Two Cardinal Sins in Life and Business
In life and business, there are two cardinal sins. The first is to act precipitously without thought and the second is to not act at all.
生活和事业都有两种基本原罪。第一种是没思考过就仓促行动，第二种是完全没有行动。
— Carl Icahn 卡尔•艾康
IRB issues public rulings on tax borne by employers and income from employment on board a ship
The Inland Revenue Board (IRB) has published the following public rulings (PRs):
• Tax Borne by Employers (Second Edition) (PR No 11/2016) dated 8 December 2016.
• Taxation of Income from Employment on Board a Ship (PR No 12/2016) dated 9 December 2016.
IRB launches its second focused friendly visit for 2016
IRB issues public rulings on industrial buildings (part 2)
The Inland Revenue Board (IRB) has published a public ruling (PR) on “Industrial Buildings Part II” (PR No 10/2016) dated 5 December 2016.
The PR explains the types of buildings that qualify as industrial buildings under the provisions of para 80, Sch 3 of the Income Tax Act 1967 through the Income Tax Rules made by the Minister of Finance and the corresponding rates of allowances.
Kindly refer to the IRB website for further details.
Source: IRB website, 5 December 2016. © Intelliconnectasiapacific
OECD: Malaysia still has room for more taxes
The Organisation for Economic Co-operation and Development (OECD)’s Revenue Statistics in Asian Countries 2016 report stated that Malaysia recorded less than the OECD average of tax income (34.2%) of GDP in 2014, similar to Japan, South Korea, Philippines, Singapore and Indonesia.
Despite what the report’s title suggests, the data terminates at 2014. Malaysia’s total tax revenue for 2014 was 15.9% of its GDP.
This indicates that there is scope for increased tax mobilisation in areas such as consumption taxes (eg GST).
Source: Malay Mail Online, 29 November 2016
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Stamp (Amendment) Bill 2016 introduced in Parliament
The Stamp (Amendment) Bill 2016 was introduced in the Dewan Rakyat for its first reading in Parliament.
For more information, please refer to the Parliament of Malaysia website.
Source: Parliament of Malaysia website, 28 November 2016