Different Types of Taxes in Malaysia
How many types of taxes are in Malaysia? There are two types of taxes in Malaysia which consists of direct tax and indirect tax. Direct Tax Direct tax is a tax that is levied on a person or enterprise’s income. The taxpayer is paid directly to the tax collector. Inland Revenue Board Malaysia (IRBM) is […]
Starting a Business? Which Business Incorporation should I go for ?
[vc_row][vc_column width=”1/2″][vc_column_text]Starting a Business? Which Business Incorporation should I go for ? This is Chapter 1 : Types of Business Incorporation and Tax Differences Imagine yourself in the shoes of a new entrepreneur, you are excited, you want to go out do some business, make some money. You started the business online, using your name, […]
Further Deduction for Employment of Senior Citizen, Ex-Convict, Parolee, Supervised Person and Ex-Drug Dependant
[vc_row][vc_column][vc_column_text] Further / Additional Deduction for Employment of Senior Citizen, Ex-Convict, Parolee, Supervised Person and Ex-Drug Dependant [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Qualifying Person For the purpose of ascertaining the adjusted income of an employer for the basis period for Year of Assessment 2019 to 2025, an additional deduction is allowed for an employer who employs a Malaysian citizen […]
What Is Capital Allowance and Industrial Building Allowance? How to Claim Them?
[vc_row][vc_column][vc_column_text] Capital Allowance (CA) When it comes to tax computation, we know that capital expenditure is not deductible for tax. Thus, depreciation of an asset is never a tax-deductible item. The purpose of capital allowance is to give relief for wear and tear of fixed assets, and it is granted in place of depreciation that […]
What Is Labuan?
[vc_row][vc_column][vc_column_text]With effect from the Year of Assessment 1991, Labuan Offshore business activity act 1990 was introduced. It creates what is perceived as a tax haven for Labuan companies carrying on business in or from Labuan. In the year 2010, the principal act has been renamed to be known as Labuan Business Activity Tax Act 1990. […]
What Is Investment Holding Company (IHC)?
[vc_row][vc_column][vc_column_text] Introduction of Investment Holding Company (IHC) With reference to public ruling 3/2011, investment holding company means a company whose activities consist mainly of holding of investments, with not less than 80% of its gross income is derived from the investment held. It is really important to note that gross income from business of holding […]
Overview of Malaysian Corporate Income Tax
[vc_row][vc_column width=”1/2″][vc_video link=”https://youtu.be/ehJWz5evRbQ”][/vc_column][vc_column width=”1/2″][vc_column_text] Residence Status When preparing corporate income tax, it is important to determine the status of the company whether it is resident or non-resident because the rate of the corporate income tax will be different. s.8(1)(b) of the Income Tax Act refers to a resident status of a company. A company is […]
