TaXavvy Special Edition: Budget 2016 issue

Inside this issue:

Corporate tax

  • Amendments arising from Goods and Services Tax (GST) implementation
  • Industrial Building Allowance (IBA)
  • Replacement of part of an asset
  • Timing of taxability of business income in respect of services
  • Submission of written notice for interest deduction claim

Personal tax

  • Review of individual income tax rates
  • Increase in reliefs
  • Gratuity payment
  • Electronic Submission of Employer Return (Form E)
  • Basis period to which gross income from an employment is related

Tax incentives

  • Reinvestment Allowance (RA)
  • Tax incentives for food production projects
  • Tax incentives for tour operating companies
  • Independent Conformity Assessment Bodies (ICAB)
  • Exports incentive to Small and Medium Enterprises (SMEs)
  • Automatic double deduction for R&D projects
  • Issuance of Retail Bond and Retail Sukuk
  • Sustainable and Responsible Investment Sukuk (SRI Sukuk)
  • Extension of tax incentive for Real Estate Investment Trusts (REITs)
  • Shariah-compliant fund management company

Tax administration

  • Enhancement of penalty for non-submission of income tax return
  • Penalty for failure to furnish the correct particulars in the income tax return form
  • Electronic submission of tax estimates
  • Assessment or reduced assessment on adjustment made on input tax paid or to be paid under the GST Act

TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.


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