Loading Results

TaXavvy Issue 7/2019

In this issue:

  • Operational Guideline 1/2019 - Special Voluntary Disclosure Programme
    The Inland Revenue Board (IRB) has issued a new Operational Guideline 1/2019 – Special Voluntary Disclosure Programme (“the new guideline”) on 24 April 2019. The new guideline supersedes the Operational Guidelines 1/2018 dated 29 March 2019, and takes into account the Ministry of Finance’s press release on 7 April 2019 in relation to the extension of the Special Voluntary Disclosure Programme (SVDP) period from June 2019 to 30 September 2019.
  • Guideline on Dispute Resolution Proceeding
    The IRB has issued a guideline on Dispute Resolution Proceeding (DRP). The guideline aims to provide guidance to taxpayers on the DRP mechanism which can be used to resolve disputes from an appeal against an assessment or application for relief.

    The DRP is an alternative platform to resolve appeals or application for relief whereby the Dispute Resolution Department or State Director’s Office of IRB acts as a neutral party to facilitate the negotiation process in an effort to reach an out of court settlement.
  • Operational Guideline 3/2019 – Procedure for submission of amended tax return form
    The IRB has recently uploaded an Operational Guideline 3/2019 – Procedure for submission of amended tax return form on 22 April 2019. This guideline supersedes the Operational Guideline (GPHDN) 1/2010 dated 30 November 2010. 
  • Green Technology Investment Tax Allowance – Expansion of qualifying green technology assets list
    Following the announcement made in Budget 2019, the Malaysian Green Technology Corporation (MGTC) has recently uploaded the expanded list of qualifying green technology assets on their MyHIJAU directory. 

    The original list of 9 assets have been expanded to include an additional list of 40 assets that would qualify for the Green Technology Investment Tax Allowance incentive for applications made from 1 January 2019 to 31 December 2020. An investment tax allowance will be granted on qualifying green assets purchased, to be offset against 70% of the company’s statutory income.
  • Extension of special deductions for issuance cost of sukuk, retail debenture and retail sukuk
    Pursuant to the Budget 2019 proposals, the following gazette orders have been issued to extend the qualifying period for these incentives for another 2 YAs, i.e. YA 2019 to YA 2010:
  1. Income Tax (Deduction for Expenditure on Issuance of Sukuk) Rules 2019
  2. Income Tax (Deduction for Expenditure on Issuance of Retail Debenture and Retail Sukuk) Rules 2019

    Previously the incentives were granted from YA 2016 to YA 2018.
  • Guideline on the Establishment of Labuan Marketing Office
    The Labuan FSA has issued a newly rewritten Guideline on the Establishment of Labuan Marketing Office (“the guideline”) dated 12 April 2019. It supersedes the earlier guideline dated 5 March 2014. The guideline aims to provide clarification on the regulatory requirements for establishment of a Labuan Marketing Office (LMO) outside of Labuan island. Notwithstanding the above, the Labuan FSA has indicated that all approvals, decisions, directions or exemptions granted under the superseded guideline shall continue to remain valid unless revoked.

    An LMO is permitted to facilitate meetings with existing clients and establish contacts with potential clients. It is not permitted to use its premises to maintain books and records, or to undertake trading activities.

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.

 

{{filterContent.facetedTitle}}

For earlier issues of TaXavvy, click here.

Contact us

PwC Malaysia

General enquiries, PwC Malaysia

Tel: +60 (3) 2173 1188

Email
Follow us

© 2018 - 2026 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.