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TaXavvy Issue 1/2019
In this issue:
- Disallowance of tax deduction for payments to Labuan Companies
The Income Tax (Deductions not allowed for Payment Made to Labuan Company by a Resident) Rules 2018 has been gazetted to prescribe the amount which is disallowed in respect of payments made by residents to Labuan Companies.
- 6-month deferment of increase of stamp duty rate from 3% to 4% for property valued up to RM2.5 million
Following the increase in the stamp duty rate under the Finance Act 2018, the Stamp Duty (Remission)
(No. 2) Order 2018 has been gazetted to provide a 6-month deferment of the increased stamp duty rate.
- Real property gains tax exemption – certain disposals after 5 years
The following disposals made by citizens after 5 years from acquisition have been granted RPGT exemption, subject to conditions: (i) real properties (excluding shares) prized not more than RM200,000; and (ii) a real property disposed pursuant to a conditional contract requiring approval from the Federal Government or State Government. - Real property gains tax exemption – Node Medini properties
Properties in Node Medini (in Iskandar Malaysia) which are disposed from 1 January 2010 to 31 December 2020 shall be exempt from RPGT, subject to conditions. - Stamp duty exemption for purchase of first residential home by citizens
Budget 2019 proposals on stamp duty exemptions in relation to first residential homes have been legislated.
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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For earlier issues of TaXavvy, click here.
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