3 August, 2019
Income tax
The Income Tax (Restriction on Deductibility of Interest) Rules 2019have been gazetted on 28 June 2019 and have come into operation on 1 July 2019.
The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:
The Income Tax (Restriction on Deductibility of Interest) Rules 2019have been gazetted on 28 June 2019 and have come into operation on 1 July 2019.
The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:
- Guideline on Restriction on Deductibility of Interest [Section 104C, Income Tax Act 1967 (ITA 1967)]
- Garis Panduan Peningkatan Pendapatan Bercukai (available in Malay language only)
- Garis Panduan Permohonan Perusahaan Sosial untuk Diluluskan di bawah Subseksyen 44(11C) Akta Cukai Pendapatan 1967 (ACP 1967) (available in Malay language only).
Sales tax
The Sales Tax (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Pursuant to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Amendment of Second Schedule) Order 2019, the following offences under the Sales Tax Act 2018 have been classified as “serious offence” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with effect from 3 July 2019:
The Sales Tax (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Pursuant to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Amendment of Second Schedule) Order 2019, the following offences under the Sales Tax Act 2018 have been classified as “serious offence” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with effect from 3 July 2019:
- Paragraph 26(7)(b) — Furnishes an incorrect return
- Section 86 — Evasion of sales tax
- Section 87 — Giving incorrect information relating to liability to sales tax
- Section 88 — Improperly obtaining refund.
Service tax
The Service Tax (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Pursuant to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Amendment of Second Schedule) Order 2019, the following offences under the Service Tax Act 2018 have been classified as “serious offence” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with effect from 3 July 2019:
The Service Tax (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Pursuant to the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities (Amendment of Second Schedule) Order 2019, the following offences under the Service Tax Act 2018 have been classified as “serious offence” under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with effect from 3 July 2019:
- Paragraph 26(6)(b) — Furnishes an incorrect return
- Section 71 — Evasion of service tax
- Section 72 — Giving incorrect information relating to liability to service tax
- Section 73 — Improperly obtaining refund.
Customs duty
The Customs (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Excise duty
The Excise (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
The Excise Duties (Sweetened Beverages) (Payment) Order 2019 has been gazetted on 28 June 2019 and came into operation on 1 July 2019.
The Customs (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
Excise duty
The Excise (Amendment) Act 2019 has been gazetted on 9 July 2019 but has yet to come into force.
The Excise Duties (Sweetened Beverages) (Payment) Order 2019 has been gazetted on 28 June 2019 and came into operation on 1 July 2019.
For further information, please contact:
Abhilaash Subramaniam, Shearn Delamore & Co
abhi@shearndelamore.com
