Budget 2020: Malaysia Makes Tax Exemptions for Tourism The Malaysian government has a new strategy. And that is the tax exemption and incentive strategy, which is geared towards the tourism sector of the nation. Tax Exemptions for Tourism is a bold effort to boost the presence of tourists in Malaysia. Budget 2020 budget will offer tax incentives…
The Improvement to Sales and Services Tax in Malaysia Budget 2020 The 2020 Budget is poised to improve Malaysians’ lives and bring stability to the Government’s finances. The Finance Minister made it clear that the Government will not reintroduce GST and the Budget 2020 will see an enhancement in the Sales and Services Tax to…
Singapore Income Will Not Be Taxed – The Statement of Inland Revenue Board of Malaysia The Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negeri Malaysia or LHDN) released a statement addressing the confusion over the revenue received from Singapore and the basis of determining resident status for purposes of imposition income tax. Generally taxable…
The Procedure for the Filing of Income Tax Return Forms Based on Unaudited Accounts As of 4 August 2017, Malaysia’s SSM (Suruhanjaya Syarikat Malaysia) has issued Practice Directive No. 3/2017. This directive was named Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies. Under this directive, dormant companies, threshold-qualified companies and zero-revenue companies…
Amendments to DG’s Decision 1/2018 & 3/2018 by the Royal Malaysian Customs Department The Royal Malaysian Customs Department has made amendments to the DG’s Decision for 1/2018 and 3/2018. The amendments affect the areas of tax invoice issuance, and submission of the goods and services tax return. Amendments to the Issuance of Tax Invoice…
Malaysia’s Inland Revenue Board Launches Special Program for Voluntary Disclosure On 3 November 2018, the Inland Revenue Board of Malaysia (IRBM) issued its Operational Guidelines No. 1/2018. This guideline outlines the implementation procedures of the Special Program for Voluntary Disclosure (Special Program), which is eligible for taxpayers. Malaysia’s Tax Reform Committee is part of the…
Duty-Free Islands Will Still Be Taxed Under SST in Malaysia Malaysia has some duty-free islands where the foreign visitors can indulge in tax-free shopping. However, the SST in Malaysia kick starts on September 1 and is expected to affect specific items based on the orders of the country’s finance minister. Lim Guan Eng, the Finance…
Service Sector Remain 6% from GST into SST in Malaysia However, room tariffs may not increase after the new policy is deployed from September 1, 2018. As far as the service sector is concerned, the deployment of SST (Sales and Services Tax) starting from September 1, 2018, may not result in much of a price…