Thursday, 21 September 2017
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malaysia - Tax & Revenue - News

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

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

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

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

Government will Improve GST - Johari

KUALA LUMPUR, Aug 20 (Bernama) - The government will improve the implementation of the Goods and Services Tax (GST), which was introduced on April 1, 2015 into a more efficient taxation system said Second Finance Minister Datuk Johari Abdul Ghani.
Date: 20 August 2017; Type: Tax News; Source: Bernama

PM announces Special Tax Incentive for NCER Players

GEORGE TOWN, Aug 17 (Bernama) - Prime Minister Datuk Seri Najib Tun Razak today announced a special tax incentive for the Northern Corridor Economic Region (NCER) to boost investment in the region.
Date: 17 August 2017; Type: Tax News; Source: Bernama

IRBM denies sending Refund Notification to Taxpayers

KUALA LUMPUR, Aug 11 (Bernama) - The Inland Revenue Board of Malaysia (IRBM) has denied it sent a refund notification email to taxpayers which went viral on social media.
Date: 11 August 2017; Type: Tax News; Source: Bernama

Malaysia committed helping finalise RCEP by Year-end

KUALA LUMPUR, Aug 10 (Bernama) - Malaysia is committed to helping finalise the Regional Comprehensive Economic Partnership (RCEP) by year-end, together with 15 other nations, with the aim of increasing economic trade in Asia.
Date: 10 August 2017; Type: Tax News; Source: Bernama

Tourism Tax: no Foreign Tourists cancelling Trips to Sabah

KOTA KINABALU, Aug 8 (Bernama) - No foreign tourists have been cancelling trips to Sabah due to the Tourism Tax, said State Tourism, Culture and Environment Minister Datuk Masidi Manjun.
Date: 08 August 2017; Type: Tax News; Source: Bernama

Call to act against Malindo Air for Failure to remit Airport Tax

PETALING JAYA, Aug 7 (Bernama) - Action should be taken against Malindo Airways Sdn Bhd, the operator for Malindo Air, for failing to remit airport tax amounting to some RM70 million, said social activist, Tunku Abdul Aziz Ibrahim.
Date: 07 August 2017; Type: Legal News; Source: Bernama

Bursa Malaysia Securities reprimands, fines and suspends Kwan Chun Han for Misconducts/Violation of Rules

KUALA LUMPUR, 4 AUGUST 2017 - Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded, imposed a fine of RM8,000 and suspended/restricted (as the case may be) Kwan Chun Han (KWAN) for 3 months as/from being a Registered Person of Bursa Malaysia Securities which is deferred for 2 years (Deferred Suspension), ...
Date: 04 August 2017; Type: Legal News; Source: Bursa Malaysia

1,970 Companies in Sabah Fail to pay Taxes to Customs

KOTA KINABALU, Aug 3 (Bernama) - The Sabah Royal Customs Department has recorded 1,970 companies that failed to pay taxes under the Goods and Services Tax (GST) 2014 amounting to RM105,708,298.56.
Date: 03 August 2017; Type: Tax News; Source: Bernama

Malaysians exempted from paying Tourism Tax for Hotel Stay - Nazri

KUALA LUMPUR, July 26 (Bernama) - Malaysians are exempted from paying tourism tax for all types of hotels and accommodation premises.
Date: 26 July 2017; Type: Tax News; Source: Bernama

Customs rejects GST Claims by 12 Local Authorities

SEPANG, July 25 (Bernama) - The Customs Department could not proceed with the Goods and Services Tax (GST) claims estimated to exceed RM36 million made by 12 local authorities (PBTs) in Selangor because of doubts in the returns submitted.
Date: 25 July 2017; Type: Tax News; Source: Bernama

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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