malaysia - Tax & Revenue

IRBM confirms having issued Letters to International Schools

KUALA LUMPUR, Apr 19 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today confirmed that it had recently issued letters to the management of several international schools, here.
Date: 19 April 2018; Type: Industry Updates; Source: Bernama

GST Exemption for ECRL Project benefits People

BENTONG, Apr 19 (Bernama) - The exemption on Goods and Services Tax (GST) granted to the contractor of East Coast Rail Link (ECRL), China Communications Construction Company (CCCC) will benefit the people in the end, says Transport Minister Datuk Seri Liow Tiong Lai.
Date: 19 April 2018; Type: Tax News; Source: Bernama

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Sub ...
Date: 19 April 2018; Type: Industry Updates; Source: Bernama

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.
Date: 18 April 2018; Type: Industry Updates; Source: Bernama

Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.
Date: 18 April 2018; Type: Industry Updates; Source: Bernama

IRBM continues Drive to counter Tax Leakages

KUALA LUMPUR, Apr 17 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages.
Date: 17 April 2018; Type: Industry Updates; Source: Bernama

Three LHDN Staff walk 1,600KM to distribute Taxation Pamphlets

IPOH, Apr 9 (Bernama) - In a departure from the norm, three Inland Revenue Board (LHDN) staff walked 1,600km walk to distribute 10,000 taxation pamphlets to the public.
Date: 09 April 2018; Type: Industry Updates; Source: Bernama

Customs Duties (Exemption) (Amendment) Order 2018

This is to notify that Customs Duties (Exemption) Order 2017 [P.U. (A) 445/2017] is amended.
Date: 04 April 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 86 of 2018; Source: AGC Federal Gazette

Customs (Anti-Dumping Duties) (Expedited Review) Order 2018

This Order comes into operation on 31 March 2018.
Date: 30 March 2018; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 84 of 2018; Source: AGC Federal Gazette

Negeri Sembilan Government will not raise Assessment, Land Tax - MB

SEREMBAN, Apr 2 (Bernama) - The Negeri Sembilan government will not raise assessment rates and land tax even after the Seremban Municipal Council and Nilai Municipal Council merge as one entity to become Seremban City Council this month, said Menteri Besar Datuk Seri Mohamad Hasan.
Date: 02 April 2018; Type: Legal News; Source: Bernama

Abolishing GST not an Easy Task - World Bank

KUALA LUMPUR, Mar 30 (Bernama) - Abolishing the Goods and Services Tax (GST) will not be an easy task as it will require raising other taxes, reducing expenditure or run on deficit, says World Bank Poverty and Equity Senior Economist Kenneth Simler.
Date: 30 March 2018; Type: Industry Updates; Source: Bernama

Government to continue with GST due to its Proven Efficiency

PUTRAJAYA, Mar 22 (Bernama) - The Barisan Nasional government will stick to the Goods and Services Tax (GST) since the tax system has proven to be efficient for Malaysia, said Second Finance Minister Datuk Seri Johari Abdul Ghani. He said GST, which had been implemented by over 170 countries, could help eliminate the huge black economy of untr ...
Date: 22 March 2018; Type: Tax News; Source: Bernama

Only Income derived from Malaysia is Taxable - Johari

KUALA LUMPUR, March 19 (Bernama) - The tax collection system in Malaysia is based on the simple premise that if an individual or company derives income from Malaysia, that income received will be subjected to Malaysian income tax, Second Finance Minister Datuk Seri Johari Abdul Ghani said. Meanwhile, income derived from outside Malaysia and re ...
Date: 19 March 2018; Type: Tax News; Source: Bernama

Finance Ministry studying Proposal to tax Tech Giants

KUALA LUMPUR, March 19 (Bernama) - The Ministry of Finance is conducting a detailed study on the proposed taxation on giant technology companies and social media such as Google and Facebook.
Date: 19 March 2018; Type: Tax News; Source: Bernama

State to receive RM5 for Every RM10 of Tourism Tax Collected

KUALA LUMPUR, March 12 (Bernama) - The government will increase the amount of tourism tax returned to state governments from RM1 to RM5 for every RM10 of tax collected, the Dewan Rakyat was told today. Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz said the repayment of the tax would be made fairly based the percentage of tou ...
Date: 12 March 2018; Type: Tax News; Source: Bernama

Tax Treatment of Insurance Proceeds and Compensation

The Director-General of Inland Revenue (DGIR) has replaced his Public Ruling No 3/2009 with Public Ruling No 8/2017 on Professional Indemnity Insurance (PII), dated 19 Dec 2017, to reflect the agreed terms and principles. Circular No. 058/2018
Date: 01 March 2018; Type: Circular; Source: Malaysian Bar

GST: Guide on Accounting Software Enhancement Towards GST Compliance

This guide provides guidance to accounting software developers on the functionalities that should be set up for developing or enhancing their accounting software towards Goods & Services Tax (GST) compliance.
Date: 08 March 2018; Type: Guide; Source: GST Royal Customs

Determination of Real Estate Tax subject to State Government Policies - JPPH

PUTRAJAYA, March 7 (Bernama) - Determining the amount of real estate tax is subject to state government policies, particularly through the State Land Rules, said Valuation and Property Services Department (JPPH) director-general, Nordin Daharom. Commenting on a property tax increase report in Selangor and Penang since 2008 published by a local ...
Date: 07 March 2018; Type: Tax News; Source: Bernama

