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Updates on Special Voluntary Disclosure Program for Indirect Taxes

In line with the Government's strategies to broaden its revenue base while promoting tax compliance amongst taxpayers as mentioned in the Pre-Budget 2022 Statement published on 31st August 2021, the Finance Minister has unveiled the Budget 2022 on 29th October 2021 and announced that a Special Voluntary Disclosure Program ["SVDP"] be introduced by the Director General of Royal Malaysian Customs ["DGRMC"] in phases with the following proposed remissions:-

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Update on Special Deduction for Reduction of Rental of Business Premises Offered to SME and Non-SME Tenants

In the recent economic stimulus packages announced by the Government since the COVID-19 outbreak, it was proposed that a special deduction be given to landlords offering reduction of rental of business premises of not less than 30% of the rate of monthly rental to tenants who are small and medium enterprises ["SME"] for the period from April 2020 to December 2021.

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Updates on 2021 Tax Filing Programme and FAQ on Tax Matters During the National Recovery Plan

The Inland Revenue Board has issued the amended Return Form Filing Programme for the Year 2021 (Amendment 4/2021) and Frequently Asked Questions ["FAQ"] on Tax Matters During the National Recovery Plan (both updated on 19th August 2021) to provide updates on the tax filing due dates and other compliance matters.

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PEMULIH Stimulus Package

On 28th June 2021, the Government has announced the PAKEJ Perlindungan Rakyat Dan Pemulihan Ekonomi or PEMULIH Stimulus Package worth RM150 billion with the following three (3) main focuses:-

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Update on FAQ on Tax Matters During Phase One of the National Recovery Plan

The Inland Revenue Board ["IRB"] has issued the updated Frequently Asked Questions ["FAQ"] on Tax Matters During Phase One of the National Recovery Plan (updated on 30th June 2021) as well as the Return Form Filing Programme for the Year 2021 (updated on 26th June 2021) to update the tax filing due dates and other operational matters. In this updated FAQ, the term "Phase One of the National Recovery Plan" has been used to replace the term "Movement Control Order 3.0 Period" used in the earlier FAQ.

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Update on Deferment of Payment of Tax Instalments for the Period from 1st April 2021 to 31st December 2021 for Tourism, Cinema and Spa Industries

The Inland Revenue Board ["IRB"] has, on 28th June 2021, updated the Frequently Asked Questions ["FAQ"] - Deferment of Payment of Estimated Tax Payable (CP204) and Instalment Scheme (CP500) from 1st April 2021 to 31st December 2021 under the PEMERKASA Stimulus Package which is available to taxpayers with eligible business codes for the tourism, cinema and spa industries.

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Deferment of Payment of Tax Instalments for the Period from 1st April 2021 to 31st December 2021 for Tourism, Cinema and Spa Industries

Under the PEMERKASA Stimulus Package announced by the Government on 17th March 2021, it was proposed that deferment of tax instalments be granted to companies in the tourism and selected industries (e.g. cinema and spa). In relation to this, the Inland Revenue Board ["IRB"] has issued the Frequently Asked Questions ["FAQ"] - Deferment of Payment of Estimated Tax Payable (CP204) and Instalment Scheme (CP500) from 1st April 2021 to 31st December 2021 under PEMERKASA.

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Extension of Time for Circulation and Lodgement of Financial Statements and Annual General Meeting Announced by Suruhanjaya Syarikat Malaysia ("SSM")

Following the implementation of Full Movement Control Order ("Total lockdown") and in support of the Government's initiatives to ease the economic pressures faced by the corporate community, SSM has issued the Practice Directive ("PD") No. 8/2021 dated 1 June 2021 to clarify the special procedures for application of Extension of Time ("EOT") for Lodgement of Financial Statements and Annual General Meeting (AGM) for affected companies having financial year end AFTER 31 October 2020 to 31 January 2021 as follows:

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IRB's Response to MCO 3.0 - FAQ on Tax Matters During the MCO 3.0

Following the Government's implementation of the Movement Control Order 3.0 ["MCO 3.0"] due to the surge in the COVID-19 cases, the Inland Revenue Board ["IRB"] has, on 2nd June 2021, issued the Frequently Asked Questions ["FAQ"] on Tax Matters During the MCO 3.0, with some updates made on 3rd and 4th June 2021.

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PEMERKASA Plus Stimulus Package

On 31st May 2021, the Government has announced the PEMERKASA Plus Stimulus Package ["PEMERKASA Plus"] worth RM40 billion with the following three (3) main objectives:-