December 2021

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.

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