Tax

Can LHDN access your bank account?

Under what circumstance your bank information is accessible by LHDN?

The new provision does not give it absolute power to simply access taxpayers' bank account information.

It is only limited to cases involving garnishee orders allowed by the Court.

LHDN is required to go through a prescribed process of judgment and is only limited to cases that have already gone through a civil proceeding before.

What is garnishee order?

The garnishee proceedings are the process of enforcing a monetary judgment by seizing or withholding debts due to a specific party.

LHDN has the right to do so because of the existence of unpaid tax arrears by the taxpayer.

Source:

https://phl.hasil.gov.my/pdf/pdfam/KM_HASiL_18122021_HAD_AKSES_AKAUN_BANK.pdf

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

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Deduction for Expenditure on Provision of Employees’ Accommodation

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Deduction for Expenditure on Provision of Employees’ Accommodation

Overview:

Are you planning to let your employees back to the workplace but are too afraid of the number of COVID cases reported every day? You may consider Safe@Work introduced by the Ministry of International Trade and Industry (MITI). This allows business continuity even when there are positive cases in the work place.

On 24 December 2021, the Government announce a further tax deduction on rental expenses provided for employees to promote Safe@Work program.

Key takeaways:

1) Who can apply?

2) How to apply?

Summary of learnings:

The company is allowed to deduct an amount equivalent to the expenses incurred on rental of a premise for the purpose of employees’ accommodation within the period from 1 January 2021 until 31 December 2022, subject to a maximum amount of RM50,000 for each company. The company must obtain Certificate from Ministry of International Trade and Industry to enjoy this deduction.

1. Who can apply

A company which: -

- Incorporated under Company Act 2016;

- carrying on the business of manufacturing or manufacturing related services; and

- Incurred rental for the purpose of employees’ accommodation.

2. How to apply?

Step 1 : To comply with Safe@Work SOPs

Step 2 : To comply with the Minimum standards of accommodation set by MoHR

Step 3 : Obtain the certificate in CIMS system

Sources & Relevant Links:

• P.U. (A) 470 – Deduction for expenditure on provision of employees’ accommodation

https://lom.agc.gov.my/ilims/upload/portal/akta/outputp/1718705/PUA%20470.pdf

• Information Related to Safe@Work:

https://www.miti.gov.my/redir/safeatwork/safeatwork.html

• Minimum standards of accommodation

https://jtksm.mohr.gov.my/images/akta446/1_panduan_pemohon_v2.pdf

• Registration or login to CIMS

https://notification.miti.gov.my/login

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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tax rebate 20,000 malaysia

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Tax rebate for new incorporated company LHDN

Income Tax (Conditions for the Grant of Rebate under Subsection 6D(4) Order 2021 @ 31/12/21

This order has effect from the year of assessment 2021.

Conditions for the grant of rebate

Own by the company with paid-up share capital not more than RM2.5 million.
Different premises from its related company.
Shall not use the plant, equipment & facility of the related company.
Employee (except CEO & director) is different from related company.
Business is different from related company.
Business is different from sole proprietorship.
Not M&A with paid up share capital more than RM2.5m or revenue RM50m.

Other pertaining key information

Related company refer as more than 50% of paid up share capital.

A rebate may be granted for YA 2021 and 2022 on company commence business operation after 1/7/2020 with basis period ended 31/12/2020.

Source :

PU Order 504_2021 Income Tax (Conditions for the grant of rebate under subsection 6D(4) order 2021 on 31.12.2021.

https://lom.agc.gov.my/.../outputp/1719408/PUA504_2021.pdf

Update on our past blog on tax rebate

a. 有限公司或有限合伙企业的回扣 (RM20,000 x 3 years) – Post on 19.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-taxrebateenglish-bg3t3

b. 𝐓𝐚𝐱 𝐑𝐞𝐛𝐚𝐭𝐞 (𝐑𝐌𝟐𝟎,𝟎𝟎𝟎 𝐱 𝟑 𝐲𝐞𝐚𝐫𝐬) 𝐨𝐧 𝐟𝐨𝐫 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐨𝐫 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩. – Post on 19.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-taxrebateenglish

