Tag: MoF

  • 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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  • Revised Guidelines on the Application for Approval under Section 44(11C)

    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 1967 Bagi Tabung Relif COVID-19” (Guidelines).

    The Guidelines can be found here:-

    The revised Guidelines, effective from 1 April 2022 to 31 December 2022, much like the earlier Guidelines, offer direction on the process that must be followed and the requirements that must be met to acquire the approval specified before the formation of COVID-19 Relief Funds.

    Key Updates

    1. Qualified Contributions

    Under the Revised Guidelines, Contributions to the COVID-19 Relief Fund that will currently be accepted are limited to the following categories only:

    • Cash
    • Equipment (e.g., ventilators, patient beds, air conditioners, air purifiers or filtration equipment)
    • Consumables (e.g., masks, hand sanitisers, gloves, test kits and PPE)

    In the previous Guidelines, the following were also considered to be contributions that qualified:

    • Fresh or ready-to-eat food (e.g., rice, oil, sauces, sugar, canned food etc.)
    • Services (e.g., cost of disinfection and sanitisation (of roads, buildings, markets, places of worship etc.), portable toilets and delivery of supplies)
    • Sponsorships (e.g., provision of permanent or temporary infrastructure such as tents or marquee tents)

    2. Qualifying Recipients

    Under the Revised Guidelines, Qualifying recipients from the COVID-19 Relief Fund are now restricted to the following:

    • Government departments or agencies
    • Non-governmental agencies that are registered with the Companies Commission of Malaysia, Registrar of Societies or Legal Affairs Division of the Prime Minister’s Department
    • Government hospitals
    • Government schools
    • Orphanages, old folks’ homes or homes for people with disabilities
    • Homeless, hardcore poor or refugees
    • Animal shelters or zoos

    In the previous Guidelines, qualifying recipients also included the following:

    – Private hospitals

    – Public universities

    Application

    Applications for the establishment of the COVID-19 Relief Fund must be filed between the 30th of April 2020 and the 31st of December 2022, or the day the pandemic is deemed to have ended by the WHO, whichever comes first.

    Our website's articles, templates, and material are solely for reference. 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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  • Revised Special Guidelines: Income Tax Deduction for Community/Charity Projects to curb Covid-19

    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, donations made to vaccination centres (PPVs) would be eligible for tax deductions under the provisions of the National People’s Well-Being and Economic Recovery Package (PEMULIH).

    As a result of this announcement, the guideline issued by the MOF was updated on 2 August 2021 to include contributions to PPVs under s 34(6)(h).

    The Ministry of Finance (MOF) has revised the guidelines published on its website on April 1, 2022, regarding Income Tax Deduction for Community/Charity Projects to curb Covid-19 under Section 34(6)(h) of the Income Tax Act.

    The Guidelines are in Bahasa Malaysia and are named “Garis Panduan Khas Permohonan Potongan Cukai Bagi Projek Komunity/Amal untuk Menangani Wabak Covid-19” (Guidelines).

    The Guidelines can be found here:-

    184.1-Garis-Panduan-Khas-Permohonan-Potongan-Cukai-Bagi-Projek-Komunity_Amal-untuk-Menangani-Wabak-Covid-19Download

    The Guidelines apply to contributions made from April 1, 2022, to December 31, 2022.

    Key Updates

    1. Qualifying contributions

    Under the Revised Special Guidelines, Qualifying contributions are now limited to:-

    • Equipment – ventilators, beds, air-conditioners and air purifier/filtration
    • Consumables – masks, hand sanitisers, gloves, test kits and personal protective equipment

    Under the revised Special Guidelines, the following are no longer considered qualifying contributions and have been taken off the list of qualifying contributions:

    • Cash
    • Raw food ingredients and ready-to-eat foods
    • Sanitisation services, provision of portable toilets, costs of delivery of supplies
    • Sponsorships such as the provision of permanent or temporary site infrastructure (e.g. marquee tents)
    • Provision of COVID-1 9 vaccination facilities such as halls, equipment and supplies in respect of PPVs

    2. Qualifying Recipients

    Under the Revised Special Guidelines, the donees are restricted to the following:

    • Government departments//agencies
    • Public hospitals
    • Public schools

    Under the revised Special Guidelines, the following recipients who were once eligible to get donations are no longer on the list:

    • Registered non-governmental agencies which are not profit oriented or politically affiliated
    • Private hospitals
    • Universities and educational institutions
    • PPVs throughout the country which are managed by the COVID-19 Immunisation Task Force (CITF) or private sectors with the approval of CITF

    Effective Date

    These guidelines apply to donations made to community or charity projects to combat the spread of the COVID-19 outbreak during the period beginning in February 2020 and ending on December 31, 2022, or until the outbreak of COVID-19 is declared over by the World Health Organisation (WHO), whichever comes first

    Tax deduction claims can be claimed from the assessment year 2020 and are applicable for the assessment year the contribution is made.

    Our website's articles, templates, and material are solely for reference. 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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