{"id":5155,"date":"2023-05-25T11:11:10","date_gmt":"2023-05-25T03:11:10","guid":{"rendered":"https:\/\/ancgroup.biz\/?p=3881"},"modified":"2023-05-25T11:11:10","modified_gmt":"2023-05-25T03:11:10","slug":"finance-bill-2023-highlights","status":"publish","type":"post","link":"https:\/\/ancgroup.biz\/ms\/finance-bill-2023-highlights\/","title":{"rendered":"Finance Bill 2023 : What are the highlights and benefits to us?"},"content":{"rendered":"<div><\/div>\n<h4><a href=\"https:\/\/ancgroup.biz\/\/wp-content\/uploads\/2023\/05\/DR-4_2023-BI.pdf\">Finance Bill 2023 <\/a>: What are the highlights and benefits to us?<\/h4>\n<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>This TaxLetter is a continuation of our WordPress &#8211;\u00a0<a href=\"https:\/\/ancgroup.biz\/ms\/2023\/05\/08\/budget-2023-highlights\/\"><strong>Budget 2023: What are the highlights and benefits to us?<\/strong><\/a><\/p>\n<p>In the the WordPress &#8211;\u00a0<a href=\"https:\/\/ancgroup.biz\/ms\/2023\/05\/08\/budget-2023-highlights\/\"><strong>Budget 2023: What are the highlights and benefits to us?<\/strong><\/a>, we focus\u00a0on<a href=\"https:\/\/budget.mof.gov.my\/en\/budget2023\/\"> Budget Proposals<\/a> announced by the Prime Minister\u2019s Budget Speech and Tax Appendices. However in this WordPress, we are going to discuss the highlights of the key proposals tabled in the Finance Bill 2023.<\/p>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<h3 class=\"column\"><span style=\"text-decoration: underline;\"><strong>Individual Tax and Relief<br \/>\n<\/strong><\/span><\/h3>\n<ul>\n<li>\n<h5><strong>Medical Treatment Expenses<\/strong><\/h5>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 2\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position : YA 2022<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Tax Appendices and Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">Medical Treatment up to RM8,000 is given on:-<\/p>\n<ul>\n<li>Serious illness for taxpayer, spouse or\u00a0child;<\/li>\n<li>Fertility treatment for\u00a0taxpayer or spouse;<\/li>\n<li>Vaccination for\u00a0taxpayer, spouse or child limited to RM1,000; and<\/li>\n<li>Full medical check up, mental health check-up or consultation, COVID- 19 detection test including the purchase of self-test kit for taxpayer, spouse or child limited to RM1,000.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the scope of income tax relief for medical treatment expenses under Section 46(1)(g) of the Malaysia Income Tax Act 1967 (\u201cMITA\u201d) be increased from RM8,000 to RM10,000.<\/p>\n<p style=\"padding-left: 40px;\">Expenses be expanded to include intervention expenditure for Autism, Attention Deficit Hyperactivity Disorder (ADHD), Global Development Delay (GDD), Intellectual Disability, Down Syndrome and Specific Learning Disabilities.<\/p>\n<p style=\"padding-left: 40px;\">A new Section 46(1)(ha) be provided for personal deduction of up to a maximum of RM4,000 for expenses expended or deemed expended by an\u00a0individual on his child who is aged 18 years old and below in respect of the following:-<\/p>\n<ul>\n<li>An assessment for the purpose of diagnosis of a learning disability certified by a medical practitioner registered with the Malaysian Medical Council; or<\/li>\n<li>Early intervention program or rehabilitation treatment for learning disability conducted by an allied health practitioner in the field of learning disability registered under the Allied Health Professions Act 2016.Effective YA 2023.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<\/div>\n<ul>\n<li><strong>EPF and Life Insurance<\/strong><\/li>\n<\/ul>\n<div class=\"page\" title=\"Page 2\">\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td><\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Current Position : YA 2022<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Tax Appendices and Finance Bill 2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" rowspan=\"1\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>To further voluntary contribution to increase savings in preparation for old age, it is proposed :<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li>EPF Contribution<\/li>\n<li>Voluntary Contribution byCivil Servants<\/li>\n<li>Voluntary Contribution by SelfEmployed Person<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM4,000<br \/>\nSection 49(1)(b)<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM4,000<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li>Life Insurance Premium or Takaful Contribution<\/li>\n<li>Voluntary Contribution to EPF<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM3,000<br \/>\nSection 49(1)(a)<\/p>\n<p style=\"text-align: center;\">Voluntary Contribution of EPF only for Civil Servant<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM3,000<\/p>\n<p style=\"text-align: center;\">Voluntary Contribution of EPF expand to include Private Sectors [shall not include the amount of deduction for voluntary contribution to the EPF under Section 49(1)(b)]. Effective YA 2023.