Tag: Finance Act 2021

  • Technical Guidelines on Tax Treatment in relation to Income which is received from Abroad

    Technical Guidelines on Tax Treatment in relation to Income which is received from Abroad

    According to the Finance Act 2021, the income tax exemption on foreign-sourced income (FSI) received by any person (other than a resident company carrying on the business of banking, insurance, or sea or air transport) will be removed for all Malaysian-resident taxpayers beginning on January 1, 2022.

    As a result of this:

    • A flat income tax rate of 3% applies to the gross amount of FSI received in Malaysia between 1 January 2022 and 30 June 2022.
    • Starting from 1 July 2022, the prevailing tax rate of the taxpayer applies to FSI received in Malaysia by Malaysian residents.

    Exemption Orders Certain types of foreign-sourced income (FSI) for resident taxpayers will remain tax-exempt, as provided for in the following Orders gazetted on 19 July 2022, :

    The Orders are effective from 1 January 2022 to 31 December 2026.

    Both Orders emphasise that to be eligible for the tax exemption; the concerned taxpayers must adhere to the terms and conditions specified by the Ministry of Finance (MoF) as stated in the guidelines provided by the Inland Revenue Board (IRB).

    These guidelines were issued on 29 September 2022. However, revisions to the Treatment Guidelines Tax Related to Income Received from Abroad were published on the HASiL Official Portal on December 29, 2022, while the guidelines dated September 29, 2022, are null and void. Media Release

    On December 30, 2022, HASiL issued a media release titled “Tambahan syarat kelayakan pengecualian cukai bagi pendapatan dividen luar negara yang diterima di Malaysia mulai 1 Januari 2022 hingga 31 Disember 2026,” which pertains to the aforementioned revised guideline.

    The release includes examples of economic substance in item 5 on pages 2 and 3.

    Item 7 on page 3 of the release stipulates that for the Income Tax Return Form (ITRF) filed on or before December 29, 2022, taxpayers must file a modified ITRF if they fail to meet the economic substance conditions for dividend income received in Malaysia from abroad. No penalty will be levied.

    The amended guideline includes changes in the following paragraphs:

    Please access the Guideline for the full details.

    Reference

    10. HASiL – Technical Guideline on Tax Treatment in Relation to Income received from Abroad (Amendment)

    10.-HASiL-–-Technical-Guideline-on-Tax-Treatment-in-Relation-to-Income-received-from-Abroad-AmendmentDownload

    10.1 Media Release – Tambahan syarat kelayakan pengecualian cukai bagi pendapatan dividen luar negara yang diterima di Malaysia mulai 1 Januari 2022 hingga 31 Disember 2026

    10.1-Media-Release-Tambahan-syarat-kelayakan-pengecualian-cukai-bagi-pendapatan-dividen-luar-negara-yang-diterima-di-Malaysia-mulai-1-Januari-2022-hingga-31-Disember-2026Download

    10.2 HASiL – Technical Guidelines on Tax Treatment in relation to Income which is received from Abroad (29 Sep 2022)

    10.2-HASiL-Technical-Guidelines-on-Tax-Treatment-in-relation-to-Income-which-is-received-from-Abroad-29-Sep-2022Download

    10.3 P.U. (A) 234_2022 – Income Tax (Exemption) (No. 5) Order 2022

    10.3-P.U.-A-234_2022-Income-Tax-Exemption-No.-5-Order-2022Download

    10.4 P.U. (A) 235_2022 – Income Tax (Exemption) (No. 6) Order 2022

    10.4-P.U.-A-235_2022-Income-Tax-Exemption-No.-6-Order-2022Download

    5 games to keep employees of CCS & Co Plt – Chartered Accountants and Bispoint Group of Accountants connected.

    We put a lot of emphasis on ensuring that our team members enjoy a balanced life outside work.

    Hence, our firm’s Sports and Social Committee is responsible for actively organising an exciting variety of events, such as the Annual Dinner, Annual Trips and Inter-accounting Firm Tournament.

    These events are planned so that our professionals can take some time off to relax and, more importantly, come together to strengthen their sense of community and teamwork.

    This year’s Inter-Accounting Firm Tournament will be held on February 25 and 26, 2023 (Saturday and Sunday). We welcome your support!

