Invitation for Public Consultation on Draft Public Ruling – Tax Treatment On SPV Companies
The Inland Revenue Board of Malaysia (HASiL) has uploaded the Draft PR on Tax Treatment On Companies That Established Special Purpose Vehicles For The Issuance Of SUKUK – Section 60I Income Tax Act 1967 on its website for the public’s comments/feedback before finalising the PR: The objective of the Public Ruling (PR) is to clarify […]
Announcement Regarding the Closure of Group Electronic Form Submission (e-BaS) via TaeF
The Inland Revenue Board of Malaysia (HASiL) issued a letter to CTIM and other professional groups on August 3, 2023, about the Notice of Closure of Uploading of e-Form Submission in Batches (e-BaS facility) through TAeF. Reference:- Disclaimer: The articles, templates, and other materials on our website are provided only for your reference. While we […]
Notice of the Termination of Adhesive Stamps (Revenue Stamps) at LHDNM Stamp Counters
The Inland Revenue Board of Malaysia (HASiL) issued a letter to the Chartered Tax Institute Of Malaysia dated 27 July 2023 that the use of adhesive stamps (Revenue Stamps) at HASiL’s Stamp Duty Counter and the District Stamp Offices is to be terminated effective from 1 January 2024. Reference:- Disclaimer: The articles, templates, and other […]
Technical Guidelines on Tax Treatment of Lease Expenses for Special Assets under PITA 1967
The petroleum industry in Malaysia contributes to the country’s revenue. The Petroleum Development Act 1974 (PDA) granted PETRONAS exclusive petroleum exploration and exploitation rights in Malaysia. PETRONAS regulates petroleum operations, including awarding Production Sharing Contracts (PSC) for exploration. Field Development Plans (FDP) for petroleum agreements require PETRONAS approval. Floating Production Systems (FPS), Floating Production Storage […]
Technical Guidelines on Tax Treatment of R&D Expenditure for Special Assets under PITA 1967
Petroleum income tax is a tax imposed on the Chargeable Person on gains or profits derived from upstream petroleum operations pursuant to section 3 of the Petroleum (Income Tax) Act 1967 (PITA). The petroleum operations definition for this guideline is referred to the interpretation in subsection 2(1) PITA. Research and development expenditure (R&D) for the […]
Practice Note No. 2/2023 – Explanation of Tax Treatment on Political Parties and Politicians
The Inland Revenue Board of Malaysia (HASiL) has issued Practice Note No. 2/2023 dated 27 June 2023. This Practice Note explains the following: The definitions of political parties and politicians are not explicitly stated in the Income Tax Act 1967 (ITA 1967). However, Section 2 of the Societies Act 1966 defines ‘political party’ as follows: […]
Update on Employment Laws: Employment (Exemption) Order 2012 Revoked
The Employment (Exemption) (Revocation) Order 2023 [P.U. (A) 257/2023], gazetted on 29 August 2023, revokes the Employment (Exemption) Order 2012 and will be effective from 1 September 2023. The Minister of Human Resources, Sivakumar A/L Varatharaju Naidu issued the order. The Employment (Exemption) Order 2012 is a regulation that grants exemption from certain sections of […]
Offer to Compound Offences Under Copyright Act 1987
The Copyright (Compounding of Offences) Regulations 2023 [P.U. (A) 265/2023] allow certain copyright offences to be settled by paying a fine instead of going to court. The offences that can be compounded are listed in Schedule 1 of the regulations. The compounding process involves issuing a compound offer, which the offender can accept. Payment of […]
Practice Note 1/2023 – Explanation on the tax treatment on forex gain & losses under PITA 1967
The Inland Revenue Board of Malaysia (HASiL) issued Practise Note No. 1/2023 on 15 June 2023 to explain how foreign exchange (forex) gains and losses are taxed for a chargeable person under the Petroleum (Income Tax) Act 1967 (PITA) based on the rules set out in Public Ruling No. 12/2019 and MFRS 121 Guidelines. Foreign […]
IRBM – Anti-Bribery & Compliance of Code of Ethics for s.153(3) Tax Agents
Following the issuance of the Revised Code of Ethics for Tax Agents by the Malaysian Inland Revenue Board (HASiL) on January 1, 2023, HASiL has introduced the ‘Akuan Bebas Rasuah dan Pematuhan Kod Etika Ejen Cukai dibawah Subseksyen 153(3), ACP 1967 (Declaration)‘. We believe some of the tax agents who have just obtained or have […]