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<\/div>\n<ul>\n<li><strong>SSPN Relief<\/strong><\/li>\n<\/ul>\n<div class=\"page\" title=\"Page 3\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: left;\">Current Position : YA 2022<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Finance Bill 2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Income Tax Relief up to RM8,000 is given on net annual savings in the National Education Savings Scheme (\u201cSSPN\u201d).<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>No extension given effective YA 2023<\/p>\n<p>On 29 March 2023, Prime Minister announced an extension of SSPN Relief until 2024. The initiative has yet to be reflected in the Finance Bill 2023.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<hr \/>\n<ul>\n<li>\n<h5><strong>Tax Instalments for Self Employed Person (CP500)<\/strong><\/h5>\n<\/li>\n<\/ul>\n<div class=\"page\" title=\"Page 3\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Current Position : YA 2022<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Finance Bill 2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">Based on taxpayers\u2019 previous income tax payable, a tax estimate (CP500) instalment scheme will be issued to the self-employed taxpayer.<\/p>\n<p style=\"padding-left: 40px;\">Taxpayer is required to remit payments according to the bi-monthly instalment plan, which will due within 30 days from the payment date.<\/p>\n<p style=\"padding-left: 40px;\">Taxpayer can revise his\/her tax estimate once by submitting a CP502 by 30 June of the Basis Year.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the taxpayer will be allowed to revise his\/her tax estimate twice during the Basis Year.<\/p>\n<p style=\"padding-left: 40px;\">First Revision : by 30 June<br \/>\nSecond Revision: by 31 October<\/p>\n<p style=\"padding-left: 40px;\">Effective YA 2023 .<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr \/>\n<\/div>\n<h3><span style=\"text-decoration: underline;\"><strong>Corporate Tax<br \/>\n<\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong><strong>Income Tax Rate for Micro, Small and Medium Enterprise<br \/>\n<\/strong><\/strong><\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Effective YA 2023, the income tax rate for Micro, Small and Medium Enterprises (\u201cMSME\u201d)** on chargeable income for the first RM150,000 be reduced by 2%. The income tax rates summary are as follows:-<\/p>\n<div class=\"page\" title=\"Page 4\">\n<table style=\"height: 155px;\" width=\"468\">\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Chargeable Income<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><strong>YA 2022<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">First RM600,000<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM102,000<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>RM600,001 and above<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">24%<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"page\" title=\"Page 4\">\n<table style=\"height: 201px;\" width=\"468\">\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Chargeable Income<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><strong>YA 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM150,000 pertama<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM22,500<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>RM150,001 to RM600,000<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">RM76,500<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>RM600,001 and above<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">24%<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em><em>** MSME herein refers to a company with paid up capital in respect of ordinary shares of not more than RM2.5 million or a Limited Liability Partnership with total contribution not more than RM2.5 million; and gross business income not more than RM50 million.<\/em><\/em><\/p>\n<p>Effective YA 2024, the reduction in tax rate is <strong>NOT applicable<\/strong> to:<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><strong>\u2022 Company<\/strong><br \/>\nwith more than 20% paid-up capital in respect of ordinary shares are owned directly or indirectly by a company or more companies incorporated outside Malaysia; or a person or more who are non-Malaysian Citizen; or<\/p>\n<p><strong>\u2022 Limited Liability Partnership<\/strong><br \/>\nwith more than 20% capital capital contribution (whether in cash or in kind) owned directly or indirectly contributed by a company or more companies incorporated outside Malaysia or a person or more who are non-Malaysian Citizen.<\/p>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Tax Implication : With effect from YA 2024, Companies or Limited Liability Partnerships (\u201cLLPs\u201d) which are 20% or more foreign owned, no longer enjoys the preferential rate under MSME.