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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

To Our Valued ClientsUnder 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

To Our Valued ClientsFollowing 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

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

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PEMERKASA Stimulus Package

To Our Valued ClientsOn 17th March 2021, the Government has announced the PEMERKASA Stimulus Package ["PEMERKASA"] worth RM 20 billion. The objectives of PEMERKASA are as follows:-

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IRB's Announcement on Restructuring of Payment Centre Counter Services

To Our Valued ClientsIn line with the Government's aspiration to increase the usage of online payment (e-payment) and to improve the efficiency of tax collection process, the Inland Revenue Board ["IRB"] has announced on 9th February 2021 that a restructuring of payment centre counter services will be carried out in Kuala Lumpur, Kuching and Kota Kinabalu. Please refer to the media announcement dated 9th February 2021.

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PERMAI Stimulus Package

Following the implementation of Movement Control Order ["MCO"] 2.0, the Government has introduced the Perlindungan Ekonomi and Rakyat Malaysia ["PERMAI"] Stimulus Package value at RM15 million on 18th January 2021. The objectives of PERMAI Stimulus Package are to:-

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Updates on PENJANA and Special Deduction for Reduction of Rental

To Our Valued ClientsSubsequent to the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] announced by our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin on 5th June 2020, the Ministry of Finance ["MOF"] has published the updated Appendix dated 5th June 2020 (available in Bahasa Malaysia) with additional details of the tax measures proposed under PENJANA.

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Short-Term Economic Recovery Plan - PENJANA

To Our Valued ClientsComing into the verge entering the recovery phase of our fight against the COVID-19 pandemic, our Prime Minister, YAB Tan Sri Dato' Haji Muhyiddin Bin Haji Mohd Yassin has on 5th June 2020, unveiled the Pelan Jana Semula Ekonomi Negara or Short-Term Economic Recovery Plan ["PENJANA"] valued at RM35 billion with the theme "Building The Economy Together" which focuses on 3 key thrusts:-

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FAQ on Special Tax Treatment to Financial Institutions & Latest Update on the IRB's FAQ on Tax Matters during MCO and CMCO Period

To Our Valued ClientsThe Inland Revenue Board ["IRB"] has recently issued the Frequently Asked Questions ["FAQ"] on Special Tax Treatment to Financial Institutions in Relation to Moratorium Granted to Customer. The FAQ was issued to provide guidance to the financial institutions on the special tax treatment of interest income / profit accrued from loans between 1st April 2020 to 30th September 2020 ["the Moratorium Period"] during which repayment / payment is deferred.