c. The advantages of buying property via Sdn Bhd? Posting on 16 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd/16april2021

d. The disadvantages of buying property via Sdn Bhd (Copy) Part 2 Posting on 19 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part2/19april2021

e. Investment holding company enjoy tax rebate RM20,000 x 3 years ? Part 3 Posting on 20 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part3/20april2021-hgpza

f. Can unlisted investment holding company (IHC) enjoy tax rebate RM20,000 x 3 years? Part 4 Posting on 21 April 2021

https://www.ktp.com.my/blog/buy-property-via-sdn-bhd-part4/21april2021

g. 预算案 2022 Posting on 19 November 2021

https://www.ktp.com.my/blog/tax-budget-2022-sme-edition-chinese/19nov21?rq=20%2C000

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Medical Fee on Director -Tax exempted Benefit In Kind?

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Medical Fee on Director -Tax exempted Benefit In Kind?

FAQ from our clients on this common mistake by taxpayers based on our past experience :

Why are company’s directors not human meh?
Why is my ex ''tax agent'' allow?
Why is the Malaysian government like this?

Tax standing

Under section 13(1) b Income Tax 1967, medical and dental benefits are exempted from income tax for the employee.

Exception

Does the exemption extend to directors of a controlled company like for any other employees of the company?

Under paragraph 8.3.1 of IRB Public Ruling No. 11/2019- Benefits In Kinds., if the employee receiving BIK from the employer has control over his employer (company) is no exemption.

What is control?

For a company, the power of an employee to control is through :

1. The holding of shares or

2. The possession of voting power in or

3. By virtue of powers conferred by the articles of association or other document.

For a partnership, the employee is a partner of the employer.

For a sole proprietor, the employee and the employer is the same person

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Are gifts to employees considered income?

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Is gift from employer taxable?

When I received a gift or reward from my employer during the New Year celebration, will this affect my tax payable?

Overview

In a competitive business climate, a gift or reward has been proven to improve organizational values, enhance team efforts, increase customer satisfaction and motivate certain behaviours amongst members of staff.

However, do you know the tax impact of the gift or reward received?

Key takeaway

You will understand the:

Meaning of perquisites
Tax treatment of perquisites

What are Perquisites?

Perquisites are benefits in cash or in-kind which are convertible into money received by an employee from his/her employer or from third parties in respect of having or exercising employment.

Perquisite is a chargeable income to tax as part of the gross income from employment under paragraph 13(1)(a) of the ITA.

Tax treatment

1. In respect of having employment or exercising an employment

a) Gift

The value of the gift is chargeable to tax when it is received, can be sold, assigned, or convertible into cash, and is received in appreciation for the performance of past services.

However, there is an exemption of RM2,000 under paragraph 25C, Schedule 6 of the ITA if is for a long service award.

b) A sum of cash

Cash money is considered a perquisite if it is an appreciation for the excellent service rendered even though it is given voluntarily by the employer.

* The phrase having employment or exercising employment includes the performance or any duties by an employee.

2. Not related to having or exercising the employment

Pure gifts or testimonials received by an employee from his employer or third parties purely for personal appreciation or for specific personal reasons are not taxable.

Examples of pure gifts or testimonials include:

a) wedding gifts whether, in the form of cash, jewellery or other items were given to an employee by the employer.

b) cash is given to an employee by the employer for passing the professional examination with excellent results.

c) cash, other items and certificate of appreciation given to an employee for his/her extraordinary achievement.

Source:

Public Ruling 5/2019 Perquisites from Employment

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_05_2019.pdf

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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What is tax exempted allowance in Malaysia?

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Which allowances and perquisites are totally exempted?

Common tax questions from clients :

1. What income is not taxable in Malaysia?

2. Any tax exempted benefits in kind to employees in Malaysia?

3. Which allowances and perquisites are totally exempted?

Employment Income

Statutory income from employment refers to not only your monthly salary, but also any commission, bonus, allowances, perquisites, benefits-in-kind, and even accommodation.

Exempted Employment Income

Of course, there are certain types of income within this list that does not have to be included in your income for tax purposes – in other words, income that is exempted from tax. If you are given a tax exemption up to a certain value, you don’t have to include that amount in your declaration of income.

