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.
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
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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Sze Tong’s |
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
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).
The PR explains the types of buildings that qualify as industrial buildings and the corresponding rates of allowances.
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
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
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)
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
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