Guidelines for Application of Tax Deduction on Contributions / Sponsorships of Smart AI-Driven RVM
Today, we have an important update from the Ministry of Finance (MOF) that aims to promote sustainable practices through the use of Smart Artificial Intelligence (AI)-Driven Reverse Vending Machines (RVMs). So, let’s get right into it! The MOF has recently issued guidelines for applying tax deductions on contributions or sponsorships for Smart AI-Driven RVMs. These […]
Extension of Tax Incentive for the Shipbuilding and Ship Repairing Industry
Updated on 15 July 2023- Dialogue between MOF，LHDNM， and CTIM [21/6/2023] Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023. To Download Revised Budget 2023 Speech and some other related publications – https://www.ccs-co.com/post/budget-2023-malaysia-madani Background to the Shipbuilding and Ship Repairing Industry Malaysia’s strategic […]
Import Duties and Sales Tax Exemption on Studio and Filming Production Equipment
Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023. To Download Revised Budget 2023 Speech and some other related publications – https://www.ccs-co.com/post/budget-2023-malaysia-madani Current Position Dasar Industri Kreatif Negara has been introduced to empower the creative industries holistically based on creativity and innovation by […]
Tax Incentives for Carbon Capture and Storage
Updated on 15 July 2023- Dialogue between MOF，LHDNM，and CTIM [21/6/2023] Update: The Ismail Sabri Government Budget is no longer applicable. Malaysia’s national budget for 2023 was re-tabled again in February 2023. To Download Revised Budget 2023 Speech and some other related publications – https://www.ccs-co.com/post/budget-2023-malaysia-madani Current Position Malaysia plans to reach its Low Carbon Nation Aspiration […]
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: Exemption Orders Certain […]
Revised Guidelines on the Application for Approval under Section 44(11C)
The Ministry of Finance (MOF) has updated the guidelines published on its website on April 1, 2022, regarding the application for approval of COVID-19 Relief Funds under Section 44(11C) of the Income Tax Act. The Guidelines are in Bahasa Malaysia and are named “Garis Panduan Permohonan Untuk Kelulusan Di Bawah Subseksyen 44(11C), Akta Cukai Pendapatan […]
Revised Special Guidelines: Income Tax Deduction for Community/Charity Projects to curb Covid-19
The announcement that contributions (in cash or in-kind) to overcome the COVID-19 outbreak is allowed for deduction under s 34(6)(h) of the Income Tax Act was made by the Government on March 23, 2020. A guideline was then issued by the Ministry of Finance (MOF) to explain the conditions and procedures in such claims. Further, […]
