Sales Tax (Persons Exempted from Payment of Tax) (Amendment) (No. 2) Order 2022
We would like to inform the public that the Minister has made the Sales Tax (Persons Exempted from Payment of Tax) (Amendment) (No. 2) Order 2022, in the exercise of the powers conferred by paragraph 35(1)(b) of the Sales Tax Act 2018 [Act 806]. This order will come into operation on 1 January 2023. The […]
IRBM’s Response to CTIM on Amended Guidelines on Deduction for Secretarial & Tax Filing Fees
On August 17, 2022, the IRB updated the guidelines it had previously published on its website regarding tax deductions for payments associated with tax and secretarial filing fees. The guidelines are in Bahasa Malaysia and are named “Pindaan Garis Panduan Potongan Bagi Perbelanjaan Berhubung Dengan Yuran Kesetiausahaan Dan Yuran Pemfailan Cukai Mulai Tahun Taksiran 2022” […]
IRBM’s Response to CTIM on Tax rebate under Section 6D of the Income Tax Act 1967
In Malaysia, a tax rebate for the company or limited liability partnership under section 6D of the Income Tax Act 1967 refers to a tax incentive the Malaysian government provides to eligible companies and limited liability partnerships. The tax rebate is a form of tax relief where the taxable income of the company or limited […]
IRBM’s Response to CTIM on Deduction for the Sponsorship of Scholarship to Malaysian Students
“Income Tax (Deduction for the Sponsorship of Scholarship to Malaysian Student Pursuing Studies at Technical and Vocational Certificate, Diploma, Bachelor’s Degree, Master’s Degree or Doctor of Philosophy Levels) Rules 2022” (P.U.(A) 49/2022) was gazetted by the Malaysian government on March 7, 2022, to implement an extension and expansion of the Double Deduction for companies that […]
The Finance Bill 2023 was tabled for the first reading
The Finance Bill 2023 was tabled for the first reading in the Dewan Rakyat today by YB Tuan Steven Sim Chee Keong – Timbalan Menteri Kewangan. The Finance Bill 2023 can be downloaded here: Disclaimer: The articles, templates, and other materials on our website are provided only for your reference. While we strive to ensure […]
High Court: Priority of Wages Over Debenture Debts in Liquidation
In Perwaja Steel Sdn Bhd (in receivership) v. RHB Bank Berhad and 789 Others, the High Court has delivered its grounds of decision with a publication date of July 18, 2019. The case involved a company undergoing liquidation with insufficient funds to pay both the employees’ wages and the debenture holder’s debts. In accordance with […]
IRBM’s Response to CTIM on 2% tax deducted under Section 107D of the Income Tax Act 1967
The Inland Revenue Board of Malaysia has issued their responses dated 29 December 2022 to CTIM members’ issues dated 21 September 2022 on the following:- In this article, we will focus on item No 1, the 2% tax deducted under Section 107D of the Income Tax Act 1967, while items No 2 to 4 will […]
FAQ on the Implementation of e-Billing and Bill Number as a Mandatory Reference for Tax Payments
On January 3, 2023, the Inland Revenue Board of Malaysia (HASiL) made available a set of Frequently Asked Questions (FAQ) regarding the mandatory use of e-billing and bill numbers for tax payments. However, it should be noted that the FAQ is currently only available in Bahasa Malaysia. The FAQ includes answers to the following questions: […]
Malaysian Personal Income Tax Thresholds and Rebates for 2022: What You Need to Know?
Here is a summary of the income thresholds that will subject to Malaysian Income Tax for different taxpayers in Malaysia in the Year of Assessment 2022: Taxpayers should keep these income thresholds in mind when filing their income tax returns in Malaysia. Tax Rebates It’s also important to note that individuals with Chargeable Income not […]
Tax Treatment of Interest/Profit Expense Payable to Banks or FIs during the Moratorium Period
This Technical Guideline aims to explain the tax treatment on interest/profit expenses payable to banks or financial institutions during the moratorium period. A moratorium is a temporary suspension of loan/financing repayments (principal and interest/profit) without late payment charges, introduced under the PRIHATIN economic stimulus package to help borrowers facing financial difficulties due to the Covid-19 […]