Exempted Benefit-in-kind / perquisite

Petrol, travel, toll allowances

Up to RM6,000. If the amount exceeds RM6,000, further deductions can be made in respect of the amount spent for official duties.

Parking allowance, including parking rate paid by the employer directly

Actual amount expended

Meal allowance received on a regular basis

Actual amount expended

Medical benefits (including traditional medicine and maternity expenses) Actual amount expended

Child care allowance for children up to 12 years old

Up to RM2,400.

Benefit, whether in money or otherwise, for past achievements, service excellence, or long service award, etc

Up to RM2,000.

Gift of fixed-line telephone, mobile phone, etc registered in employee’s name

Limited to 1 unit for each asset

Monthly bills for phone or broadband line registered in employee’s name Limited to 1 line for each category of asset

Company goods provided free or at a discount to the employee, spouse, or unmarried children

Up to RM1,000

Subsidised interest for housing, education, or car loan

Fully exempted if total loan amount does not exceed RM300,000. For exceeding amounts, there is a calculation formula that you can find in the explanatory notes to the BE form.

Leave passage (vacation time paid for by employer)

Exempted up to 3x in a year for leave passage within Malaysia (fares, meals, accommodation) and 1x outside Malaysia (up to RM3,000 for fares only)

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Can I buy a Personal car under a Company and Claim Tax Deduction?

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Buy Car under Personal or Company Name?

What is capital allowance

The purpose of capital allowance is to give a relief for wear and tear of fixed assets for business.

Capital allowances are akin to a tax deductible expense and are available in respect of qualifying capital expenditure incurred on the provision of certain assets in use for the purposes of business.

Eligibility of capital allowance

1. Owner of the car;

2. Capital expenditure incurred on the car;

3. The car is in use at the end of basis period;

4. Used for the purpose of the business

WHO is eligible for capital allowance

Legal owner: Entity registered or documented as proof of ownership

Beneficial owner: Entity who incurred the expenditure and payment for the assets (can be proved in books of accounts through supporting documents)

A legal owner who incurs the qualifying expenditure is also the beneficial owner.

If the asset owned is used in his business, the owner is entitled to claim CA.

If a beneficial owner has:

1. Incurred the qualifying expenditure

2. Used the asset for his business,

He is entitled to claim CA although the asset is registered in the name of another person (the legal owner).

Jointly owned assets

What if…

a) more than one person has incurred the qualifying expenditure on an asset,

b) the asset is used in each of their business during the basis period,

c) the asset is registered in the name of one of the beneficial owners or in the name of the third party

WHO is eligible for capital allowance under jointly owned assets

Each of the beneficial owners is entitled to claim CA in respect of the asset.

Basis of apportionment of the CA should be based on his share of qualifying expenditure incurred

Supporting documents

Details of apportionment must be made if more than one person is claiming CA for the same asset.

Source:

IRB Public Ruling

OWNERSHIP AND USE OF ASSET FOR THE PURPOSE OF CLAIMING CAPITAL ALLOWANCES

https://phl.hasil.gov.my/pdf/pdfam/PR_5_2014.pdf

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Form EA 和 CP58 有什么不同?

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Form EA 和 CP58 有什么不同

Form EA

它是一份员工的年度薪酬报表，报表中列出员工过去一年的收入福利，每月预扣税（PCB），公积金等等。

CP58

它是一份收入列表将列出支付给代理商，经销商或分销商的现金和非现金奖励。

Form EA 呈报种类

• 工资，薪水，休假工资，佣金，奖金，酬金，花红，董事费，津贴

• 公司汽车，汽油津贴，水电费津贴，电话费津贴，家佣

• 住宿福利

• 失业补偿金

• 退休金

CP58 呈报种类

• 现金奖励：佣金，奖励金，花红

• 非现金奖励: 汽车，房屋，旅行配

套，代金券

Form EA 截止日期

每年2月的最后一天之前须分发给员工

CP58 截止日期

每年3月31日之前须分发给代理商，经销商或分销商

* Form EA 和 CP58 不必呈交给税务局

Form EA 和 CP58 罚款

Form EA 和 CP58 罚款一致，如果没有呈报，将会有RM200至RM20,000的罚款或不超过6个月的监禁，或两者兼施

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Withholding Tax Malaysia 2022

