31 October, 2018
Income tax
The Inland Revenue Board of Malaysia (“IRB”) has recently issued four new public rulings on:
1. Accelerated Capital Allowance (Public Ruling No. 7/2018) — issued on 8 October 2018;
2. Tax Incentives for Bionexus Status Companies (Public Ruling No. 8/2018) — issued on 9 October 2018; and
3. Taxation of Unit Holders of Real Estate Investment Trust / Property Trust Funds (Public Ruling No. 9/2018) — issued on 12 October 2018.
The IRB has also issued the Guidelines on Income Tax Exemption for Religious Institution or Organization under the Income Tax (Exemption) Order 2017 (P.U.(A) 52/2017) on 3 October 2018.
Sales Tax
The following orders have been gazetted between 27 September 2018 and 5 October 2018 (both dates inclusive):
1. the Sales Tax (Persons Exempted from Payment of Tax) (Amendment) Order 2018 has come into operation on 1 October 2018;
2. the Sales Tax (Goods Exempted from Tax) (Amendment) (No. 3) Order 2018 has come into operation on 9 October 2018; and
3. the Sales Tax (Rates of Tax) (Amendment) (No. 2) Order 2018 has come into operation on 9 October 2018.
A revised version of the General Guide on Sales Tax (as at 25 September 2018) has been published on the Royal Malaysian Customs Department’s MySST website.
Further, a revised version of the Specific Guide on Sales Tax Return and Payment (as at 29 September 2018) has also been published on the Royal Malaysian Customs Department’s MySST website.
Service Tax
The Service Tax (Amendment) (No. 2) Regulations 2018 have been gazetted on 5 October 2018 and have come into operation on 9 October 2018.
A revised version of the Specific Guide on Service Tax Return and Payment(as at 29 September 2018) has been published on the Royal Malaysian Customs Department’s MySST website.
Sales and Service Tax
Further, the following new and revised Specific Guides have also been published on the Royal Malaysian Customs Department’s MySST website:
1. Appendix II: Return SST-02 Guidelines & SST-02 Form (as at 29 September 2018)
2. Special Area (as at 3 October 2018)
3. Customs Ruling (as at 5 October 2018)
For further information, please contact:
Lau Foong Yee (Sharon), Shearn Delamore & Co
sharon.lau@shearndelamore.com