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li>\n<h5>Mandatory e-Filing of Tax Return Form<\/h5>\n<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Effective YA 2024, E-filing is to be mandatory for the following categories of taxpayers:-<\/p>\n<div class=\"page\" title=\"Page 4\">\n<table>\n<colgroup>\n<col \/>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Income Tax Return Form<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><strong>Current e-Filling<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p><strong>Finance Bill 2023 Proposed e-Filling<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Income tax return form other than Employer\u2019s return form (Form E)<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Companies and LLPs<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">All categories of taxpayers<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Amended income tax return form<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">N\/A<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Companies, LLPs, Trust Bodies, and Co-Operative Societies<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Employer\u2019s return form ( Form E)<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Syarikat<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">LLPs, Trust Bodies, and Co-operative Societies<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><strong><strong><strong>Extension of Scopefor Application for Relief<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 5\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Current Position : YA 2022<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Finance Bill 2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">A taxpayer may make an application for relief under Sections 97A and 131A of the MITA in respect of other error or mistake in the income tax return made by him.<\/p>\n<p style=\"padding-left: 40px;\">The relief application of other than error or mistake allowed include cases in which a deduction was disallowed in respect of payment not due to be paid under withholding tax provisions on the day the income tax return is furnished.<\/p>\n<p style=\"padding-left: 40px;\">The scope covered under these provisions include the following payments which are subject to withholding tax:-<\/p>\n<p style=\"padding-left: 40px;\">a. Contract payment;<br \/>\nb. Interest and royalty;<br \/>\nc. Income of a public entertainer; d. Special classes of income; and e. Other gains or profits.<\/p>\n<p style=\"padding-left: 40px;\">However, payment made to agent, dealer or distributor which are subject to withholding tax under Section 107D of the MITA is not covered in the current provision.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the scope of\u00a0application for relief will be\u00a0expanded to include payment by a Company to agent, dealer or distributor which are subject to withholding tax under Sections 97A and 107D of the MITA.<\/p>\n<p>Effective 1 January 2023.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<hr \/>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong><strong>Definition of \u201cPlant\u201d<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 6\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Current Position : YA 2022<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Finance Bill 2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">The definition of \u201cPlant\u201d under Schedule 3 of the MITA refers to:-<\/p>\n<p style=\"padding-left: 40px;\">An apparatus used by a person carrying on his business but does not include:-<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Building<\/li>\n<li>Intangible Asset *<\/li>\n<li>Any other asset used and functions as a place\u00a0<span style=\"font-family: inherit; font-size: inherit;\">within which a business is carried on<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px;\"><em>* Clarifications are given for \u201cdefinition of software\u201d gazette under PUA 358\/2008 and PUA 217\/2014.<\/em><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the definition of \u201dPlant\u201d be amended to:-<\/p>\n<p style=\"padding-left: 40px;\">An apparatus used by a person carrying on his business but does not include:-<\/p>\n<p style=\"padding-left: 40px;\">1. Building<\/p>\n<p style=\"padding-left: 40px;\">2. Intangible Asset<\/p>\n<p style=\"padding-left: 40px;\">3. Any other asset used and functions as a place within which a business is carried on.<\/p>\n<p style=\"padding-left: 40px;\">Pursuant to Paragraph 70A(2) of Schedule 3 to the MITA, the Minister may prescribe any other assets as assets that are excluded from the definition of \u201cPlant\u201d.<\/p>\n<p style=\"padding-left: 40px;\">The removal of exclusion of intangible assets as plant means that the Government\u2019s recognition the importance of capital expenditure on intangible as main driver for economic growth.<\/p>\n<p style=\"padding-left: 40px;\">Effective YA 2023.