Income tax
The Income Tax (Relocation of Provision of Services Business Incentive Scheme) Rules 2022 have been gazetted on 28 December 2022 and have effect from year of assessment 2021.
The following public rulings have recently been published on the Inland Revenue Board’s official website:
- Taxation of a Resident Individual Part II — Computation of Total Income and Chargeable Income (Public Ruling No. 5/2022) — issued on 9 December 2022
- Accelerated Capital Allowance (Public Ruling No. 6/2022) — issued on 22 December 2022. Venture Capital T.
- Venture Capital Tax Incentives (Public Ruling No. 7/2022) — issued on 23 December 2022.
- Taxation of Limited Liability Partnership (Public Ruling No. 8/2022) — issued on 23 December 2022.
- Property Development (Public Ruling No. 9/2022) — issued on 23 December 2022.
- Reinvestment Allowance Part I — Manufacturing Activity (Public Ruling No. 10/2022) — issued on 27 December 2022.
- Reinvestment Allowance Part II — Agricultural and Integrated Activities (Public Ruling No. 11/2022) — issued on 27 December 2022.
- Commercialisation of Public Resource-Based Research and Development Findings, Part I — Tax Incentive for Investor Company (Public Ruling No. 12/2022) — issued on 29 December 2022.
- Commercialisation of Public Resource-Based Research and Development Findings, Part II — Tax Incentive for Eligible Company (Public Ruling No. 13/2022) — issued on 29 December 2022.
- Garis Panduan Layanan Cukai Atas Perbelanjaan Faedah/Keuntungan Kena Dibayar Kepada Bank Atau Institusi Kewangan Dalam Tempoh Moratorium (presently available in Malay language only) — issued on 28 December 2022.
- Guidelines on Tax Treatment in Relation to Income Received from Abroad (Amendment) — issued on 29 December 2022.
Sales tax
The following Regulations and Orders have been gazetted on 30 December 2022 and will come into operation on 1 January 2023:
i. Sales Tax (Low Value Goods) Regulations 2022;
ii. Sales Tax (Total Sale Value of Low Value Goods) Order 2022;
iii. Sales Tax (Rate of Tax for Low Value Goods) Order 2022;
iv. Sales Tax (Determination of Low Value Goods) Order 2022
