1. Tax – Page 6

New Releases: Stay Up-to-Date with LHDN’s e-Invoice Guidelines and SDK

🚀 We are thrilled to announce the release of LHDN’s latest updates on e-Invoice Guidelines and Software Development Kit (SDK)! 📋 Here’s what’s new: 🔍 Want to dive deeper into these updates? Get all the details by downloading the attachments below! Just click to access and stay ahead of the curve. 📎 Download Here: 6

Use of the Billing Number as a Payment Reference for Labuan Business Activity Tax (CAPL) from 1 April 2024

The Inland Revenue Board of Malaysia (IRBM) has informed that payments for Labuan Business Activity Tax (CAPL) can be made using the Billing Number as the payment reference starting from 1 April 2024. The Billing Number can be obtained by applying the Labuan International Section, IRBM Sabah. This can be done through the following methods: […]

PR No. 1/2024 – Investment Tax Allowance – Promoted Product Under The Manufacturing Sector dated 24 January 2024

This Public Ruling issued by the Inland Revenue Board of Malaysia (IRBM) provides guidance on the investment tax allowance available to companies participating in manufacturing promoted products in Malaysia. It covers the ITA for promoted products under the general list, high technology companies, small scale companies, selected industries, and for reinvestment. The ruling explains the […]

Income Tax (Exemption) (No. 3) Order 2024

The Income Tax (Exemption) (No. 3) Order 2024, which takes effect from 1 January 2024 to 31 December 2026, provides tax exemptions for certain entities in Malaysia on gains or profits received from the disposal of foreign-sourced capital assets. Key points from the order: 1. Companies, limited liability partnerships, trust bodies, and co-operative societies resident […]

Income Tax (Exemption) (No. 10) 2018 (Amendment) Order 2024

The Income Tax (Exemption) (No. 10) 2018 (Amendment) Order 2024 [P.U. (A) 84/2024] amends the Income Tax (Exemption) (No. 10) Order 2018, which provides tax exemptions for qualifying companies with Multimedia Super Corridor (MSC) status in Malaysia. The amendments are deemed to have come into effect on 1 January 2019, except for certain subparagraphs that […]

Tax on Capital Gains for Unlisted Shares – 15 Q&As

Let’s delve into the Capital Gains Tax (CGT) for unlisted shares in Malaysia: Remember that this new CGT aims to regulate capital gains from unlisted shares, contributing to Malaysia’s tax framework. Q&As 1. Q: What are considered incidental costs related to the acquisition of capital assets? A: Incidental costs related to the acquisition of capital […]

How are e-commerce transactions accounted for, particularly those involving platforms like Grab Food and restaurants?

For transactions that occur via an e-commerce platform like Grab Food, the e-commerce platform provider (in this case, Grab Food) is responsible for the issuance of e-invoices or receipts to the purchaser (the customer) for transactions concluded on the platform, such as the sale of goods or provision of services by your restaurant. This means […]

For Companies utilising Dot Matrix printers that cannot support printing QR Codes necessary for e-invoices, How?

The guidelines do not specify a direct solution for this specific scenario for companies using dot matrix printers that cannot support printing QR codes required for e-invoices. However, moving towards e-invoicing implies shifting from traditional printing to digital formats. One solution could be to transition to digital e-invoices that include the QR code and can […]

Income Tax (Exemption) (No. 7) Order 2023

Following the re-tabling of Malaysia’s Budget 2023 on 24 February 2023, it was announced that the Government would explore the implementation of a capital gains tax (CGT) on the disposal of unlisted shares by companies at a reduced rate. Subsequently, the Budget 2024 announcement on 13 October 2023 provided further elaboration on this proposal, including […]

Income Tax (Exemption) (No. 2) Order 2024