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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"].

17 Feb 2022 Read more

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

19 Jan 2022 Read more

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.

3 Jan 2022 Read more

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:-

3 Jan 2022 Read more

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:-

29 Dec 2021 Read more

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"].

21 Dec 2021 Read more

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.

8 Dec 2021 Read more

Highlights on Budget 2022 Proposals (Part 1) - Special Revision of Tax Estimate in 11th Month of the Basis Periods for YA 2021 and YA 2022

As you are aware, every company, limited liability partnership, trust body or co-operative society may furnish a revised estimate of tax payable for a year of assessment in the 6th month and/or 9th month of the basis period for that year of assessment to the Inland Revenue Board via submission of Form e-CP204A.

23 Nov 2021 Read more

Updates on Special Voluntary Disclosure Program for Indirect Taxes

In line with the Government's strategies to broaden its revenue base while promoting tax compliance amongst taxpayers as mentioned in the Pre-Budget 2022 Statement published on 31st August 2021, the Finance Minister has unveiled the Budget 2022 on 29th October 2021 and announced that a Special Voluntary Disclosure Program ["SVDP"] be introduced by the Director General of Royal Malaysian Customs ["DGRMC"] in phases with the following proposed remissions:-

1 Nov 2021 Read more

Update on Special Deduction for Reduction of Rental of Business Premises Offered to SME and Non-SME Tenants

In the recent economic stimulus packages announced by the Government since the COVID-19 outbreak, it was proposed that a special deduction be given to landlords offering reduction of rental of business premises of not less than 30% of the rate of monthly rental to tenants who are small and medium enterprises ["SME"] for the period from April 2020 to December 2021.

28 Sep 2021 Read more

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