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, […]
