malaysia - Tax & Revenue - News

Sabah Sales Tax Enactment amended for New System of Tax Payment

KOTA KINABALU, Nov 15 (Bernama) - The Sabah State Assembly today passed a bill to amend the Sabah Sales Tax Enactment to introduce a new system of tax payment effective Jan 1, 2019.
Date: 15 November 2018; Type: Legal News; Source: Bernama

92,682 Businesses have registered under SST - Lim

KUALA LUMPUR, Nov 15 (Bernama) - A total of 92,682 businesses have registered under the Sales and Services Tax (SST) regime as of Oct 23, the Dewan Rakyat heard today.
Date: 15 November 2018; Type: Industry Updates; Source: Bernama

IRB puts 79,786 Tax Evaders on Notice

KUALA LUMPUR, Nov 13 (Bernama) - The Inland Revenue Board (IRB) has identified 79,786 individuals, companies, organisations, cooperatives and more with property and extraordinary wealth who have yet to pay tax.
Date: 13 November 2018; Type: Industry Updates; Source: Bernama

Five per cent Tax on Petroleum Products will affect Market - Azmin

KUCHING, Nov 7 (Bernama) - The Sarawak government’s move to impose a five per cent sales tax on petroleum products produced in the state will not only affect Petronas but also the market, said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
Date: 07 November 2018; Type: Industry Updates; Source: Bernama

Tax on Imported Online Services will be implemented in Stages

PUTRAJAYA, Nov 7 (Bernama) - The process of implementing new taxes on imported online services will be carried out in stages, says the Ministry of Finance's National Budget Office Director Johan Mahmood Merican. He said the process would begin with imported online services in the business-to-business segment, followed by the business-to-consum ...
Date: 07 November 2018; Type: Legal News; Source: Bernama

Stamp Duty exemption for Purchase of First Residential Home

KUALA LUMPUR, Nov 2 (Bernama) - The government is proposing a 100 per cent stamp duty exemption on the instrument of transfer and the loan agreement for the purchase of a first residential home priced up to RM300,000.
Date: 02 November 2018; Type: Legal News; Source: Bernama

Tax Incentives proposed to achieve Industry 4.0 Goals

KUALA LUMPUR, Nov 2 (Bernama) - The government has proposed several tax incentives for stakeholders implementing Industry4WRD Policy aspirations and goals.
Date: 02 November 2018; Type: Industry Updates; Source: Bernama

Stamp Duty rates to be restructured on January 1, 2019

KUALA LUMPUR, Nov 2 (Bernama) - The Ministry of Finance (MoF) has proposed to restructure stamp duty rates for the transfer of real property, effective Jan 1, 2019.
Date: 02 November 2018; Type: Legal News; Source: Bernama

Government proposes Tax Restructuring to boost Labuan's Competitiveness

KUALA LUMPUR, Nov 2 (Bernama) - The government is proposing for the restructuring of the Labuan International Business Financial Centre (IBFC) tax treatment in line with initiatives to further promote the long-term competitiveness of Labuan as an international financial hub and ensure compliance to the internationally agreed taxation standards.
Date: 02 November 2018; Type: Industry Updates; Source: Bernama

Government to revise Real Property Gains Tax Rates

KUALA LUMPUR, Nov 2 (Bernama) - The government will revise the Real Property Gains Tax (RPGT) rates for disposals of properties or shares in property holding companies after the fifth year.
Date: 02 November 2018; Type: Legal News; Source: Bernama

New Tax in 2019 Budget will not burden the People

CYBERJAYA, Nov 1 (Bernama) - The new tax which will be announced in the 2019 Budget tomorrow will not be a burden to the people, said Deputy Finance Minister Datuk Amiruddin Hamzah.
Date: 01 November 2018; Type: Legal News; Source: Bernama

Inheritance Tax may further dampen Property Market - PEPS

KUALA LUMPUR, Oct 29 (Bernama) - It is inappropriate to introduce the inheritance tax now despite the need for the government to widen its tax base to raise revenue as its implementation will further dampen the property market, a real estate industry association said.
Date: 29 October 2018; Type: Industry Updates; Source: Bernama