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the building used for the purposes of a qualifying project to place or install plant or machinery or to store any raw materials, or goods or materials manufactured prior to sale:

1/10 ruling on factory

Provided that in respect of the portion of the building or extension of the building used for the storage of raw materials, or goods or materials, or both, it shall not be more than one-tenth of the total floor areas of the building or the

extension to that building;”

Tax planning tip

The restriction on warehouse/storage issues which taxpayers may not agree.

There are others tax incentive available in Malaysia namely Pioneer Status or Investment Tax Allowance from MIDA which is more business friendly.

Past KTP blog on RA

Read our past blog posting on RA

1. RA part 1 dated 26/02/21

https://www.ktp.com.my/blog/ra-part1/26feb2021?rq=reinvestment%20allowance

2. RA part 2 dated 04/03/21

https://www.ktp.com.my/blog/special-ra-part2/04march2021?rq=reinvestment%20allowance

3. RA part 3 dated 11/03/21

https://www.ktp.com.my/blog/special-ra-part3/11march2021?rq=reinvestment%20allowance

Source

IRB Practice Note 1/2022 - EXPLANATION IN RELATION TO THE DEFINITION OF FACTORY FOR THE PURPOSE OF REINVESTMENT ALLOWANCE CLAIM UNDER SCHEDULE 7A, INCOME TAX ACT 1967

https://phl.hasil.gov.my/pdf/pdfam/PN_1_2022.pdf

PS : Why opt for RA when there are others tax incentives available in Malaysia?

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Tax Deduction on Tax and Secretarial Fee 2022

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Tax Deduction on Tax and Secretarial Fee 2022

With the gazette of The Income Tax (Deduction for Expenses in relation to Secretarial Fee and Tax Filing Fee (Amendment Rules 2021), we are pleased to highlight the changes.

T&C apply.

Key summary of the special tax deduction of tax and secretarial fee

The secretarial fee and tax filing fee are deductible in the Year of Assessment when the fees are incurred (the words “and paid” are deleted in the 2021 Rules) with effect from the Year of Assessment 2022.
Secretarial and tax filing fees for YA 2020 and 2021 are only tax-deductible when the fees are incurred and paid.

Secretarial Fee

Secretarial fee charged in respect of secretarial services to comply with the statutory requirements under the Companies Act 2016 is deductible.

1. Lodgement of annual return and Financial statements.

2. Change of name

3. Add or delete business activities

4. Retainer fees

5. Issuance or transfer of shares

6. Update register of members and directors

7. Appointment of director or auditor

General secretary charges NOT deductible:

1. Incorporation fee for new company (include professional fees)

2. Fee for acquisition of shelf company (include professional fees)

3. Name search fee to SSM (include professional fees)

4. Preparation of registration documents

5. Company profile printout from SSM

6. Professional fee for preparation of ordinary/ special resolution

7. Professional fee for preparation of other resolution, confirmation letter to bank or solicitor

8. Professional fees for preparation of trust deed

9. Preparation fees for CTC documents

10. Attestation fees for commissioner for Oaths

Tax Filing Fee

A tax agent approved under the Income Tax Act 1967 (Not ACCA member, MIA member, accounting graduate, ex-tax staff..)

Preparation and submission of income tax returns
Estimate of tax payables

A person in respect of services provided for the preparation and submission of returns in the prescribed form for the purposes of:

Section 26 of the Sales Tax Act 2018
Section 26 of the Service Tax Act 2018
Section 19 of the Departure Levy Act 2019;
Section 19 of the Tourism Tax Act 2017

Read our past blog on the special tax deduction on secretarial and tax filing fee :

1. Tax and Secretarial Fee Tax Deduction Malaysia 2020 dated on 31.12.2020

https://www.ktp.com.my/blog/sectaxfee/31dec2020

2. Discover the latest update on tax deductibility for secretarial and tax fee from IRB guideline dated on 2.10.2020

https://www.ktp.com.my/blog/fwwses3ezyrg9gf-7r8xl-aaa5d-739bg-8lcep-c266s-s32bd-wf736-e4xsk-x3fp4-gj5z8-mwgzk-m3696-gw4b5-mmmbe-2nfz4-wxwag-s27pr-ldnya-zkdxr-2flme-xmbx6-n7fdm

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Account, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients

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Myhijau tax incentive on power solar system in Malaysia

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Myhijau tax incentive on power solar system in Malaysia

☎️KTP's client tax question :

Any tax incentive on power solar system on my factory ?

