Malaysia – Tax And Revenue Update.

23 December 2020

 

Income tax

 

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

 

1. Taxation of Trusts (Public Ruling No. 9/2020) issued on 6 November 2020;
    

2. Reinvestment Allowance Part I — Manufacturing Activity (Public Ruling No. 10/2020) issued on 6 November 2020;
    

3. Reinvestment Allowance Part II —Agricultural and Integrated Activities (Public Ruling No. 11/2020) issued on 10 November 2020;
    

4. Tax Incentive for Angel Investor (Public Ruling No. 12/2020) issued on 17 November 2020;
    

5. Garis Panduan Operasi – Potongan Cukai Bulanan Di Bawah Kaedah-Kaedah Cukai Pendapatan (Potongan Daripada Saraan) 1994 (available in Malay language only) — issued on 17 November 2020; and
    

6. Tax Audit Framework on Finance and Insurance — issued on 18 November 2020.

 

Sales tax & service tax

 

The following Specific Guides have recently been published on the Royal Malaysian Customs Department’s MySST website:

 

1. Guide on Return and Payment (as at 13 October 2020) – to replace the earlier version dated 29 September 2018; and
    

2. Guidelines on SST-02 and SST-02A Return (Manual Submission) (as at 13 October 2020).
    

 

For further information, please contact:

 

Goh Ka Im, Shearn Delamore & Co​

kgoh@shearndelamore.com