Malaysia - Tax And Revenue Update.
Legal News & Analysis - Asia Pacific - Malaysia - Tax
5 June, 2019
The following rules have been gazetted on 25 April 2019 and have effect for the years of assessment 2019 and 2020:
- Income Tax (Deduction for Expenditure on Issuance of Retail Debenture and Retail Sukuk) Rules 2019
- Income Tax (Deduction for Expenditure on Issuance of Sukuk) Rules 2019
The Inland Revenue Board of Malaysia ("IRB") has recently issued the following operational guidelines:
- Operational Guidelines No. 1/2019 on Special Program for Voluntary Disclosure (to replace Operational Guidelines No. 1/2018 dated 29 March 2019)
- Prosedur Pengemukaan Borang Nyata Terpinda (available in Malay language only).
A Specific Guide on Sales Tax Exemption under Schedule C, Sales Tax (Persons Exempted from Payment of Tax) Order 2018 (as at 24 April 2019) has been published on the Royal Malaysian Customs Department’s MySST website.
Goods and Services Tax ("GST")
The revised versions of the following GST Guides have also been published on the Royal Malaysian Customs Department’s MySST website:
- Declaration and Adjustment After 1st September 2018 (as at 8 May 2019)
- Tax Invoice, Debit Note, Credit Note and Retention Payment After 1stSeptember 2018 (as at 9 May 2019).
For further information, please contact:
Abhilaash Subramaniam, Shearn Delamore & Co