Malaysia – Tax & Revenue Update – December 2019

2 January, 2020

 

Income Tax

 

The following public rulings and tax audit frameworks have recently been published on the Inland Revenue Board of Malaysia’s official website:

 

1. Taxation of Foreign Fund Management Company (Public Ruling No. 7/2019) issued on 3 December 2019 to replace Public Ruling No. 6/2014 dated 4 September 2014;
2. Notification of Change of Accounting Period by a Company/Limited Liability Partnership/Trust Body/Co-operative Society (Public Ruling No. 8/2019) issued on 6 December 2019 to replace Public Ruling No. 7/2011 dated 23 August 2011;
3. Residence Status of Companies and Bodies of Persons (Public Ruling No. 9/2019) issued on 6 December 2019 to replace Public Ruling No. 5/2011 dated 16 May 2011;
4. Withholding Tax on Special Classes of Income (Public Ruling No. 10/2019) issued on 10 December 2019 to replace Public Ruling No. 11/2018 dated 5 December 2018;
5. Benefits In Kind (Public Ruling No. 11/2019) issued on 12 December 2019 to replace Public Ruling No. 3/2013 dated 15 March 2013;
6. Tax Treatment of Foreign Exchange Gains and Losses (Public Ruling No. 12/2019) issued on 13 December 2019;
7. Tax Audit Framework 2019 issued on 15 December 2019 to replace Tax Audit Framework dated 1 April 2018;
8. Tax Audit Framework for Petroleum 2019 issued on 15 December 2019 to replace Tax Audit Framework for Petroleum dated 1 April 2013; and
9. Tax Audit Framework for Transfer Pricing 2019 issued on 15 December 2019 to replace Tax Audit Framework for Transfer Pricing dated 1 April 2013.

 

Service Tax

 

The Service Tax (Amendment) (No. 2) Regulations 2019 have been gazetted on 23 December 2019 and will come into operation on 1 January 2020.

 

 

For further information, please contact:

 

Abhilaash Subramaniam, Shearn Delamore & Co​

abhi@shearndelamore.com