    5项活动让 CCS 特许会计师 和 Bispoint Group of Accountants 的员工保持联系。

    我们非常重视我们的团队成员享受工作以外的平衡生活。

    有鉴于此，我们公司的康乐委员会积极举办各种令人兴奋的活动，如年度晚宴、年度旅行和会计师事务所之间的比赛。

    这些活动的策划是为了让我们的专业人员可以抽出一些时间来放松，更重要的是，他们可以聚在一起加强社区意识和团队精神。

    今年的会计师事务所之间的比赛将于2023年2月25日和26日（星期六和星期日）举行。我们欢迎你前来支持!

    Our website's articles, templates, and material are solely for you to look over. Although we make every effort to keep the information up to date and accurate, we make no representations or warranties of any kind, either express or implied, regarding the website or the information, articles, templates, or related graphics that are contained on the website in terms of its completeness, accuracy, reliability, suitability, or availability. Therefore, any reliance on such information is strictly at your own risk.

    Keep in touch with us so that you can receive timely updates |

    要获得即时更新，请与我们保持联系

    1. Website ✍️ https://www.ccs-co.com/ 2. Telegram ✍️ http://bit.ly/YourAuditor 3. Facebook ✍

    4. Blog ✍ https://lnkd.in/e-Pu8_G 5. Google ✍ https://lnkd.in/ehZE6mxy

    6. LinkedIn ✍ https://www.linkedin.com/company/74734209/admin/

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  • Income Tax (Exemption) Order 2022 – Foreign Sourced Income in calculating Cukai Makmur

    Income Tax (Exemption) Order 2022 – Foreign Sourced Income in calculating Cukai Makmur

    1. On 5 April 2022, the Minister, in the exercise of the powers conferred by paragraph 157(3)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Exemption) Order 2022 [P.U. (A) 96].

    2. For the year of assessment 2022, the Minister grants an exemption from the application of the provisions of subparagraph 2(2) of Part I of Schedule 1 to the Act to a company in respect of its chargeable income in relation to any income received in Malaysia from outside Malaysia during the basis period.

    3. Join our Telegram – https://t.me/YourAuditor

    🌻🌻🌻🌻🌻🌻🌻🌻

    1. 2022年4月5日，部长行使《1967年所得税法令》[第53号法案] 第157(3)(b)段所赋予的权力，在宪报颁布了《2022年所得税(豁免) 指令》[P.U.(A)96]。 2. 对于2022年的评估年度，部长授予公司在基准期内源自海外的任何收入所产生的课税收入豁免施加1967年所得税法令附表1第一部分第2(2)分段的规定。 3. 加入 Telegram 群 – https://t.me/YourAuditor 🌼🌼🌼🌼🌼🌼🌼🌼🌼🌼

    84.1-Income-Tax-Exemption-Order-2022-P.U（A）96Download
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  • Finance Act 2021

    Finance Act 2021

    141.-Finance-Act-2021-has-been-GazettedDownload
    141.1-Finance-Act-2021-Act-833Download
    141.2-CTIM-Media-Statement-Foreign-Sourced-Income-Exemption-31-December-2021Download

    1. On 31 December 2021, the Finance Act 2021 was Gazetted.

    2. The Finance Act 2021 and the Finance Bill 2021 are identical.

    3. Schedule 6 to the principal Act is amended in Part I—

    👉 by substituting for paragraph 28 the following paragraph:

    👉 “28. The income arising from sources outside Malaysia and received in Malaysia by any person who is not resident in Malaysia.”;

    4. Concerning receiving income derived from abroad in Malaysia by Tax Resident, please note that enacting the Finance Act 2021 already has legal legitimacy [who’s talking about U-Turn?]

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    1. 2021年财政法已于2021年12月31日，在先报上颁布。

    2. 无论是2021年财政法令还是2021年财政法案，都没有重大差异。

    3. 主体法案的第6附表在第1部分进行了修订：

    👉 用以下段落代替原有的第28段。

    👉 “28. 非马来西亚居民人士在马来西亚收到的源自马来西亚以外的收入” 。

    4. 关于在马来西亚收到源自国外的收入这项措施，请注意，随中2021年财政法令的颁布，它已经有着法律的合法性了。

    🌼🌼🌼🌼🌼🌼🌼🌼🌼🌼

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