The Basics of Stamp Duty in Malaysia When transferring assets or property, there is proof of legal documents presented, which the government taxes. This is called stamp duty, which is also known as stamp taxes. Governments collect stamp duties on documents which are needed as evidence for certain types of transactions being completed. These documents…
How to Know When to Hire a Tax Consultant If you try asking your family, friends, and anyone you know about a tax consultant, they will probably say it is unnecessary. Since you are the business owner, you should be the one to know when to hire a tax consultant. The truth is, most people…
Deloitte Malaysia Tax Highlights During the International Tax Review (ITR) Asia Tax Awards 2020, Deloitte bagged three awards. There were two nationals and one regional. In the last four years, Deloitte Malaysia has been recognized as Malaysia Tax Firm of the Year three times. It also received recognition for being the Transfer Pricing Firm of…
A Simple Guide to Transaction Taxes in Malaysia A lot of countries in the world tax their financial transactions. These are varied in terms of tax shapes and sizes from the transfer of share ownership taxes and stamp duties on foreign exchange transactions and cash movement of balances within accounts. Organisations of financial services build…
The introduction of SST in Malaysia The introduction of SST in Malaysia officially took effect on September 1, 2018, which replaced the Goods and Services Tax (GST). The 6% GST was introduced in Malaysia in 2015, and the SST is a lot similar to this system. The goods that get tax exemption from SST are…
Understanding Labuan as Tax Haven in Malaysia Labuan is a jurisdiction in Malaysia from offshore that gives support, confidence, and stability for investors who want to cut taxes, so their wealth is protected. Most of the time, this is great for a business destination when it comes to competitiveness, efficiency, and better financial control. Labuan…
Understanding Some Stipulations from the Malaysia – India Tax Treaty, In-depth In 1976, Malaysia and India signed a tax treaty to avoid double taxation. Ever since that time, the treaty has undergone several amendments. The latest version was finished in 2012, which became applicable by December 2012. There is a double tax agreement (DTA) that…
What to Know About the Tax Penalties in Malaysia The income tax in Malaysia is based on the income that is accrued in or comes from Malaysia. The only exception is from a resident company’s income that carries business of transport by sea or air, insurance, or banking, which can be assessed based on a…