Review of Tax Incentives for Bionexus Status Company
Updated on 15 July 2023- Dialogue between MOF, LHDNM, and CTIM [21/6/2023] To Download Revised Budget 2023 Speech and some other related publications – https://www.ccs-co.com/post/budget-2023-malaysia-madani Current Position “Bio Nexus Status Company” means a company incorporated under the Companies Act 2016 [Act 777] engaged in the life sciences business. Tax incentives for BioNexus status companies are […]
Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022
We want to inform you that the Minister has exercised the powers conferred by paragraph 154(1)(b), read together with subsection 6(1A) of, and paragraph 2 of Part XVII of Schedule 1 to, the Income Tax Act 1967 [Act 53] and issued the Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022 [P.U. […]
Improving Audit Quality 1: An Overview
Back to N Years Ago When I was younger (wow, this makes me feel so old), audit quality was not really a “thing.” I watched my superiors perform audits they believed to be sufficient, and my colleagues and I were taught to follow in their footsteps. We conducted what we believed to be good audits […]
Double Tax Deduction for Expenditure in relation to Industry4WRD Vendor Development Program
What Is the 4th Industrial Revolution (4IR)? What exactly is meant by the phrase “the Fourth Industrial Revolution,” and why should you be concerned about it? The convergence of the physical, digital, and biological worlds are referred to as the “Fourth Industrial Revolution,” and it is a term that has been used to describe this […]
Income Tax (Exemption) (No. 3) Order 2022: Venture Capital Management Company (VCMC)
1. Exemptions would be extended for a period of four years, with the qualifying investment period being extended to the end of December 2026, according to the Budget 2020 proposal. 2. For the purposes of the legislation, on 15 April 2022, the Minister, in the exercise of the powers conferred by paragraph 127(3)(b) of the […]
1: Tax Incentives for The East Coast Economic Region (ECER) – Tax Exemption
1. The East Coast Economic Region (ECER) was formed in 2007 with the launch of the ECER Master Plan by the Federal Government. 2. The formation of ECER was intended to accelerate economic growth and ensure equitable distribution of wealth across the country, in line with national aspirations to become a high-income developed nation by […]
Income Tax (Deduction for Invt. in a Project of Commercialisation of R&D Findings) Rules 2022
1. On 6 January 2022, the Minister, in the exercise of the powers conferred by paragraph 154(1)(b) read together with paragraph 33(1)(d) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Deduction for Investment in a Project of Commercialisation of Research and Development Findings) Rules 2022 [P.U. (A) 3] 2. These Rules […]
Income Tax (Exemption) (No. 13) 2013 (Amendment) Order 2021
1. On 9 December 2021, the Minister, in the exercise of the powers conferred by paragraph 127(3)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Exemption) (No. 13) 2013 (Amendment) Order 2021 [P.U. (A) 448]. 2. This Order has effect from the year of assessment 2021. 3. Join our Telegram: http://bit.ly/YourAuditor […]
Income Tax (Deduction for Expenditure on Provision of Employees’ Accommodation) Rules 2021
1. Under these Rules, to ascertain the adjusted income of a company from its business in a basis period for a year of assessment, a Double Deduction of up to fifty thousand ringgit (RM50,000) shall be allowed for the expenses incurred by the company on rental of a premise for employees’ accommodation within the period […]
Income Tax (Exemption) (No. 12) Order 2021: Arts or Cultural Activities, Sports, etc.
1. On 27 December 2021, the Minister, in the exercise of the powers conferred by paragraph 127(3)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Exemption) (No. 12) Order 2021 [P.U. (A) 478] 2. This Order has effect from the year of assessment 2020 until the year of assessment 2025. 3. […]