秘KTP assistance to our KTP's client

The solar system can be qualified under Green Investment Tax Allowance (GITA):

Conditions:

1. To check solar system is the qualifying asset in the MyHIJAU Directory.

2. Otherwise, the Applicant shall notify the manufacturer or supplier to register under the MyHIJAU Mark.

3. Submit application to MIDA/MGTC before incurred capital costs.

4. Submission before 31.12.2023.

5. GITA of 100% against 70% of statutory income

6. & more

Reference:

MGTC Green Technology Tax Incentives Guidelines

https://bit.ly/3FexEd0

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Special Tax Deduction on Rental Reduction - Extension

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Special Tax Deduction on Rental Reduction - Extension

Latest update

The qualifying period on special tax deduction on rental reduction extends to 30 June 2022 following the issuance of

1. The Income Tax (Special Deduction for Reduction of Rental to a Small & Medium Enterprise) (Amendment) Rule 2021.

2. The Income Tax (Special Deduction for Reduction of Rental a Tenant other than a Small & Medium Enterprise) (Amendment) Rule 2021.

General information

A tax deduction is given to taxpayers which provide a reduction of rental on business premises of at least 30% of the monthly rental.

All other conditions remain unchanged.

Past Blogs

Read our past blogs on the special tax deduction on rental reduction :

1. Special deduction on rental reduction to SME and Non SME dated on 23.09.2021

https://www.ktp.com.my/blog/special-deduction-on-rental-deduction/23sept21

2. Special Deduction On Rental Reduction - Can taxpayer claim with any gazette order? dated on 15.01.2021

https://www.ktp.com.my/blog/special-rental-deduction/15jan2021

3. Can you claim special deduction on RENTAL & RENOVATION under PENJANA Stimulus Package now? Dated on 29.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-747ye-d46bb-dhhms-specialdeductiononrentalrenovation

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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Special Tax Deduction on Renovation - Extension

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Special Tax Deduction on Renovation - Extension

The qualifying period on special tax deduction on renovation extends to 31 December 2022 following the issuance of the Income Tax (Cost of Renovation and Refurbishment of Business Premise) (Amendment) Rule 2021.

Introduction

A special tax deduction on the renovation on business premises is subject to a maximum of RM300,000 incurred for the qualifying period.

All other conditions remain unchanged.

Read our past blogs on the special tax deduction on the renovation :

1. How to claim special tax deduction for renovation? dated on 02.04.2021

https://www.ktp.com.my/blog/how-to-claim-deduction-renovation/02april2021

2. FAQ (English version translated by KTP) on special deduction for the renovation cost Part II dated on 19.03.2021

https://www.ktp.com.my/blog/faq-rennovation-part-2/19march2021

3. FAQ (English version translated by KTP) on special deduction for the renovation cost Part I dated on 17.03.2021

https://www.ktp.com.my/blog/faq-rennovation-part-1/16march2021

4. Special Deduction for Renovation & Refurbishment of Business Premise dated on 29.12.2020

https://www.ktp.com.my/blog/specialdeductionrenovation/2020dec29

5. Can you claim special deduction on RENTAL & RENOVATION under PENJANA Stimulus Package now? Dated on 29.11.2020

https://www.ktp.com.my/blog/ns9lfg2j36acs7w-bphe6-pbtm3-k6mng-gzk5f-747ye-d46bb-dhhms-specialdeductiononrentalrenovation

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Deferment Of Tax For Floods

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Deferment Of Tax For Floods

IRB has issued a press release on the deferment of tax payment for taxpayers affected by the recent floods on 28/12/2021.

