Public Ruling No. 6/2022 : Accelerated Capital Allowance
Public Ruling No. 6/2022 – Accelerated Capital Allowance The objective of Public Ruling No. 6/2022 (“PR”) explains the tax treatment on qualifying plants and machinery for the purpose of claiming Accelerated Capital Allowances (“ACA”) or the prescribed rates in determining the statutory income from a business. Qualifying Expenditure A new subparagraph of 6.3 was inserted […]
Public Ruling No. 7/2022 : Venture Capital Tax Incentives
Public Ruling No. 7/2022 : Venture Capital Tax Incentives The objective of Public Ruling No. 7/2022 is to explain the tax incentives in relation to the venture capital industry in Malaysia. A Venture Capital Companies (“VCC”) means a company that is: Incorporated under the Companies Act 2016 to obtain funds from investors (equity capital) or […]
Public Ruling No. 5/2022 Taxation of Resident Individual Part II – Computation of Total Income and Chargeable Income in Malaysia (Latest Update 2023)
Taxation of Resident Individual Part II – Computation of Total Income and Chargeable Income This Public Ruling No. 5/2022 (“PR”) will supersede PR No. 5/2018 dated 13 September 2018. The content of the Public Ruling No. 5/2022 is broadly identical to the earlier PR No. 5/2018 which explains the computation of total income and chargeable income of […]
Real Property Gains Tax (“RPGT”): Understanding the Tax Treatment in Malaysia (Latest Update 2023)
Tax Treatment on Real Property Gains Tax (“RPGT”) The Real Property Gains Tax Guidelines 2023 (2023 Guidelines”) incorporate and demonstrate the legislative changes introduced to RPGT Act 1976 which includes the following: The RPGT rates that apply, depending on the category of taxpayer (refer to Appendix 1 to The 2023 Guidelines). The rates that apply […]
Tax Treatment in Relation to Foreign Source Income Received in Malaysia (Amendment)
Tax Treatment in Relation to Foreign Source Income Received in Malaysia (Amendment) The contents of this Guideline regarding the Tax Treatment in Relation to Foreign Source Income Received in Malaysia (Amendment) have been published in Malay Technical Guidelines dated 29 September 2022 titled “Layanan Cukai Berhubung Pendapatan Yang Diterima Dari Luar Negara” which was superseded […]
Tax Treatment of Accrued Interest or Profit Payable to Bank or Financial Institutions during the Moratorium Period
Tax Treatment of Accrued Interest or Profit Payable to Bank or Financial Institutions during the Moratorium Period The loan moratorium is one of the Government’s financial aid measures introduced under the Prihatin Rakyat Economic Stimulus Package (PRIHATIN) from 1 April 2020 until 30 September 2020. It is an offer for deferment or temporary suspension of […]
Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022
Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022 In order to encourage companies relocating their manufacturing operations to Malaysia and undertake new investments, effective from Year of Assessment (“YA”) 2021, a qualifying company that performs qualifying activities under this incentive scheme is eligible for the following income tax rate charged on […]
Minimum Transfer Pricing Documentation Template : Ensure Compliance with the Latest Updates 2022
Minimum Transfer Pricing Documentation Template Date of Publication: 11 November 2022 The objective of the Malaysian Transfer Pricing Guidelines (“TP Guidelines”) is to explain the provision of Section 140A in the Income Tax Act 1967 (“ITA”) and the Transfer Pricing Rules 2012. This TP Guideline applies to the transactions between the associated persons based on […]
Employment Income Guidelines in Malaysia: Understanding the Types of Employment Income under the Income Tax Act 1967
Employment Income Guidelines in Malaysia: Understanding the Types of Income Taxable under the Income Tax Act 1967 In accordance to s4(b) of Income Tax Act 1967, there are several gains and profits from an employment, which includes salaries, wages, bonuses, commissions, and other monetary benefits. However, it’s not just limited to monetary remuneration – benefits in […]
Income Tax (Exemption) (No. 6) 2020 (Amendment) Order 2022 – Latest Update on New Food Production Project or an Expansion Project
Income Tax (Exemption) (No. 6) 2020 (Amendment) Order 2022 Latest Update on New Food Production Project or an Expansion Project This Order is deemed effective from 1 January 2016 except for paragraph 4 relating to the new sub subparagraphs 5A(1)(f) and (g) of the Income Tax (Exemption) (No. 6) Order 2020 [P.U. (A) 373/2020] which […]
