January 2022

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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