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TaXavvy Issue 2/2019
In this issue:
- Filing Programme for Year 2019
The Filing Programme for Year 2019 has been issued by the Inland Revenue Board (IRB) recently. It outlines the statutory due dates, grace period and method of submission for the various return forms.
- Public Ruling 12/2018 - Income from Letting of Real Property
The IRB has issued Public Ruling 12/2018 - Income from Letting of Real Property (“PR 12/2018”). PR 12/2018 replaces Public Ruling 4/2011 - Income from Letting of Real Property 4/2011 (“PR 4/2011”). PR 12/2018 essentially updates PR 4/2011 to incorporate changes to the law since PR 4/2011 was issued and in particular, the tax treatment of rental received in advance and the refund of such receipts, which take effect from YA 2016.
- Legislation for Principal Hub incentive
The recent developments in relation to the Principal Hub (PH) incentive include:
- The issuance of a revised PH guideline dated 31 December 2018. The revision was primarily made to incorporate the requirements of the Base Erosion and Profit Shifting (BEPS) Action 5 – Forum on Harmful Tax Practices (FHTP).
- Consequently, 3 new gazette orders have been issued on the incentives given. These gazette orders are effective from YA 2018.
- Legislation for incentives for Green Technology Service Providers
The types of incentives offered for the green technology industry are:
- Project based (qualifying companies undertaking qualifying activities for own consumption)
- Service based (qualifying companies undertaking qualifying activities as a service provider)
- Purchase of green technology assets listed on the MyHijau Directory
The Income Tax (Exemption) (No 9) Order 2018 in relation to tax exemption for green technology service providers (item 2) was recently issued.
- Legislation for Sabah Development Corridor
New gazette orders for the Sabah Development Corridor (SDC) were recently issued. The incentives granted under the gazette orders are essentially the same as the following existing incentives stated in the SDC’s website:
- Income tax exemption based on qualifying statutory income
- Income tax exemption based on qualifying capital expenditure
- Stamp duty exemption on instrument of transfer of real property used for qualifying tourism project
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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