What is HRDF? The Human Resources Development Fund (HRDF) was established under the legal requirements of the Human Resources Development Act 1992 ( currently known as Pembangunan Sumber Manusia Berhad Act 2001(PSMB)). The PSMB Act, 2001 is to provide for the imposition and collection of a human resources development levy for the purpose of promoting…
Studying the Basics of Income Exempt From Tax in Malaysia In every country, the government and regulators are collecting some form of financial charge called tax from taxpayers, including businesses. Why? Such funds are channelled to government spending and different public expenditures to keep the country running and progressing. However, as a business, you would…
What Are the Other Tax Duties in Malaysia? Government entities and regulators impose and enforce a tax regime so they can finance projects and activities aimed to develop and improve the lives of their citizens. These involuntary fees are levied on individuals or corporations and depend on local, regional, or even national. If we look…
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…