Thursday, 21 September 2017
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malaysia - Tax & Revenue

IRB targeting 86 Companies, Individuals in Sandakan

SANDAKAN, Sept 19 (Bernama) - A total of 86 companies and individuals who failed to submit their returns and have not paid taxes will receive legal instruments when the Sandakan Inland Revenue Board (IRB) office mounts 'Ops Dakwa' beginning yesterday.
Date: 19 September 2017; Type: Legal News; Source: Bernama

Proposal to amend GST Act 2014 to be tabled in Parliament

KUALA LUMPUR, Sept 18 (Bernama) - The Goods and Services Tax Act 2014 will be amended to enable the government to collect billions of ringgit in taxes from foreign companies operating in Malaysia under the digital economy. Custom Department Director-General, Datuk Seri Subromaniam Tholasy said the proposal for the amendment would be tabled whe ...
Date: 18 September 2017; Type: Tax News; Source: Bernama

Bintulu Lumber Development Sdn Bhd v Ketua Pengarah Hasil Dalam Negeri

Date: 21 June 2017; Court: High Court of Sabah & Sarawak; Citation: Application for Judicial Review No. KCH-13NCvC-28/12-2016; Source: High Court of Sabah and Sarawak

Taxation of Real Estate Investment Trust or Property Trust Fund

This Public Ruling is published as a guide for the public and officers of the Inland Revenue Board of Malaysia. It sets out the interpretation of the Director General in respect of the particular tax law and the policy as well as the procedure applicable to it. The objective of this Public Ruling is to explain the tax treatment accorded to a real e ...
Date: 08 September 2017; Type: Circular; Source: Inland Revenue Board

Smooth Tourism Tax Implementation

PUTRAJAYA, Sept 7 (Bernama) - The implementation of the Tourism Tax which began on Sept 1 has gone smoothly so far, said Tourism and Culture Minister Datuk Seri Mohamed Nazri Abdul Aziz.
Date: 07 September 2017; Type: Tax News; Source: Bernama

Director fined RM32,400 for failing to file Tax Return for 11 Years

KLANG, Sept 7 (Bernama) - A director of an electrical engineering company was fined RM32,400 by the Magistrate's Court here for failing to submit 11 Income Tax Return Forms within the prescribed period for the assessment year of 2005 to 2015.
Date: 07 September 2017; Type: Legal News; Source: Bernama

NPO urged to use Tax Exemption for Public Benefit

PUTRAJAYA, Sept 5 (Bernama) - Non-profit organisations (NPO) that enjoyed tax exemptions must ensure that the benefits to the public commensurate with the loss of the source of national income, said Deputy Minister in the Prime Minister's Department Datuk Razali Ibrahim.
Date: 05 September 2017; Type: Tax News; Source: Bernama

Court declares in SC’s Favour in Iris Manipulation Case

The High Court today declared in favour of the Securities Commission Malaysia (SC) against six foreign defendants for their role in the manipulation of Iris Corporation Berhad (Iris) shares in 2006, marking the end to the civil suit filed by the SC in 2008.
Date: 29 August 2017; Type: Legal News; Source: Securities Commission

Income Tax (Exemption) (No. 8) Order 2017

This Order is deemed to have come into operation from the year of assessment 2015.
Date: 30 August 2017; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 253 of 2017; Source: AGC Federal Gazette

CDRC revises Minimum Debt Threshold Eligibility Criteria to RM10 Mln

KUALA LUMPUR, Aug 29 (Bernama) - The Corporate Debt Restructuring Committee (CDRC) has revised the minimum total outstanding debt threshold eligibility criteria for admission to RM10 million from RM30 million effective Sept 1.
Date: 29 August 2017; Type: Legal News; Source: Bernama

Excise Duties (Amendment) (No. 2) Order 2017

This Order comes into operation on 30 August 2017.
Date: 29 August 2017; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 250 of 2017; Source: AGC Federal Gazette

Actor's Bankruptcy: IRB given until February 15 to file Petition

SHAH ALAM, Aug 28 (Bernama) - The High Court here today gave the Inland Revenue Board (IRB) until Feb 15 next year to file a creditor's petition to proceed with a bankruptcy case against actor Shaheizy Sam Abd Samad.
Date: 28 August 2017; Type: Legal News; Source: Bernama

Petrol Station Company fined RM11,000 for GST Offence

ALOR SETAR, Aug 28 (Bernama) - A company which operated a petrol station was fined RM11,000 by the Sessions Court here today for 11 charges of failing to submit its goods and services tax (GST) returns within the deadline.
Date: 28 August 2017; Type: Legal News; Source: Bernama

Nation on Right Track implementing GST - Najib

BALIK PULAU, Aug 26 (Bernama) - The government could not have implemented many development projects for the benefit of the people if it continued with its dependence on oil and gas resources at 41 per cent each year, said Prime Minister Datuk Seri Najib Tun Razak.
Date: 26 August 2017; Type: Tax News; Source: Bernama

