Definition of Partnership for Tax Purposes
Definition of a Partnership According to section 2 of the Income Tax Act of 1967 (ITA 1967), the legal definition of a partnership is “any association of any kind between parties who have agreed to combine any of their rights, powers, property, labour, or skill for the purpose of carrying on a business and sharing […]
2 – Meaning of Agents, Dealers, and Distributors
1. The Inland Revenue Board has published a frequently asked questions document on the 2% Withholding Tax on payments made by a company to agents, dealers, or distributors under Budget 2022. 2. Agents, dealers, and distributors are individual tax residents whom the paying company authorizes to act as agents, dealers, and distributors and receive payments […]
RM 20,000 Tax Rebate for the Newly Set Up Company – Conditions Apply
1. On 31 December 2021, the Minister, in the exercise of the powers conferred by subsection 6D(4) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Conditions for the Grant of Rebate under subsection 6D(4)) Order 2021 [P.U. (A) 504]. 2. From YA 2021, a tax rebate [section 6D(4)] will be provided […]