Special Tax Cuts, Incentives to spur Investments in less Developed Areas

KUALA LUMPUR, March 6 (Bernama) - Special tax cuts and incentives from the government are available for companies to set up their operations in the lesser developed parts of Malaysia, said Minister of International Trade and Industry (MITI), Datuk Seri Mustapa Mohamed. Mustapa said MITI and its agency for the promotion of the manufacturing and ...
Date: 06 March 2018; Type: Tax News; Source: Bernama

Malaysia awaits OECD on New Industries Taxation

PUTRAJAYA, March 1 (Bernama) - Malaysia is looking forward to the introduction of a new tax system for new industries in Organisation for Economic Co-operation and Development (OECD) member countries, which is applicable to the country, said Second Finance Minister Datuk Seri Johari Abdul Ghani.
Date: 01 March 2018; Type: Legal News; Source: Bernama

INDUSTRY UPDATES

Lawyer claims Trial to CBT of more than RM100,000

GEORGE TOWN, Apr 20 (Bernama) - A lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving more than RM100,000.

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INDUSTRY UPDATES

IRBM confirms having issued Letters to International Schools

KUALA LUMPUR, Apr 19 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today confirmed that it had recently issued letters to the management of several international schools, here.

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INDUSTRY UPDATES

Tax Exemption on Mega Projects given since 1980s - Customs DG

PUTRAJAYA, Apr 19 (Bernama) - Tax exemptions have been awarded to several large projects owned by the Government since the 1980s, and the issue of waiving the Goods and Services Tax (GST) for procurement of materials and services related to the East Coast Rail Link (ECRL) project should not be played up, said Customs Director-General Datuk Seri Subromaniam Tholasy.

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INDUSTRY UPDATES

GST Compliance good, says Customs Department

KUALA LUMPUR, Apr 18 (Bernama) - The Goods and Services Tax (GST) compliance in Malaysia is good even though there is still a need to continue to promote tax education.

Read More

INDUSTRY UPDATES

Government will not raise GST Rate - DPM Zahid

BAGAN DATUK, Apr 18 (Bernama) - The government has given an assurance that the country's Goods and Service Tax (GST) of sic per cent will not be raised, even after the 14th General Election.

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INDUSTRY UPDATES

Government approves Sekolah Menengah Chong Hwa's Federal Land Lease Application - Wan Junaidi

KUALA LUMPUR, Apr 17 (Bernama) - The government has approved the application of Sekolah Menengah Persendirian Chong Hwa, Sentul, for a 1.2 hectare of federal land under 99 years' lease for the purpose of building the school's sports complex.

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INDUSTRY UPDATES

World's First Crypto Currency Guarantee against Theft

KUALA LUMPUR, Apr 18 (Bernama) - In a world's first, GoldCrypto will protect and guarantee its cryptocurrency tokens from any theft through hacking.

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INDUSTRY UPDATES

Court's Judgments now available on Malaysian Judgments Portal

KUALA LUMPUR, Apr 16 (Bernama) - Everyone can now read Malaysian courts' judgments on the Malaysian Judgments Portal for them to have better understanding of the law, Chief Justice Tun Raus Sharif said today.

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INDUSTRY UPDATES

IRBM continues Drive to counter Tax Leakages

KUALA LUMPUR, Apr 17 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today said it will continue with the drive to counter the threat of aggressive tax planning, base erosion and profit shifting, and tax evasion practices that cause tax leakages.

Read More

INDUSTRY UPDATES

Bursa Malaysia launches Intraday Short-Selling for all Investors

KUALA LUMPUR, Apr 16 (Bernama) - Bursa Malaysia Bhd has introduced Intraday Short-Selling (IDSS) for all investors as part of the exchange's strategy to boost market liquidity.

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INDUSTRY UPDATES

Anti-Fake News Act Not just meant to protect Government

KOTA TINGGI, Apr 14 (Bernama) - The false message that claimed the Tunku Mahkota of Johor Tunku Ismail Sultan Ibrahim would provide aid to the public at several supermarkets is the first case being investigated under the Anti-Fake News Act 2018, said Minister in the Prime Minister's Department Datuk Seri Azalina Othman Said.

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INDUSTRY UPDATES

AGC rejects Request from 'Pak Su' to withdraw Incest Charges

KUALA LUMPUR, Apr 12 (Bernama) - The Attorney General's Chambers has rejected a letter of representation from an uncle known as 'Pak Su' requesting to withdraw 587 charges of incest and attempted rape involving three of his nieces.

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INDUSTRY UPDATES

IRBM contributes Teaching Aid to Schools

BUKIT MERTAJAM, Apr 12 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) today handed out a teaching aid each to the District Education Office and four selected schools, here.

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INDUSTRY UPDATES

Government declares May 9 as Public Holiday to allow People to go to the Polls

KUALA LUMPUR, Apr 11 (Bernama) - There should be no more excuse for all registered voters not to cast their votes after the government announced that May 9, which is polling day for the 14th General Election (GE14), a public holiday in the country.

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INDUSTRY UPDATES

Trade Unions urged to use PLWS in Employees' Wage Increase

PETALING JAYA, Apr 11 (Bernama) - Trade unions have been urged to use the Productivity Link-Wages System (PLWS) in determining the annual wage increase for outstanding employees.

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