Malaysia: IRBM releases updated FAQs providing new CbCR submission requirement
13 September, 2021
On 13 September 2021, the Inland Revenue Board of Malaysia (IRBM) has published the updated “frequently asked questions on tax matters during the national recovery plan”. Accordingly, companies in Malaysia responsible for filing the CbCR report may request an extension of the filing deadline if the reporting fiscal year falls within the National Recovery Plan period. Application for extension of time must be submitted in writing to Department of International Taxation and the appeal will be considered based on the merits of the case. The National Recovery Plan is effective from 1 June 2021 until further notice.
The Inland Revenue Board of Malaysia has updated its guidance on the Pillar Two Global Minimum Tax (GMT) regarding its administration and interpretation, which goes into force on 1 January 2025. The updates include newly released Guidelines on
Malaysia’s House of Representatives (Dewan Rakyat) have passed the Finance Bill 2024, Labuan Business Activity Tax (Amendment) (No.2) Bill 2024, and Measures for the Collection, Administration, and Enforcement of Tax Bill 2024 (the Bills) after
The Philippines government is reportedly planning to enter into negotiations to revise the 1981 tax treaty with Indonesia, the 1982 tax treaty with Malaysia, and the 1977 tax treaty with Singapore. The agreement between the Philippines and
Malaysia’s Deputy Minister of Finance has presented the Finance Bill 2024 and the Labuan Business Activity Tax (Amendment)(No. 2) Bill 2024 to the Parliament, on 19 November 2024, proposing amendments to the Income Tax Act 1967 (ITA), Real
The Royal Malaysian Customs Department has released the Service Tax (Amendment) (No. 2) Regulations 2024 which broadens intra-group relief to include maintenance and repair services while also revising the range of taxable services. Amendments to
The Malaysian government is taking a strong stance on renewable energy targets, increasing the share of renewable energy in the electricity generation capacity mix to 70% by 2050; in line with Malaysia’s aspiration to be an inclusive, sustainable,