Government should consider Carbon Tax to drive Clean Energy

KUALA LUMPUR, Oct 19 (Bernama) - The government should consider imposing carbon tax on development projects in the future to drive clean energy and green technology.
Date: 19 October 2018; Type: Industry Updates; Source: Bernama

Parliament: Tax incentive for Industrial Estates not taken up - Guan Eng

KUALA LUMPUR, Oct 15 (Bernama) - The government has provided 100 per cent income tax exemption for five years to companies that undertake activities that are qualified in industrial estates, but it was not taken up, said Finance Minister Lim Guan Eng.
Date: 15 October 2018; Type: Legal News; Source: Bernama

Government has no Plans to abolish Tourism Tax

PUTRAJAYA, Oct 13 (Bernama) - The government does not intend to abolish the Tourism Tax imposed on every foreign tourist visiting Malaysia, said Minister of Tourism, Arts and Culture (Motac) Datuk Mohamaddin Ketapi. He said the ministry took note of the grumblings of the tourists on the tax, especially among backpackers, but the tax was still ...
Date: 13 October 2018; Type: Legal News; Source: Bernama

IRB approves about 8,000 Applications for Tax Exemption since 1967

KUALA LUMPUR, Oct 3 (Bernama) - The Inland Revenue Board (IRB) has approved about 8,000 tax exemption applications from Non-Governmental Organisations (NGOs), associations and foundations since 1967.
Date: 03 October 2018; Type: Industry Updates; Source: Bernama

579 Complaints on Profiteering related to SST received since Implementation

KUCHING, Oct 2 (Bernama) - As many as 579 complaints on profiteering related to the Sales and Service Tax (SST) was received by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) until yesterday since the tax was implemented on Sept 1.
Date: 02 October 2018; Type: Industry Updates; Source: Bernama

Information Counters on SST will open beginning October 2

KUALA LUMPUR, Sept 30 (Bernama) - The Finance Ministry with the cooperation of the Royal Malaysian Customs Department (RMCD) will open information counters on the Sales and Service Tax (SST) beginning October 2 at the Federal Territory Customs Complex in Kelana Jaya.
Date: 30 September 2018; Type: Industry Updates; Source: Bernama

SST Briefing Sessions attracted over 13,000 Participants

PUTRAJAYA, Sept 26 (Bernama) - The Ministry of Finance, with the cooperation of the Royal Malaysian Customs Department has organised 16 briefing-cum-question and answer sessions on the Sales and Services Tax nationwide to-date.
Date: 26 September 2018; Type: Industry Updates; Source: Bernama

Over 4,000 Companies in Sabah registered for SST - Customs

KOTA KINABALU, Sept 24 (Bernama) - A total of 4,091 business premises and companies in Sabah have registered for the Sales and Service Tax (SST) system as of Sept 13, according to Sabah Customs Assistant Director Venitha Lojuti.
Date: 24 September 2018; Type: Industry Updates; Source: Bernama

INDUSTRY UPDATES

Corruption: Court allows Tengku Adnan Bail of RM1 Million

KUALA LUMPUR, Nov 15 (Bernama) - Former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor who was charged in the Sessions Court here today with two counts of corruption and an alternative charge with accepting bribes of RM3 million in connection with an approval given to a company to raise the ratio plot for development at Jalan Semarak here in 2013 was allowed bail of RM1 million.

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INDUSTRY UPDATES

64,632 Malaysians declared Bankrupt over last Five Years

KUALA LUMPUR, Nov 15 (Bernama) - The Malaysia Department of Insolvency says 64,632 Malaysians aged between 18 and 44 have been declared bankrupt over the last five years.

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INDUSTRY UPDATES

SMEs should use funding from Cooperatives for Adoption of Industry 4.0

KUALA LUMPUR, Nov 15 (Bernama) - Small and medium enterprises (SMEs) can use funding from cooperatives to scale up their business in adopting the Fourth Industrial Revolution (Industry 4.0) technology, Minister of Entrepreneur Development, Datuk Seri Mohd Redzuan Yusof said.

