Russia approves income tax treaties with Abkhazia and Malaysia

09 September, 2024

The Russian government approved draft laws for the ratification of pending income tax treaties with Abkhazia and Malaysia on 4 September 2024. Previously, Russia and Abkhazia took a step towards economic cooperation by signing an income tax

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OECD: Economic Survey of Malaysia

06 September, 2024

On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is

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OECD urges Malaysia to reintroduce GST to meet deficit target

05 September, 2024

According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable

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Malaysia revises service tax policy for logistics services

27 August, 2024

The Royal Malaysian Customs Department (RMCD) released an update to the Service Tax Policy 4/2024 (Amendment No 1) on 23 August 2024 concerning logistics services, which went into force on 1 March 2024. All logistics services under Group J (First

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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030

16 August, 2024

The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024.  This initiative is aimed at existing manufacturing and agricultural companies that

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Malaysia updates e-invoicing guidelines

06 August, 2024

Malaysia’s Inland Revenue Board (IRBM) released updates regarding electronic invoicing (e-invoicing) guidelines on 30 July, 2024. These include revised versions of the e-invoice guideline (version 3.2) and the e-invoice specific guideline (version

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Malaysia updates e-invoicing guidance, confirms implementation timeline

29 July, 2024

Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,

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Malaysia revises tax rules on foreign income, exempts dividends

16 July, 2024

The Inland Revenue Board of Malaysia (IRBM) has published amended technical guidelines – Tax Treatment In Relation To Income Received From Abroad (Amendment) – on  20 June 2024. This guidance provides clarification regarding the tax treatment

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Luxembourg ratifies Partnership and Cooperation Agreement with EU, Malaysia

09 July, 2024

Luxembourg has ratified the Partnership and Cooperation Agreement (PCA) between the European Union and Malaysia on 5 June, 2024. The agreement was signed on 14 December, 2022, at Brussels, and published in the Journal Officiel du Grand-Duché de

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Malaysia publishes guidelines on tax treatment of hybrid instruments

04 July, 2024

The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a

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Malaysia updates e-invoice guidelines

04 July, 2024

The Inland Revenue Board of Malaysia (IRBM) released updates regarding electronic invoicing (e-invoicing) on 28 June, 2024. These include revised versions of the e-invoice guideline (version 3.0) and the e-invoice specific guideline (version

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Malaysia updates tax investigation framework

26 June, 2024

The Inland Revenue Board (IRB) of Malaysia has unveiled its updated tax investigation framework for 2024, which includes more comprehensive investigative procedures amongst other methods. The new framework aims for a fair, transparent and

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Malaysia announces digital tax incentive scheme

20 June, 2024

On 31 May 2024, the Malaysia Digital Economy Corporation (MDEC), with the support of the Ministry of Digital (KD) and the Ministry of Finance (MOF), introduced an innovative tax incentive scheme for Malaysia Digital (MD) companies: the Malaysia

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Malaysia publishes synthesised text of tax treaty with Qatar under BEPS MLI

14 June, 2024

The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Qatar, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion

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Malaysia updates tax rules for investment holding companies

09 June, 2024

The Inland Revenue Board of Malaysia (IRBM) released Public Ruling No. 2/2024 on 28 May, 2024. This revised and replaced Public Ruling No. 10/2015 of 16 December 2015 regarding the taxation of investment holding organisations. This update

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Malaysia announces timeline and FAQ for Pillar Two global minimum tax implementation

06 June, 2024

The Inland Revenue Board of Malaysia (IRBM) announced that it has updated its guidance page regarding the implementation of the Pillar Two global minimum tax rules. Two new key additions to the page include the implementation timeline of global

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Malaysia publishes synthesised text of tax treaty with Luxembourg under BEPS MLI 

04 June, 2024

The Inland Revenue Board of Malaysia (IRBM) has released the synthesised text of the tax treaty with Luxembourg, providing clarifications regarding the impact of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base

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Malaysia, Russia releases tax treaty updates

03 June, 2024

Malaysia and Russia signed a new income tax treaty on 17 May, 2024, which replaced the 1987 tax treaty between the two countries. As of now, the main measures of this new agreement are as follows: Scope of the taxes The tax treaty includes

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