines for submission of Estimated Tax Payable (CP 204)
1) The Inland Revenue Board (IRB) has released Operational Guidelines No. 1/2021 (GPO 1-2021) on its website, dated December 22, 2020. 2) The guidelines are captioned “Pengemukaan Anggaran Cukai Yang Kena Dibayar Di Bawah Seksyen 107C Akta Cukai Pendapatan 1967 (ACP)” and are prepared in Bahasa Malaysia. 3) The new 45 pages Guidelines supersede the […]
SME Status Certificate issued by SME Corp. Malaysia: Special Tax Deduction
1. On September 8, 2021, the Malaysian government gazetted the following rules: π Income Tax (Special Deduction for Rental Reduction to a Small and Medium Enterprise) Rules 2021 [P.U.(A) 353/2021]; and π Income Tax (Special Deduction for Reduction of Rental to a Tenant Other Than a Small and Medium Enterprise) Rules 2021 [P.U.(A) 354/2021] 2. […]
Income Tax Treatment of Wage Subsidy Programmes
1. We would like to remind taxpayers who receive the grant and/or subsidy: π to pay attention to how the grant and/or subsidy are treated π since the Subsidy Wages that employers get under the Wage Subsidy Programs are a kind of government assistance. 2. Taxpayers are exempt from tax under the Income Tax (Exemption) […]
Income Tax Treatment of Interest expense incurred during the Moratorium Period
Income Tax Treatment of Interest expense incurred by SMEs and individuals during the Moratorium Period – PDF 1. According to S.33(4) of the ITA 1967: βFor the purposes of paragraph (1)(a) and subsection (2), where any sum payable for a basis period for a year of assessment is not due to be paid in that […]
Accelerated Capital Allowance (ACA) for the purchase of Machinery and Equipment
Accelerated capital allowance (ACA) for the purchase of Machinery and Equipment – PDF 1. It was proposed in the 2020 Economic Stimulus Package, announced on February 27, 2020, that accelerated capital allowance (ACA), comprised of a 20% initial allowance and a 40% annual allowance, be given on qualifying capital expenditure on machinery and equipment (including […]