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<hr \/>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 6\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong>Deadline for Remittance of Withholding Tax on Payments made to Agents, Dealers, and Distributors<\/strong><\/strong>\n<div class=\"page\" title=\"Page 6\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position : YA 2022<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">Pursuant to Section 107D of the MITA, 2% Withholding Tax shall be deducted and remitted to the Inland Revenue Board within 30 days after paying or crediting the payment to a resident individual agent, dealer or distributor.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">All payments made by a Company to a resident individual agent, dealer or distributor that is subject to Withholding Tax shall remit the deduction of tax form to the Malaysian Inland Revenue Board (\u201cMIRB\u201d) not later than the last day of the following calendar month.<\/p>\n<\/div>\n<\/div>\n<table style=\"height: 183px;\" width=\"624\">\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">Tarikh Bayaran<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p>Due Date<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">01.01.2023 \u2013 31.01.2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">28.02.2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">01.02.2023 \u2013 28.02.2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\">31.03.2023<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<hr \/>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"page\" title=\"Page 7\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong><strong>Instalment Payments on Tax Arising from Deemed Assessment<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 7\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position : YA 2022<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">Taxpayer is allowed to pay instalments if there is tax payable arising from the assessment that are raised formally.<\/p>\n<p style=\"padding-left: 40px;\">However, there is no specific provision in the MITA for MIRB to grant instalment payments for tax arising from deemed assessment, including best judgement assessments.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">The Director General is given the power to grant instalment payments for tax arising from deemed assessments.<\/p>\n<p style=\"padding-left: 40px;\">Reference : Section 103(7) of MITA.<\/p>\n<p style=\"padding-left: 40px;\">Effective YA 2023.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h4><span style=\"text-decoration: underline;\"><strong>Duti Setem<\/strong><\/span><\/h4>\n<p>&nbsp;<\/p>\n<div class=\"page\" title=\"Page 8\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong><strong>Stamp duty on Following Instrument Entered by Small and Medium Enterprises<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 8\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">Pursuant to the First Schedule of the Stamp Act 1949, stamp duty on the following instruments imposed at a fixed duty of RM10:-<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>A charge or a mortgage on or an assignment by way of security of accounts receivables to a bank, merchant bank or finance company licensed under the Banking and Financial Institutions Act 1989 or under the Islamic Banking Act 1983 or a scheduled institution as defined under section 2 of the Banking and Financial Institutions Act 1989, pursuant to an agreement for discounting invoices or hire purchase receivables.<\/li>\n<li>On the absolute sale of any accounts receivables or book debts to a bank, merchant bank, or finance company licensed under the Banking and Financial Institutions Act 1989 or under the Islamic Banking Act 1983 or a scheduled institution as defined under section 2 of the Banking and Financial Institutions Act 1989, pursuant to a factoring agreement.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">The scope of the fixed duty of RM10 to include similar instrument which entered by small and medium enterprise in relation of discounting invoices or hire purchase receivables or factoring agreement entered with:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Any statutory body; or<\/li>\n<li>Agency of the Government or of the State\u00a0Government; or<\/li>\n<li>Any Company in which the Government or\u00a0the State Government has interest, which provides financing to a small and medium enterprise.Effective from coming into operation of the Finance Act.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>\u00a0<\/strong><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<h4><span style=\"text-decoration: underline;\"><strong>Real Property Gains Tax<\/strong><\/span><\/h4>\n<p>&nbsp;<\/p>\n<div class=\"page\" title=\"Page 9\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong><strong>Transfer of Real Property to a Former Spouse<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 9\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">At present, the treatment \u201cno gain, no loss\u201d, i.e. the transferor\u2019s disposal price for a real property is deemed to be equal to his\/her acquisition price, is available for a transfer of real property between spouses where the transferor is a Malaysian citizen.