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IRB's Notification on Change of Tax Identification Number Format

The implementation of Tax Identification Number ["TIN"] was first announced in the 2022 Budget. Based on the new provision introduced under Section 66A of the Income Tax Act 1967, effective 1st January 2022, the Director General of Inland Revenue is empowered to assign a TIN to any person who is...

17 Mar 2023 Read more

Amended Guidelines on Tax Treatment of Income Received from Abroad

In the Guidelines on Tax Treatment in Relation to Income Received from Abroad issued by the Inland Revenue Board ["IRB"] on 29th September 2022, it explains the tax treatment and exemption of foreign-sourced income received by residents in Malaysia pursuant to the amendment of Paragraph 28, Schedule 6 of the Income Tax Act 1967, effective 1st January 2022.

17 Jan 2023 Read more

Extension of Payment Period for Phase 2 of the Special Voluntary Disclosure and Amnesty Program for Indirect Taxes

The Royal Malaysian Customs Department ["RMCD"] has announced the extension of payment period for Phase 2 of the Special Voluntary Disclosure and Amnesty Program ["VA Program"] until 14th October 2022.

4 Oct 2022 Read more

In Memoriam - Mr Leong Khai Wah

It is with great sadness that we announce the passing of our highly respected Senior Advisor, Mr Leong Khai Wah, who left us on 29th July 2022.

18 Aug 2022 Read more

Extension of Payment Period for Special Voluntary Disclosure and Amnesty Program for Indirect Taxes

The Royal Malaysian Customs Department ["RMCD"] has on 29th June 2022 announced the extension of payment period for Phase 1 of the Special Voluntary Disclosure and Amnesty Program ["VA Program"] until 14th July 2022.

29 Jun 2022 Read more

FAQ in Relation to the Deduction of Tax at 2% on Payments Made by a Company to an Agent, Dealer or Distributor

Effective 1st January 2022, a company is required to withhold 2% tax on payments made in monetary form to an agent, dealer or distributor who is a resident individual arising from sales, transactions or schemes pursuant to the new Section 107D of the Income Tax Act 1967 ["ITA 1967"].

17 Mar 2022 Read more

TNB's Application to Quash a RM1.8 billion Tax Bill

The latest tax case that has made the round last week was the High Court's decision to allow Tenaga Nasional Berhad's ["TNB"] judicial review application to quash a RM1.8 billion tax bill issued by the Inland Revenue Board ["IRB"]. The case concerns the IRB's decision to disallow TNB from claiming reinvestment allowance ["RA"] under Schedule 7A of the Income Tax Act 1967 ["ITA"].

17 Feb 2022 Read more

Highlights on Budget 2022 Proposals (Part 4) - Extension of Additional Reinvestment Allowance Incentive and Time Limit for Carry Forward of Unabsorbed Business Losses

As you may recall, the following proposals, among others, were announced in the Budget 2022 / Finance Bill 2021:-➢Extension of Additional Reinvestment Allowance Incentive➢Extension of Time Limit for Carry Forward of Unabsorbed Business Losses

19 Jan 2022 Read more

Tax Deductibility of Payments for the Release of Bumiputra Quota

One of the tax cases which have caught the attention of property developers in recent years is the case of Prima Nova Harta Development Sdn Bhd ["Prima Nova"]. The case concerns the tax deductibility of payments made to the State Authority for the release of Bumiputra quota.

3 Jan 2022 Read more

Highlights on Budget 2022 Proposals (Part 3) - MOF's Media Release on Foreign-Sourced Income and Remission of Stamp Duty on Contract Notes for Trading of Shares Listed on Bursa Malaysia

In the recent announcement of the Budget 2022, it was proposed that effective 1st January 2022, income of a person who is a resident in Malaysia arising from sources outside Malaysia and received in Malaysia will no longer be exempted from tax. Based on the relevant amendments in the Finance Act 2021, the aforesaid foreign-sourced income received by the residents in Malaysia will be taxed as follows:-

3 Jan 2022 Read more

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