Key summaries of the media release

Estimated tax instalment CP204 for Dec 2021

Deferred to 31/01/22
Email to anggarancukai@HASIL.GOV.MY

Payment of PCB/CP 38 for the month of Dec 2021

Deferred to 31 January 2022
Complete the form in HASIL website

Instalments on audit/investigation/collection/civil suits on Jan 2022

Deferred to February 2022
Complete the form in HASIL website

Balance of tax payable

Taxpayer application but subject to IRB approval
Complete the form in HASIL website

Taxpayers are to furnish full supporting documents. IRB will approve based on the merits of each case

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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LHDN FAQ-Deferment of Tax Instalment 2022

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LHDN 常见问题解答-延期缴税 2022

LHDN FAQ-Deferment of Tax Instalment 2022

1. SME企业获得的标准是什么？

PMKS 的标准是：

• 在课税年度初，公司的实收资本需少于RM2,500,000.00；和

• 在课税的年度里，总收入不能超过RM50,000,000.00.

What are the criteria the business gets PMKS status?

The criteria for PMKS are:

• Paid -up capital no more than RM2.5 million for ordinary shares at the beginning of the basis period for a year of assessment; and

• Gross income business amounting to RM50 million and below.

2. 有限合伙企业(PLT) 也有资格延期给 PMKS 的税？需要的条件标准是什么？

有限合伙的延期付款条件需符合1967年《所得税法令》的第1的2D条件以下：

• 在课税年度初，实收资本贡献(现金或实物)需少于RM2,500,000.00；和

• 在课税的年度里，总收入不能超过RM50,000,000.00.

Is a Limited Liability Partnership entity (PLT) also eligible for deferment tax as given to PMKS? If so, what are the eligibility criteria for LLP to obtain such a deferment?

Yes. An LLP is eligible to obtain deferral of payment based on criteria determination as set out below Paragraph 2D, Table 1, ITA as follows:

• Maximum amount of capital contribution (cash or in-kind) not exceeding RM2.5

million at the beginning of the basis period; and

• Total gross income from business source not exceeding RM50 million for the basis period

3. CP204 的延期付款只限于课税年度的2022年12月31日还是全部的课税年度呢？

是全部的课税年度，但是延期的付款期限为 2022 年 1 月1日直到 2022 年 6 月 30日。

Is the deferment of payment of CP204 only eligible for all basis periods or limited to the basis period ending 31 December 2022 only?

Deferment of payment of CP204 is eligible for all basic periods from 1 January 2022 to June 30, 2022.

4. 什么是CP204分期付款延期资格？

CP204的延期付款资格，是根据LHDNM收到最新的所得税表格 (BNCP).

What is the eligibility for deferment on CP204 installment payment?

Eligibility for deferment of payment CP204 determined based on PMKS criteria as stated in the Return Form Latest Income Tax (BNCP) received by LHDNM.

5. 符合条件的纳税人，是否需要一次缴清CP204延期付款和 CP500？

当呈交报税表格时，有的差距才需要一次缴清收税的余额.

Are taxpayers eligible deferment of payment of CP204 and CP500 need to clear the deferred payment all at once after the deferment period is over?

No. Payment must be made on time submission of ITRF for the year of assessment

relevant if it still has a balance taxes.

6. 延期付款会触发1967年《所得税法令》的第107B（3）和107C(9)条规吗？

不会.

Is there an increase under subsection 107B (3) and 107C (9) of the ITA ?

No. Increase under subsection 107B (3) and 107C (9) of the ITA will also not apply to the taxpayer who gets deferment of payment of CP204 and CP500.

7. 如果在CP204和CP500的延期期间还的延期付款，可以带在没有延期的时间吗？

不可以带下去.

Do the CP204 and CP500 which has been paid in the deferral period can be brought forward to pay of CP204 and CP500 in the post period of deferral period?

No. Such payments are not allowed for brought forward to the month after expiration deferment period or the next year of assessment.

