IRB issues public rulings on industrial buildings and gratuity

The Inland Revenue Board (IRB) has published the following public rulings (PRs) dated 23 November 2016:

    • Industrial Buildings Part I (PR No 8/2016).

    • Gratuity (PR No 9/2016).

Industrial Buildings Part I (PR No 8/2016)

The PR explains the types of buildings that qualify as industrial buildings and the corresponding rates of allowances.

Gratuity (PR No 9/2016)

The changes addressed in the PR are as follows:

    • Updated the “Relevant Provisions of the Law” section to include paras 14, 25, 25A, 25B, 25D and 30A of Schedule 6 of the Income Tax Act 1967.

    • Amended the “Tax Treatment of Gratuity” section to:

      – Reflect the new tax treatment where gratuity will be taxed in the year of receipt.

      – Removed examples/clarifications related to the previous tax treatment.

      – Clarified the definition of “retirement” under the Minimum Retirement Age Act 2012.

      – Added clarification and examples in respect of the new tax treatment under para 25D of Schedule 6 of the Income Tax Act 1967where employees may receive an exemption of RM1,000 for each completed year of service on gratuity payment.

      – Added clarification and examples in respect of gratuity received while still in service.

    • Employees Provident Fund to reflect the latest tax treatment.

    • Editorial changes.

This PR replaces the PR No 10/2011 dated 5 December 2011.

Kindly refer to the IRB website for further details.

Source: IRB website, 23 November 2016, IntelliConnect Tracker 

Budget 2017 passed by Dewan Rakyat

The Budget 2017 was passed at the Dewan Rakyat on 22 November 2017. One hundred and five ministers voted in favour of the Bill, 73 voted against while one minister abstained from voting.

Source: The Star Online, 23 November 2016, IntelliConnect Tracker 

Company Secretary Ipoh 

OneLink, which is located at 52, Jalan Keliling, Taman Canning, 31400 Ipoh, Perak, has the Company Secretary and secretarial services in its range of professional services. 

Its company secretary and secretarial services involve acting as company secretary for the private limited companies (Sdn. Bhd.), company incorporation and formation, attending various meeting, share transfer and registration, the appointment, resignation and change of directors,  and etc. 

Every company must have at least one company secretary under Section 139 of the Companies Act 1965.

And further,  the office of the company secretary shall not be left vacant for more than one month at any one time. (Section 139 (1B),  Companies Act 1965)

Notwithstanding subsection (1B), where none of the directors of the company can be communicated with at the last-known residential address,  the secretary may, notwithstanding subsection 141(6), lodge with the Registrar a notice in the prescribed form notifying the Registrar of that fact and of his intention to vacate the office of the company secretary (Section 139(1C), Companies Act 1965).

Where the company secretary has lodged a notice in accordance with subsection (1C), the secretary shall cease to be the secretary of the company on the expiry of one month from the date of the notice.(Section 139(1D), Companies Act 1965)

OneLink Ipoh company secretary and secretarial services can be contacted at 05-5428313, 05-5428312, 016-5206166. The company secretary staff Ms. Izzati, Ms. Bee or Ms. Teoh and other secretarial staff are there to attend your call during working hours.

(The picture below may be subject to copyright of the original beneficiary)

IRB launches its second focused friendly visit for 2016, 16 INovember 2016

The Inland Revenue Board (IRB) has launched its second focused friendly visit for 2016 as an attempt to recover unpaid taxes of RM2.125b with the objectives of:

    • Improving taxpayer awareness and voluntary compliance

    • Improving its collection

    • Reducing its outstanding tax amount, and

    • Promoting its voluntary disclosure programme.

Kindly visit the IRB website for further details.

Source: IRB website, 2 November 2016

YA 2016 Form C can be e-filed from 1 April 2016

The Inland Revenue Board (IRB) has announced that corporate taxpayers may e-file their year of assessment 2016 Form C with effect from 1 April 2016.

To those who are e-filing for the first time, a director of the company or individual who is authorised under s 75 of the Income Tax Act 1967 must present themselves to the nearest IRB service counters to obtain an Organisation PIN number.

The following documents are required:

    • Identity card or passport

    • Form 49 of the Companies Commission of Malaysia

    • The Organisation PIN number Application Form (Form CP55B), and

    • Appointment letter if the CP55B form was signed by individuals other than the company’s directors.

Source: IRB website, 10 November 2016

RM1.711b of Outstanding Taxes Recovered Under Reduction of Penalty Initiative 

According to the Deputy Finance Minister, outstanding taxes of RM1.711b were collected from 1 March 2016 to 31 August 2016 under the offer of a reduction of penalty for voluntary disclosure that was announced in the recalibrated Budget 2016. He reiterated that the offer will end on 15 December 2016 and there are no plans for its extension.

Source: Bernama, 8 November 2016

© CCH 

Auditors, Income Tax Consultants, GST Tax Consultants, Company Secretaries: 《OneLink Ipoh》 Has Moved To New Office 

www.OneLink.com.my 

Auditors, Tax Agents, Chartered Accountants , GST Tax Agents, Company Secretaries 

OneLink Ipoh has moved to its new office located at 52, Jalan Keliling, Taman Canning, 31400 Ipoh, Perak. There are about 40 professional staff in this Ipoh Office ready to serve you in the areas of Audit, Tax, GST, Company Incorporation, Company Secretarial, Tax Audit and Investigation, Accounting and Bookkeeping, GST Accounting Software, Internal Audit, Management Services and etc.  We welcome your walk in Monday to Friday (9 a.m. to 12.30 p.m. and 1.30 p.m. to 5.30 p.m.) or call Ms. Teoh / Ms. Izzati / Ms. Kim at 05-5428313 / 5428312.

我们在怡保的办公室已搬迁至Canning Garden桂和园。地址是52, Jalan Keliling, Taman Canning, 31400 Ipoh, Perak. 我们公司里头约40位专业人员仍然继续在有限公司查账,报税,呈报消费税,成立有限公司,公司秘书服务,税务稽查,公司内部稽查,消费税会计软件,各类工商服务各方面尽心竭诚的为怡保及霹雳州服务。我们欢迎您的莅临,星期一至星期五 (时间 9 a.m. to 12.30 p.m. and 1.30 p.m. to 5.30 p.m.) 或电话联络 Ms. Teoh / Ms. Izzati / Ms. Kim at 05-5428313 / 5428312。

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