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In Memoriam - Mr Leong Khai Wah

It is with great sadness that we announce the passing of our highly respected Senior Advisor, Mr Leong Khai Wah, who left us on 29th July 2022.

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Extension of Payment Period for Special Voluntary Disclosure and Amnesty Program for Indirect Taxes

The Royal Malaysian Customs Department ["RMCD"] has on 29th June 2022 announced the extension of payment period for Phase 1 of the Special Voluntary Disclosure and Amnesty Program ["VA Program"] until 14th July 2022.

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FAQ in Relation to the Deduction of Tax at 2% on Payments Made by a Company to an Agent, Dealer or Distributor

Effective 1st January 2022, a company is required to withhold 2% tax on payments made in monetary form to an agent, dealer or distributor who is a resident individual arising from sales, transactions or schemes pursuant to the new Section 107D of the Income Tax Act 1967 ["ITA 1967"].

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TNB's Application to Quash a RM1.8 billion Tax Bill

The latest tax case that has made the round last week was the High Court's decision to allow Tenaga Nasional Berhad's ["TNB"] judicial review application to quash a RM1.8 billion tax bill issued by the Inland Revenue Board ["IRB"]. The case concerns the IRB's decision to disallow TNB from claiming reinvestment allowance ["RA"] under Schedule 7A of the Income Tax Act 1967 ["ITA"].

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Highlights on Budget 2022 Proposals (Part 4) - Extension of Additional Reinvestment Allowance Incentive and Time Limit for Carry Forward of Unabsorbed Business Losses

As you may recall, the following proposals, among others, were announced in the Budget 2022 / Finance Bill 2021:-➢Extension of Additional Reinvestment Allowance Incentive➢Extension of Time Limit for Carry Forward of Unabsorbed Business Losses

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Tax Deductibility of Payments for the Release of Bumiputra Quota

One of the tax cases which have caught the attention of property developers in recent years is the case of Prima Nova Harta Development Sdn Bhd ["Prima Nova"]. The case concerns the tax deductibility of payments made to the State Authority for the release of Bumiputra quota.

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Highlights on Budget 2022 Proposals (Part 3) - MOF's Media Release on Foreign-Sourced Income and Remission of Stamp Duty on Contract Notes for Trading of Shares Listed on Bursa Malaysia

In the recent announcement of the Budget 2022, it was proposed that effective 1st January 2022, income of a person who is a resident in Malaysia arising from sources outside Malaysia and received in Malaysia will no longer be exempted from tax. Based on the relevant amendments in the Finance Act 2021, the aforesaid foreign-sourced income received by the residents in Malaysia will be taxed as follows:-

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IRB's Media Release - Deferment of Tax Payments for Taxpayers and/or Employers Affected by Flood Disaster

Due to the floods that hit many areas in West Malaysia recently, the Inland Revenue Board ["IRB"] has on 28th December 2021, made a media announcement to inform that affected taxpayers and/or employers are allowed a deferment of the tax payments as below:-

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Highlights on Budget 2022 Proposals (Part 2) - Withholding Tax on Payments Made by a Company to an Agent, Dealer or Distributor Who is a Resident Individual

Currently, every company is required to furnish a Statement of Monetary and Non-monetary Incentive Payment to an Agent, Dealer or Distributor ["Form CP58"] to the agent, dealer or distributor who receives payment (both monetary and non-monetary) from the company arising from sales, transactions or schemes carried out by him as an agent, dealer or distributor each year pursuant to Section 83A of the Income Tax Act 1967 ["ITA 1967"].

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FAQ on Revision of Tax Estimate in The 11th Month of The Basis Periods for YA 2021 and YA 2022 and Deferment of Payment under CP 204 and Notice of Instalment Payment (CP 500) for Micro, SME

The Inland Revenue Board ["IRB"] has issued the Frequently Asked Questions ["FAQ"] - Revision of Tax Estimate in The 11th Month of The Basis Periods for YA 2021 and YA 2022 and Deferment of Payment under CP 204 and Notice of Instalment Payment (CP 500) for Micro, Small and Medium Enterprises from 1st January 2022 to 30th June 2022 (Updated on 3rd December 2021) to provide clarification on these measures announced in the recent Budget 2022.