Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee
1. On 24 December 2021, the Minister, in the exercise of the powers conferred by paragraph 154(1)(b)read together with paragraph 33(1)(d) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee) (Amendment) Rules 2021 [P.U. (A) 471]. 2. These Rules have […]
Costs of Renovation and Refurbishment of Business Premise
Income Tax (Costs of Renovation and Refurbishment of Business Premise)(Amendment) Rules 2021 – PDF P.U (A) 481 – Income Tax (Costs of Renovation and Refurbishment of Business Premise)(Amendment) Rules 2021 – As at 27 December 2021 P.U. (A) 381 – Income Tax (Costs of Renovation and Refurbishment of Business Premise)(Amendment) Rules 2020 – As at […]
Guidelines on Deduction for Expenses in relation to Secretarial & Tax Filing Fee for YA2020
1) To improve compliance and governance, income tax deductions for secretarial and tax filing expenses have been merged and limited to a maximum of RM15,000 each year of assessment effective in the assessment year 2020. 2) The Guideline dated 11 May 2021 revise the Guideline dated 18 September 2020 to explain the tax treatment of […]
Income Tax Treatment of Interest expense incurred during the Moratorium Period
Income Tax Treatment of Interest expense incurred by SMEs and individuals during the Moratorium Period – PDF 1. According to S.33(4) of the ITA 1967: “For the purposes of paragraph (1)(a) and subsection (2), where any sum payable for a basis period for a year of assessment is not due to be paid in that […]
Income Tax (Deduction for Training Costs Under National Dual Training System) Rules 2021
1. NDTS is the acronym for the National Dual Training System. ‘Dual’ means training in two learning situations, namely: 👉 The actual workplace (company) that covers 70% to 80% practical training (performance) and; 👉 Training Centre which covers 20% to 30% of theory (knowledge). 2. IN exercise of the powers conferred by paragraph 154(1)(b) read […]
Income Tax (Deduction for the Costs of Implementation of Flexible Work Arrangements) Rules2021
In determining the adjusted income of that qualifying person from his business in that year of assessment, a deduction shall be allowed for expenses incurred by that qualifying person in the basis period for the implementation of flexible work arrangements in relation to consultation fee, cost of capacity development, cost of software, and software subscription. […]
Income Tax (Deduction for Expenditure on Industry4WRD Readiness AST) (Amendment) Rules 2021
Tax incentives have been announced as part of the Budget 2019 to encourage businesses to work toward reaching Industry4WRD. One of the incentives relates to allowing the deduction for fee expenses incurred on Industry4WRD Readiness Assessment. This incentive is provided under the Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) Rules 2020 with the […]
Deduction for Expenses in relation to the Cost of Personal Protective Equipment
1. Tax deductions for employers on the cost of personal protective equipment (PPE) are offered by the Income Tax (Deduction for Expenses in Relation to the Cost of Personal Protective Equipment) Rules 2021, which are effective from YA 2020 and define personal protective equipment (PPE) as “expenditure incurred by the employer for the purpose of […]
Accelerated Capital Allowance (Machinery and Equipment including ICT Equipment)
1) IN exercise of the powers conferred by paragraph 154(1)(b) of, and paragraphs 10 and 15 of Schedule 3 to, the Income Tax Act 1967 [Act 53], the Minister makes these Rules, which were gazetted on 15 June 2021. 2) These Rules shall have effect from the year of assessment 2020.。 3) These rules provide […]