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INDUSTRY UPDATES

92,682 Businesses have registered under SST - Lim

KUALA LUMPUR, Nov 15 (Bernama) - A total of 92,682 businesses have registered under the Sales and Services Tax (SST) regime as of Oct 23, the Dewan Rakyat heard today.

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INDUSTRY UPDATES

Ministers' Pay Cut to remain in Force - Guan Eng

KUALA LUMPUR, Nov 14 (Bernama) - The 10 per cent salary cut for all Cabinet ministers will remain in force, Finance Minister Lim Guan Eng said today.

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INDUSTRY UPDATES

UM bags 13th LAWASIA International Moot Competition

KUALA LUMPUR, Nov 13 (Bernama) - A group of University of Malaya (UM) Bachelor of Law (LLB) students emerged as International Champion at the 13th LAWASIA International Moot Competition held early this month.

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INDUSTRY UPDATES

Time for BNM to reimpose Financing Quota - HBA

KUALA LUMPUR, Nov 13 (Bernama) - It is time for Bank Negara Malaysia (BNM) to reimpose financing quota that the banks need to adhere to in order to assist first-time home buyers, said the National House Buyers Association (HBA).

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INDUSTRY UPDATES

Death of RMN Personnel: Court orders another Probe by Inquiry Board

KUALA LUMPUR, Nov 13 (Bernama) - The High Court here today ordered the Malaysian Armed Forces Council to set up a board of inquiry to determine whether Royal Malaysian Navy (RMN) seaman Muhammad Lailaltuiman Mohd Sukri, who died at a detention room in Sungai Wangi, Sitiawan, was mentally and physically abused while he was attached with KD LEKIR.

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INDUSTRY UPDATES

Need to address, curb questioning of Constitution - Sultan Sharafuddin

SHAH ALAM, Nov 13 (Bernama) - The act of a certain group in questioning the sanctity of Islam, the special rights of the Malays and Bumiputeras, the national language, and the function and position of the Malay Rulers enshrined in the Federal Constitution need to be immediately addressed and curbed.

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INDUSTRY UPDATES

Anwar's Challenge over Implementation of NSC Act remitted to High Court

PUTRAJAYA, Nov 13 (Bernama) - The Federal Court today remitted PKR president-elect Datuk Seri Anwar Ibrahim's legal challenge over the implementation of the National Security Council Act (NSC) 2016 back to the High Court for hearing.

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INDUSTRY UPDATES

MATTA appeals for Temporary Waiver of Visa Fees for Chinese and Indian Tourists

KUALA LUMPUR, Nov 13 (Bernama) - The Malaysian Association of Tour and Travel Agents (MATTA) is appealing for a temporary waiver of visa fees for tourists from China and India, in order to boost visitor arrivals to Malaysia.

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INDUSTRY UPDATES

SME Non-performing Loans in Malaysia among World's Highest

JOHOR BAHRU, Nov 13 (Bernama) - Malaysia’s Non-Performing Loans (NPLs) among Small and Medium Enterprise (SME) entrepreneurs are among the world’s highest, said Entrepreneur Development Minister Datuk Seri Mohd Redzuan Yusof.

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INDUSTRY UPDATES

IRB puts 79,786 Tax Evaders on Notice

KUALA LUMPUR, Nov 13 (Bernama) - The Inland Revenue Board (IRB) has identified 79,786 individuals, companies, organisations, cooperatives and more with property and extraordinary wealth who have yet to pay tax.

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INDUSTRY UPDATES

Government urged to review Scheduled Salary Deductions for PTPTN Loanees

KUALA LUMPUR, Nov 12 (Bernama) - A Pakatan Harapan MP today urged the government to review the scheduled salary deductions for National Higher Education Fund Corporation (PTPTN) loanees who earned more than RM1,000 a month.

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INDUSTRY UPDATES

EPF extends Mohamad Nasir's term to December 31, 2019

KUALA LUMPUR, Nov 12 (Bernama) - The Employees Provident Fund (EPF), with the approval from the Ministry of Finance, has agreed to extend Datuk Mohamad Nasir Ab Latif’s term as Deputy Chief Executive Officer (Investment) until Dec 31, 2019.

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