Announcement: Peter Ong Promoted to Assurance Manager at CCS Group
Dear valued clients, We are thrilled to announce that Peter has been promoted to the role of Assurance Manager at CCS Group. This promotion is a testament to his years of experience and dedication to auditing. Peter has been a valuable team member and has shown exceptional work commitment. He has worked diligently to ensure […]
CCS In-House Training – Deferred Tax Workshop
Deferred tax is a type of accounting concept that relates to the difference between a company’s tax accounting and financial accounting methods. It refers to the tax impact of temporary differences between the carrying amounts of assets and liabilities on the financial statements and their respective tax bases. Temporary differences can arise for various reasons, […]
Are Investors Required to Pay Taxes on Income Distributed by Unit Trust Equity and Bond Funds
Income distributed by unit trust funds, equity funds, and bond funds will be subject to taxation, and investors will receive tax credits to be claimed in their respective tax returns. Investors can claim the tax credits under Section 110(9A) of the Income Tax Act 1967 (ITA). If unit trust funds, equity funds, and bond funds […]
CTIM Online Resources can now be accessed from anywhere
The Chartered Tax Institute of Malaysia (CTIM), originally formed under the auspices of the Malaysian Institute of Accountants (MIA), was established in 1991. Currently, CTIM has approximately 3800 members comprising accountants, licensed tax agents, lawyers, members from commerce and industry and other tax practitioners like members from the IRB. Since its inception, CTIM has actively […]
Frequently Asked Questions (FAQ) on Mutual Agreement Procedures (MAP)
Mutual Agreement Procedures (MAP) resolve international tax disputes between two or more countries. MAP allows the competent authorities of the countries involved to work together to eliminate any double taxation that may arise due to conflicting tax laws or interpretations. This procedure is typically initiated by a taxpayer who believes that they have been subjected […]
Guide and Flowchart for Submission of Form and Appendix for the 2% WHT under Section 107D
On its website, the Inland Revenue Board of Malaysia (IRBM) has published the following Guide and Flowchart: The Inland Revenue Board of Malaysia (LHDNM) has provided the latest Amended Form CP107D(2) [Amendment 1/2023]. The amendment is intended to align the 2% tax deduction amount calculation. The procedure for submitting the form that must be complied […]
Meet Jacqueline, CCS’s Cheras branch Assurance Department Manager
Meet Jacqueline, CCS’s Cheras branch Assurance Department Manager, a highly experienced professional with over a decade of audit, taxation, and accounting expertise. Jacqueline joined CCS in 2010 after completing her studies at Sunway University and has since become a member of the CCS core team. She is a member of the Association of Chartered Certified […]
The Finance Bill 2023: Proposed Amendments to Real Property Gains Tax Act in Malaysia
On 14 March 2023, the Dewan Rakyat of the Malaysian Parliament tabled the Finance Bill 2023 for its first reading. Amongst other things, the Bill proposes amendments to the Real Property Gains Tax Act 1976 (‘RPGTA’) in relation to: In this article, we explore the proposed changes to the RPGTA and their potential implications for […]
Tourism Tax (Amendment) Regulations 2023
The Minister, in accordance with section 70 of the Tourism Tax Act 2017, has made the Tourism Tax (Amendment) Regulations 2023. These Regulations have been enforced since 2 March 2023. This post outlines the amendments to the Tourism Tax Regulations 2017 [P.U. (A) 228/2017]:- Addition of Part IIA – Invoice or Receipt: Operators who issue […]
Malaysian Income Tax Reporting System (MITRS): Scope Expanded
Letter from IRBM dated 28 September 2020 The Inland Revenue Board of Malaysia (IRBM) has introduced an online platform for electronically submitting tax returns called the Malaysian Income Tax Reporting System (MITRS), as stated in a letter dated 28 September 2020 to professional bodies. The MITRS platform is developed based on the XBRL (eXtensible Business […]