8. 纳税人是否可以选择拒绝延期支付 CP204 和CP500 自动执行此操作并继续分期付款？如果有，纳税人是否需要通知 IRBM？

是的。纳税人可以拒绝. 无需通知LHDNM。

Whether taxpayers can opt to reject the deferment of payment of CP204 and

CP500 automatically? If so, are the taxpayers need to inform the IRBM?

Yes. Taxpayers can reject deferment of installment payments immediately and there is no need to inform the parties LHDNM.

9. CP500纳税人是否需要做申请延期付款？

不需要。符合的纳税人可以延期支付从 2022 年 1 月 1 日至 2022 年 6 月 30 日

Are taxpayers subject to CP500 payment need to make application for deferment of payment?

No. Taxpayers subject to CP500 payment is allowed deferment CP500 payment from 1 January 2022 to 30 Jun 2022.

10. IRBM 是否会通知符合资格的纳税人有关延期付款 CP204 和 CP500的通知.

LHDNM根据最新的报税表格并通过注册的电子邮件，通知符合 PMKS 标准的纳税人.如果没有收到电子邮件的纳税人，但是还是符合资格也可以应许延期.

Whether the IRBM will issue notification to the taxpayer eligible for deferment of payment on this CP204 and CP500

Notifications will only be issued to taxpayers who meet the PMKS criteria based on the information specified in up-to-date ITRF and has a registered email with LHDNM. New taxpayers meet the criteria of PMKS or do not have emails registered with the IRBM will not receive the notification.

However, no notification deferment of payment of CP500 to taxpayers because the delay is

allowed automatically.

11. 如果符合资格延期的纳税人，但是没有注册电子邮件就不会收到LHDNM的通知吗？

是的。符合条件的纳税人如果没有收到允许电邮通知，可以在以下的地址申请：

penangguhancp204@hasil.gov.my

Is the deferment of payment of CP204 possible allowed to the taxpayer qualifies for deferment but does not receive a notification for not having an email registered with the IRBM?

Yes. Taxpayers are allowed to deferment of payment of CP204 subject to applications and notifications submitted by email to the following address:

penangguhancp204@hasil.gov.my

12. 符合延期的纳税人是否可以在第 6 个月/或第9个月/或第11个月对CP204 或CP500做修改？

是的

Are taxpayers can file amendments to CP204 in the 6th month/ or the 9th month and / or the 11th month or make amendments to CP500 before 30 June 2022?

Yes

13. 纳税人是否还会收到CP500

是的

Are taxpayers subject to CP500 will still receive CP500 for the Year of Assessment 2022?

Yes

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Notify change of financial year end LHDN

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Notify change of financial year end LHDN

Public Ruling 6/2021

Public Ruling 6/2021(PR6/2021): Notification of change in accounting period of a company, trust body, co-operative society issued on 29th December 2021, to replaces PR8/2019 on the same subject to reflect current legislation. There are no significant changes in the new PR.

The objective of this PR is to explain the requirement to notify the IRBM on change of accounting period by entity who liable to make payment on tax estimation.

Key takeaways:

You will understand: -

1. How to notify IRBM?

2. When to notify Inland Revenue Board (IRBM)?

3. What are the consequences of failure to notify IRBM?

Summary of learnings:

1. How to notify?

The IRBM has to be notified via Form CP204B.

2. When to notify IRBM?

It depends on whether the new accounting period is less than or more than the original accounting period:

i. the new accounting period is shortened

The IRBM has to be notified no later than 30 days before the end of the new accounting period.

Illustration A:

Original accounting period: 01.01.2021 – 31.12.2021

New accounting period: 01.01.2021 – 30.06.2021 (Shortened)

Notify IRBM: 30 days before 30.06.2021

ii. the new accounting period is extended

The IRBM has to be notified no later than 30 days before the end of the original accounting period.

Illustration B

Original accounting period: 01.01.2021 – 31.12.2021

New accounting period: 01.01.2021 – 30.06.2022 (Extended)

Notify IRBM: 30 days before 31.12.2021

3. What are the consequences of failure to notify IRBM?

The company fails to furnish the Form CP204B within the prescribed period, the following penalty will be imposed by the IRBM:

i. Subsection 107C (9): 10% increase when taxpayer’s failure to make the instalment payments

ii. Subsection 107C (10): 10% increase in respect of underestimation of tax payable (30% difference from actual tax payable).

iii. Subsection 112(3): Imposing penalty on estimated assessment raised under Section 90(3); and

iv. Paragraph 102(1)(i): Initiate prosecution action in respect of failure to notify the IRBM on change of accounting period.

