Beyond Compliance, Grow Sustainably.
Beyond Compliance, Grow Sustainably.
The Top Accounting & Tax Problems That Can Be Avoided Malaysia’s tax system has adopted the Self-Assessment System (SAS) for almost two decades. Under the SAS, tax returns submitted are deemed assessments where the Inland Revenue Board of Malaysia (IRB)…
LOCAL VERSUS FOREIGN SOURCED INCOME Malaysia’s tax system is territorial. Under Section 3 of the Income Tax Act 1967, it provides that only income that is accruing in or derived from Malaysia, and income remitted to Malaysia from outside Malaysia…
Real Property Gain Tax Amendments that Property Sellers and Non-Citizen must know The latest amendments in the Real Property Gain Tax 1976 has greatly impacted non-citizen and non-permanent resident property owners in Malaysia. Amendments on Paragraph 12(2)(a) & (b) –…
Direct Taxation LABUAN BUSINESS ACTIVITY TAX (AUTOMATIC EXCHANGE OF FINANCIAL ACCOUNT INFORMATION) REGULATIONS 2018 [P.U. (A) 20/2018] The above Regulations were gazetted on 8 February 2018. They are made under S21(1)(b) of the Labuan Business Activity Tax Act 1990 (LBATA).…
Director’s Obligations – Disposal/ acquisition by the director’s company undertaking or property of a substantial value On 22 January 2018, a company director at Darvel Bay Hybrid Acquaculture Sdn Bhd was charged in the Sessions Court, Tawau, Sabah for…
Indirect Taxation RMCD releases public ruling on supply of commercial residential premise, 12 January 2018 The Royal Malaysian Customs Department (RMCD) has issued Public Ruling No. 01/2018 Supply of Commercial Residential Premise on 11 January 2018. The PR clarifies whether…
Direct Taxation IRB issues PR on appeals, 12 January 2018 The Inland Revenue Board (IRB) has published a public ruling (PR) on “Appeal against an Assessment and Application for Relief” (PR No 12/2017) dated 29 December 2017. This PR replaces…
Indirect Taxation Orders recently gazetted The following Orders have been recently gazetted and have come into operation as follows:- P.U. (A) Title Date Gazetted Remarks CUSTOMS 404/2017 Customs (Anti-Dumping Duties) (Administrative Review) (Amendment) Order 2017 22 December 2017 This Order…
Direct Taxation Rules/Orders/Regulations recently gazetted The following Rules/Orders/Regulations have been recently gazetted and have come into operation as follows:- P.U. (A) Title Date Gazetted Remarks Income Tax 403/2017 Income Tax (Automatic Exchange of Financial Account Information) (Amendment) Rules 2017 22…
Indirect Taxation RMCD releases public ruling on issuance and holding of securities, 13 December 2017 The Royal Malaysian Customs Department (RMCD) has issued Public Ruling No. 04/2017 Issuance and Holding of Securities on 12 December 2017. The PR clarifies the…
