Malaysia issues ruling on time limit for carrying forward unabsorbed business losses

08 July, 2022

On 30 June 2022, the Inland Revenue Board of Malaysia (IRBM) has published Public Ruling No. 1/2022 on the time limit for carrying forward unabsorbed adjusted business losses. The objective of this Public Ruling (PR) is to provide an explanation on

See More

Malaysia: MoF announces principal hub incentive scheme 2022

31 May, 2022

On 24 May 2022, the Finance Ministry of Malaysia has issued the Income Tax (The Principal Hub Incentive Scheme) Rules 2022. The rules   may   be   cited   as   the Income   Tax   (The   Principal   Hub Incentive Scheme) Rules

See More

Malaysia publishes tax audit frameworks including petroleum, finance and insurance

17 May, 2022

On 1 May 2022, the Malaysian Inland Revenue Board (“MIRB”) published three tax audit frameworks including tax audit framework for petroleum and finance-insurance. Audit Framework for tax and petroleum replacing the previous versions which

See More

Malaysia: MOF releases rules on incentive for manufacturers of pharmaceutical sectors

23 February, 2022

On 17 February 2022, the Finance Ministry of Malaysia has published the   Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 effective from the year of assessment 2021. The Rules apply to a pharmaceutical

See More

Malaysia: IRBM releases rules amending the restriction on deductibility of interest

09 February, 2022

On 31 January 2022, Inland Revenue Board of Malaysia (IRBM) published the Income Tax (Restriction on Deductibility of Interest) (Amendment) Rules 2022, amending the original rules published in 2019. The rules amend the definition of

See More

Malaysia: Tax exemption on income from foreign sources

31 December, 2021

On 30 December 2021, the Ministry of Finance (MoF) announced that foreign source income derived by resident taxpayers will be exempt from tax from 1 January 2022 to 31 December 2026. The Malaysian government has agreed to exempt foreign-source

See More

Malaysia: Parliament passes the budget for 2022

24 November, 2021

On 18 November 2021, the Parliament of Malaysia passed the 2022 budget at the policy stage. The budget includes the following tax proposals related to corporate taxations. To support the Government’s initiative in assisting the affected

See More

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

See More

Malaysia: IRBM announces additional one-month extension to file tax returns

30 August, 2021

On 19 August 2021, the Inland Revenue Board of Malaysia has announced an additional one-month extension of time to file income tax returns for 2021. Companies/taxpayersCalendar year / accounting period endingGrace PeriodFor individuals,

See More

Malaysia: BEPS MLI enters into force

30 June, 2021

On 29 June 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, the MLI entered into

See More

Malaysia publishes new CbCR notification guidelines using Form C

09 June, 2021

On 25 May 2021, the Inland Revenue Board of Malaysia announced on its website that starting from the year of assessment (YA) 2021, constituent entities can now furnish the Country-by-Country Reporting (CbCR) Notification using the C Form.

See More

Malaysia announces new economic package for COVID-19

31 March, 2021

On 27 March 2021, the Malaysian government issued its second stimulus package to combat the economic impact of the COVID-19 pandemic. The main tax measures are: Tax breaks on tourism extended till Dec. 31. In the previous stimulus package,

See More

Malaysia releases updated tax guide on digital services

10 February, 2021

On 1 February 2021, the Royal Malaysian Customs Department published an updated Guide on Digital Services by Foreign Service Provider (FSP), which replaces the prior guide dated 1 August 2020. Effective 1st January 2020, service tax shall be

See More

Malaysia: IRBM reduces documentation submission timeline on request

05 February, 2021

On 2 February 2021, the Inland Revenue Board of Malaysia (IRBM) updated its transfer pricing guidelines including new guidance on submission of transfer pricing documentation and penalties. With the introduction of Section 113B of the ITA1967 which

See More

Malaysia: The Finance Bill 2020 includes transfer pricing measures

15 December, 2020

On 16 November 2020, Malaysia issued the Finance Bill 2020 (Bill No. DR 17/2020) including following proposals related to transfer pricing provision.   Penalties for failure to prepare transfer pricing documentation There is currently no

See More

Malaysia: IRBM issues updated tax audit framework for finance and insurance

23 November, 2020

The Inland Revenue Board of Malaysia (“IRBM”) has published an updated Tax Audit Framework for Finance and Insurance (“the Framework”) which revokes Tax Audit Framework - Finance and Insurance dated 1 Jun 2015. The Framework comes into

See More

Malaysia: Finance Minister tables the budget for 2021

16 November, 2020

On 6 November 2020, the Minister of Finance Tengku Datuk Seri Zafrul Abdul Tengku Abdul Aziz unveiled the annual budget speech in Parliament for 2021. The following tax measures has been proposed under the budget 2021. A new tax incentive

See More

Malaysia issues ruling on appeal against assessment and application for relief

12 October, 2020

On 7 October 2020, the Malaysian Inland Revenue Board (IRB) has published Public Ruling No.7/2020 with the objective to explain the procedures with regard to appeal and application for relief in line with the provisions of the Income Tax Act 1967

See More