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: 👉 tax exemption be given on all income for up to 3 years of assessment subject to the validity period of Social Enterprise Accreditation; and 👉 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: 👉 The first […]
Highlights Budget 2022 – Personal Tax Reliefs Highlights
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Guideline on Dispute Resolution Proceeding (DRP)
The Dispute Resolution Proceeding, or DRP, is an initiative of the IRBM that was implemented on July 1, 2013, to allow taxpayers to settle an appeal or application for relief without having to submit it to the Special Commissioners of Income Tax (SCIT) for a decision. 争议解决程序，或称 DRP，是税收局于2013年7月1日实施的一项举措，以让纳税人可以在不必经过所得税特别专员 [SCIT, the Special Commissioners of Income Tax] […]
Tax Exemption on Tablet related Benefit – Perquisites vs BIK
Tax Exemption on Tablet related Benefit – Perquisites vs BIK – PDF Public Ruling No. 5_2019 – Perquisites Public Ruling No. 11_2019 – BIK Income Tax (Exemption) Order 2021 1. On November 19, 2019, the IRB issued Public Ruling 5/2019 concerning the value of perquisites given to employees. 2. Under item No. 7.4 of this […]
Filing of Form Q by A Person who is Aggrieved by an Assessment
1. A person who is aggrieved by an assessment made on him by the Director-General of Inland Revenue (DGIR) for any year of assessment is entitled to appeal such assessment under Section 99 of the Income Tax Act 1967 (ITA). 2. According to paragraph 99(1) of the ITA, an appeal must be filed by filing […]
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: 👉 Income Tax (Special Deduction for Rental Reduction to a Small and Medium Enterprise) Rules 2021 [P.U.(A) 353/2021]; and 👉 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. […]