GST: General Guide

This booklet is a General Guide on Goods and Services Tax (GST). It is part of a series of educational materials made available to help businesses and organizations prepare for GST implementation in Malaysia.
Date: 24 August 2017; Type: Guide; Source: Royal Customs

Goods and Services Tax (Exempt Supply) (Amendment) Order 2017

This Order comes into operation on 1 September 2017.
Date: 23 August 2017; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 244 of 2017; Source: AGC Federal Gazette

Guideline for Tax Incentive under Malaysia My Second Home Programme

Tax Incentives on the purchase of a new locally assembled vehicle or the import of a pre-owned private vehicle into Malaysia under Malasia My Second Home (MM2H) Programme is hereby terminated with effect from 1 January 2018. Therefore the tax exemption applications will only be processed through online application system up to 3 ...
Date: 23 August 2017; Type: Press Release; Source: Ministry of Finance

Tourism Tax (Exemption) Order 2017

This Order comes into operation on 23 August 2017.
Date: 22 August 2017; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 240 of 2017; Source: AGC Federal Gazette

Tourism Tax (Rate of Tax) Order 2017

This Order comes into operation on 1 September 2017.
Date: 22 August 2017; Type: Federal Subsidiary Legislation; Citation: P.U. (A) 241 of 2017; Source: AGC Federal Gazette

GST: Guide on Insurance and Takaful

This Industry Guide is prepared to assist you in understanding the Goods and Services Tax and its implications on the insurance and takaful industry.
Date: 18 August 2017; Type: Guide; Source: Royal Customs

Industry Updates

Budget 2018: 13,837 Ideas, Proposals from the Public received

KUALA LUMPUR, Sept 20 (Bernama) - Datuk Seri Najib Tun Razak said today that 13,837 ideas and proposals were received through the Budget 2018 'crowdsourcing' campaign carried out for 15 days from Sept 4 to 18.

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Malaysia-Thailand to ink MoU on Security Cooperation

BANGKOK, Sept 20 (Bernama) - There will be closer security cooperation between Malaysia and Thailand with the establishment of a Joint Committee on Security Cooperation, according to a cabinet resolution document released by the Thai government.

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EPF to boost Investments in Shariah-Compliant Private Equity Funds

KUALA LUMPUR, Sept 19 (Bernama) - The Employees Provident Fund (EPF) is prepared to increase its investments in shariah-compliant private equity (PE) funds, said its Investment Deputy Chief Executive Officer, Datuk Mohamad Nasir Ab Latif.

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BNM seeks More Focused Delivery of Mandates under Malaysian Development Financial Institutions

KUALA LUMPUR, Sept 19 (Bernama) - Bank Negara Malaysia (BNM) is planning to work with the leadership of local financial institutions and other stakeholders in government to address a more focused delivery of mandates under the Malaysian Development Financial Institutions.

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Renewal Application for Special Scheme expiring 31st March 2018 onwards

Renewal application shall be made six months prior to the expiry date and must be submitted two months before the expiry date​.

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MTUC urges Local Authorities to take Stern Action against Illegal Premises

BUTTERWORTH, Sept 18 (Bernama) - The Malaysian Trades Union Congress (MTUC) has called on local authorities to take strict legal action against illegal buildings or premises, particularly educational institutions.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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UPNM Cadet Murder Case transferred to High Court

KUALA LUMPUR, Sept 15 (Bernama) - The case involving six Universiti Pertahanan Nasional Malaysia (UPNM) students who are accused of murdering their fellow Navy cadet officer Zulfarhan Osman Zulkarnain and other related charges has been transferred to the High Court.

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Mega Malaysia-US Trade Deals to be positive in the Medium to Long-term

KUALA LUMPUR, Sept 15 (Bernama) - Mega bilateral trade deals concluded between Malaysia and the United States (US) during Prime Minister Datuk Seri Najib Tun Razak's just-concluded visit to the latter is poised to be very positive for the country's economy in the medium- to-long-term, says an economist.

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Mida approves RM1.3 Bln DISF Grant till July 2017

SUNGAI PETANI, Sept 14 (Bernama) - The Malaysian Investment Development Authority (Mida) has approved grants totalling RM1.3 billion under the Domestic Investment Strategic Fund (DISF) since the fund was established in July 2012 until July this year.

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SC establishes Fintech Cooperation with Three Financial Centres

KUALA LUMPUR, Sept 14 (Bernama) - The Securities Commission Malaysia (SC) has signed a series of innovation cooperation agreements with three regulators in major financial centres, in a move to spur greater cooperation in facilitating and regulating innovations emerging within the digital finance industry.

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CIDB wants Governement to cut Machinery Taxes in Budget 2018

KUALA LUMPUR, Sept 14 (Bernama) - The Construction Industry Development Board (CIDB) has asked the government to reduce taxes for construction machinery for the Industrialised Building System (IBS) projects to between five and zero per cent in Budget 2018.

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