IMF report comments on the economic and fiscal position of Malaysia
On 4 May 2016 the IMF issued a staff report following consultations with Malaysia under Article IV of the IMF’s articles of agreement. Although Malaysia has an open, diversified economy it has been hit by the lower oil price, economic problems of
See MoreMalaysia: IRB is planning to introduce a Country-by-Country (CbC) reporting requirement
The Malaysian Inland Revenue Board announced plans to introduce a Country-by-Country reporting requirement and to update current local transfer pricing documentation requirements to include the Master File and Local File concepts, in line with
See MoreMalaysia: Tax incentives for companies participating in the MY Carbon programme
The Finance Ministry has approved tax incentives on 18 February 2016 for companies participating in the National Corporate Greenhouse Gas Reporting Programme for 2015 and 2016 (MY Carbon programme) said Natural Resources and Environment Minister of
See MoreMalaysia: Thin capitalization rules deferred till 2018
The Ministry of Finance has issued a noticed on 30 December, 2015, regarding the effective date of the Income Tax (Thin Capitalization) Rules. The Rules has been deferred to till 2018 and will take effect from 1 January
See MoreMalaysia: IRBM highlights key steps in response to BEPS
The Inland Revenue Board of Malaysia (IRBM) has released a statement highlighting the key steps taken by the Government to overcome base erosion and profit shifting (BEPS) and transfer pricing abuse. The statement was released in the Commonwealth
See MoreDTA between Malaysia and Slovak Republic ratified
The Income Tax Treaty (2015) between Malaysia and the Slovak Republic has been ratified by the Slovak Republic on 4th November
See MoreMalaysia: Budget 2016
The Malaysian Prime Minister announced Malaysia's 2016 budget on 23 October 2015 highlighting some tax measures including corporate and personal income taxation changes. Corporate taxation A special reinvestment allowance of 60% of qualifying
See MoreThe Trans-Pacific Partnership negotiation completed
On October 4, 2015, Ministers of the 12 Trans-Pacific Partnership (TPP) countries – Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam – announced conclusion of their
See MoreDTA between Malaysia and Slovak Republic approved by Slovak Republic
The Income Tax Treaty (DTA; 2015) between Malaysia and the Slovak Republic was approved by the government of the Slovak Republic on 28th August 2015 and has now been submitted for ratification to the National Council. This treaty was signed on
See MoreOECD: Tax trends in Indonesia, Malaysia and the Philippines
The latest OECD publication on revenue statistics in Asian countries looks at trends in Indonesia, Malaysia and the Philippines from 1990 to 2013 and compares them to two OECD countries (Korea and Japan). The study finds that the tax revenue as a
See MoreDTA between Malaysia and Slovak Republic signed
A Double Tax Agreement (DTA) between Malaysia and Slovak Republic has been signed on 25th May
See MoreMalaysia: Government offers tax incentives to MNCs
Malaysian Government issued guidelines on April 6, 2015, regarding tax incentives to Multinational Companies that set up a principal hub in Malaysia. The incentives include low tax rates and customs-free imports that create high paying jobs and
See MoreCyprus and Malaysia: DTA negotiations
Cyprus and Barbados have confirmed that they have agreed to finalize the negotiations for a Double Taxation Agreement (DTA) in the near future. Further details will be reported
See MoreDTA between Belarus and Malaysia initialed
Malaysia and Belarus initialed a tax treaty following successful negotiations held from 10 to 13 March 2015 in Malaysia. Once signed, in force and effective, the new treaty will replace the former USSR - Malaysia Income Tax Treaty
See MoreIMF comments on Malaysia’s economic position
On 13 February 2015 the IMF executive board concluded consultations with Malaysia under Article IV of the IMF’s articles of agreement. The report indicates that the Malaysian economy has recently performed well. Economic growth was 5.9% in 2014
See MoreMalaysia: Decentralization of Income tax Files Subsequent to the Setting Up of Large Taxpayer Branch (LTB) and Large Taxpayer Unit (LTU)
To improve the quality of services to clients, Inland Revenue Board of Malaysia (IRBM) released a press notice to inform that with effect from 1 January 2015, the Corporate Tax Department has been renamed to Large Taxpayer Branch (LTB) and will
See MoreMalaysia: IRB Issues Public Ruling On Qualifying Plant And Machinery For Claiming Capital Allowances
The Inland Revenue Board of Malaysia (IRBM) released a public ruling (No.12/2014) on qualifying plant and machinery for claiming capital allowances on December 31, 2014. The objective of this Public Ruling (PR) is to explain whether an asset is a
See MoreMalaysia: IRB Issues Public Ruling On Small Asset Tax Allowance
The Inland Revenue Board of Malaysia (IRBM) has issued a new public ruling providing guidance on the 100 percent special allowance afforded to businesses for capital expenditure incurred on their purchase of small value assets. The objective of this
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