<\/p>\n<p style=\"padding-left: 40px;\">Divorce cases under Court Order will subject to RPGT as per Schedule 5 of the Real Property Gains Tax Act Act (\u201cRPGTA\u201d) 1976.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the \u201cno gain, no loss\u201d treatment is extended to transfers of real property between former spouses pursuant to an order of any court in consequence of the dissolution or annulment of their marriage.<\/p>\n<p style=\"padding-left: 40px;\">Reference : Section 3(1)(b)(ia) of RPGTA.<\/p>\n<p style=\"padding-left: 40px;\">Effective from the coming into operation of the Finance Act.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<hr \/>\n<p>&nbsp;<\/p>\n<div class=\"page\" title=\"Page 9\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<ul>\n<li><strong><strong><strong>Transfer of Chargeable Asset to a Company by an Individual<\/strong><\/strong><\/strong>\n<div class=\"page\" title=\"Page 9\">\n<table>\n<colgroup>\n<col \/>\n<col \/><\/colgroup>\n<tbody>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Current Position<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"text-align: center;\"><strong>Finance Bill 2023<\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">At present, transferring real property owned by an individual into a company that is controlled by the individual for a consideration that consists of at least 75% of shares in that company, the individual is deemed to have transferred the real property at a \u201cno gain, no loss\u201d, i.e. the disposal price is deemed to be equal to the acquisition price.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<td>\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p style=\"padding-left: 40px;\">It is proposed that the \u201cno gain, no loss\u201d treatment is only applicable to company incorporated in Malaysia.<\/p>\n<p style=\"padding-left: 40px;\">Reference : Section 3(1)(b)(ii) of RPGTA.<\/p>\n<p style=\"padding-left: 40px;\">Effective from the coming into operation of the Finance Act.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong style=\"font-size: 25px;\">ANC Group &#8211; Your Personal Tax Advisor<\/strong><\/p>\n<p>Tax consulting is the core service of ANC Group. Our tax professionals provide clients with comprehensive tax support and guidance. We offer tax consulting and compliance services for <a href=\"https:\/\/ancgroup.biz\/ms\/2019\/10\/07\/how-to-be-a-tax-resident-in-malaysia\/\">expatriates<\/a>, <a href=\"https:\/\/ancgroup.biz\/ms\/2019\/10\/07\/sole-proprietors-and-partnerships-taxes\/\">entrepreneurs<\/a>, and <a href=\"https:\/\/ancgroup.biz\/ms\/2019\/10\/04\/overview-of-malaysian-corporate-income-tax-under-sendirian-berhad-sdn-bhd-and-limited-liability-partnership-llp\/\">listed and non-listed companies<\/a>.<\/p>\n<p>Our tax consulting services include business tax, transaction tax, personal tax, and corporate income tax. We don\u2019t just guide you in interpreting and applying complicated taxation rules, but to explore new opportunities and business trends.<\/p>\n<p>ANC Group keep you abreast with Malaysia tax updates and any changes in the local regulations.<\/p>\n<p>We work closely with industry specialists, authorities, and associated professionals within ANC Group to provide the best-in-class integrated tax planning solutions. ANC specialists coordinate the accounting and taxation services to bring your business to success.<\/p>\n<p>[vc_btn title=&#8221;Get a Quote&#8221; color=&#8221;orange&#8221; size=&#8221;lg&#8221; link=&#8221;url:%23Footer|title:Footer||&#8221; el_id=&#8221;buttonGetQuoteTaxService&#8221;]<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Finance Bill 2023 : What are the highlights and benefits to us? This TaxLetter is a continuation of our WordPress &#8211;\u00a0Budget 2023: What are the highlights and benefits to us? In the the WordPress &#8211;\u00a0Budget 2023: What are the highlights and benefits to us?, we focus\u00a0on Budget Proposals announced by the Prime Minister\u2019s Budget Speech [&hellip;]<\/p>","protected":false},"author":1,"featured_media":5395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17,33,42],"tags":[],"class_list":["post-5155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employment","category-publication","category-taxation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Finance Bill 2023: What are the highlights and benefits to us?<\/title>\n<meta name=\"description\" content=\"In the the WordPress -Budget 2023: What are the highlights and benefits to us?, we focus\u00a0on Budget Proposals announced by the Prime Minister\u2019s Budget Speech and Tax Appendices. 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