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TaXavvy Issue 12/2019

In this special issue:

Tax exemption on incremental amount of chargeable income - guideline

The Inland Revenue Board (IRB) has issued a guideline in relation to the tax exemption on incremental amount of chargeable income from business (“the guideline”). The tax exemption was introduced in Budget 2017 and provided in the Income Tax (Exemption) (No 2) Order 2017 (“the order”).

The guideline dated 9 April 2019 was uploaded on the IRB’s website on 5 July 2019.

Earnings Stripping Rules - FAQ

Further to the issuance of the legislation on Earnings Stripping Rules (“ESR Rules”) and its related guideline, the IRB has now issued a FAQ on ESR Rules. Details of the ESR were covered in TaXavvy 9/2019 and TaXavvy 11/2019.

Incentives for payment of education loan on behalf of employee and employment of disabled persons

Pursuant to Budget 2019, the gazette order allowing an employer a tax deduction for the amount of PTPTN educational loan paid on behalf of his employee has been issued. In addition, the government has now granted the employee an income tax exemption for the amount of PTPTN educational loan paid on behalf by his employer.

The gazette order extending the further deduction for remuneration of employee who is disabled due to accident or critical illness, as proposed in Budget 2018, has also been issued.

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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