Taxletter Issue 21
[vc_row][vc_column width=”2/3″][vc_column_text][/vc_column_text][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] In this TaxLetter -Updates on Service Tax:- Policy No. 1/2020 Policy No. 2/2020 Policy No. 3/2020 Policy No. 4/2020 Policy No. 5/2020 Policy No. 6/2020 Service Tax Policy No 1/2020 Expansion of Scope of Taxable Service Effective from 1 January 2020, Service Tax is expanded to include:- i.Distributing or reselling of information technology […]
Taxletter Issue 20
[vc_row][vc_column][vc_column_text] In this TaxLetter Updates and amendment on the following Public Rulings (“PR”): -PR No. 8/2019 -PR No. 9/2019 -PR No. 10/2019 -PR No. 11/2019 New PR No. 12/2019: Tax Treatment of Foreign Exchange Gains or Losses PR No. 8/2019 Notification of Change of Accounting Period by a Company / Limited Liability Partnership (“LLP”) / […]
Taxletter Issue 19
[vc_row][vc_column][vc_column_text] In this TaxLetter Termination of iPerkeso Finance Bill 2019 Labuan Business Activity Tax (Amendment) Bill 2019 Employees Provident Fund (Amendment) Bill 2019 Finance Bill 2019 (version 2) was passed by the Dewan Rakyat with an amendment to proposed s.153 of Income Tax Act 1967 and Schedule 2 of Real Property Gain Tax 1976 . […]
Taxletter Issue 18
[vc_row][vc_column][vc_column_text] 1. Redefinition of Small Medium Enterprise (SME) To support the growth of Malaysian SME, it is proposed in Budget 2020 that the income tax rate be revised as follows. It should be noted that the above tax rate is only applicable to Private Limited Company (Sdn Bhd) or Limited Liability Partnership (LLP) having an […]
Top 10 Malaysian Budget Highlights 2020
[vc_row][vc_column width=”1/2″][vc_video link=”https://youtu.be/-7fXPt4lQNM”][/vc_column][vc_column width=”1/2″][vc_column_text] What are the Budget Highlights 2020? [/vc_column_text][vc_column_text]There are certainly many challenges that the Rakyat (people) will face in the days ahead. But with Pakatan Harapan’s second Budget, we hope that the measures introduced by the government will help the country’s economy. Budget 2020 shows a strong commitment towards digital economic expansion […]
Taxletter Issue 14
[vc_row][vc_column][vc_column_text] New Public Ruling No. 3/2019 Business Expenses In Respect of Disabled Person The Inland Revenue Board published a Public Ruling No. 3/2019 (PR 3/2019) on 8th August 2019 explaining the tax treatment of business expenses incurred by taxpayers for: Employing disabled persons as employees; and Providing training to disabled non-employees to enable them to […]
Taxletter Issue 13
[vc_row][vc_column][vc_column_text] Stamp Duty Exemption Stamp duty exemption (up to RM1,000,000 on property value) is granted to individual acquiring property valued between RM300,000 to RM2,500,000. The exemption is applicable for instruments of transfer for the purchase of residential property under National Home Ownership Campaign 2019. The exemption has been extended to 31 December 2019. Excise Duties […]
Taxletter Issue 17
[vc_row][vc_column][vc_column_text] SSM NOTICE: IMPLEMENTATION OF NEW 12 DIGIT REGISTRATION NUMBER Companies Commission of Malaysia (SSM) had officially announced that starting from 11 October 2019, all the business entities will be using a NEW FORMAT OF REGISTRATION NUMBER containing 12 digit characters for company, business and Limited Liability Partnership. Obtaining Regsitration Number Format You may obtain […]
Taxletter Issue 15
[vc_row][vc_column][vc_column_text] Sales Tax (Amendment) Act 2019 The Sales Tax Act 2018 has been amended and gazetted on 9 July 2019 to align with the Finance Bill issued in Budget 2019. Amendments Section Details Section 2 Pangkor is included as a “designated areas” (“DA”) * Petroleum supply bases are included as one of the defined […]
Taxletter Issue 16
[vc_row][vc_column][vc_column_text] Service Tax (Amendment) Act 2019 The Service Tax Act 2018 has been amended and gazetted on 9 July 2019 to align with the Finance Bill issued in Budget 2019. Amendments Section Details Section 2 Pangkor is included as a “designated areas” (“DA”) * Petroleum supply bases are included as one of the defined […]