Source:

Public Ruling: 6/2021 Notification of change of accounting period by a company / limited liability / partnership/ trust body/ co-operative society

https://phl.hasil.gov.my/pdf/pdfam/PR_06_2021.pdf

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Deferment of CP204 Payment 2022

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Deferment of CP204 Payment 2022

The Postponement of Estimated Tax Payable (CP204) and Instalment Payment Scheme (CP500) will be given automatically to qualified taxpayers with the status of micro, small and medium enterprises (MSMEs or PMKS) from Jan 1 to June 30, 2022.

6 instalment deferment

The Inland Revenue Board (IRB) informed that qualified taxpayers are based on records or the latest Income Tax Statement Form received by the board.

CP 204 deferment

For CP204 payment, business criteria that qualify for the PMKS status are companies, cooperatives, trust bodies and limited liability partnerships with a paid-up capital of less than RM2.5 million for ordinary shares at the start of the basic period of an assessment year.

In addition, the entity’s gross business income of RM50 million or below for an assessment year.

The postponement of CP204 payment to the taxpayer who fulfils the criteria will be sent via registered email with HASiL (the IRB).

What if taxpayers don’t want the deferment?

Taxpayers want to maintain the current tax instalment scheme.

IRB is not required to be notified as qualified taxpayers are allowed to follow the original CP 204 or CP 500.
Any tax instalments paid during the deferment period will be treated as payments towards the tax instalments for those respective months and will not be allowed to be carried forward for settlement of tax instalments after the deferment period.

Tax estimation

No changes to existing eligibility to revise tax estimates in the 6th or the 9th month and the special 11th month revision (subject to existing conditions)

CP500 deferment

The IRB informed that the postponement of CP500 payment is allowed automatically to all taxpayers concerned for the 2021 assessment year payment (for the payable date of Jan 1, 2022) and the 2022 assessment year payment (for the payable dates of March 1, 2022 and May 1, 2022).

FAQ on deferment

Frequently asked questions (FAQ) on the postponement could be accessed via the link https://phl.hasil.gov.my/pdf/pdfam/SOALAN_LAZIM_PINDAAN_BAJET_2022_CP204.pdf and the public can contact the HASiL Recovery Call Centre (HRCC) at 03-8751 1000 for further information.

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Foreign source income taxable in Malaysia 2022

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Foreign source income taxable in Malaysia 2022

THE government has made a surprising U-turn on Dec 30, 2021 after announcing that foreign-sourced income received in Malaysia by Malaysian tax residents will be taxed.

Current Ruling

The following foreign-sourced income received will continue to be exempted from Malaysian income tax from 1 January 2022 to 31 December 2026 (5 years)

Dividend income received by resident companies and limited liability partnerships will be exempted to 2026.
All classes of income received by resident individuals will be exempted by 2026.

Why Partnership not Exempted?

Resident partnerships which carry on business will not be exempted. But partnerships as a general rule are not taxed. It is the individual partners who are taxed.

Final Words

Let’s wait for IRB further clarification on partnership matter

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Tax Filing Deadline 2022 Malaysia

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Tax Filing Deadline 2022 Malaysia

Return Form (RF) Filing Programme For The Year 2022 is now available on the IRBM official portal as a reference for taxpayers to submit their return form this year.

Key summary of the filling schedule

Form E : 31/3 (manual)30/4 (E-filing)
Form BE : 30/4 (manual)15/5 (E-filing)
Form B : 30/6 (manual)15/7 (E-filing)
Form P : 30/6 (manual)15/7 (E-filing)
Form M (employee): 30/4 (manual)15/5 (E-filing)
Form M (business): 30/6 (manual)15/7 (E-filing)

Source :

IRB official statement

https://phl.hasil.gov.my/.../ProgramMemfailBN_2022_2.pdf

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