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TaXavvy Issue 02/2020
In this issue:
MSC Malaysia - withdrawal of withholding tax exemption
The withholding tax exemption on income received by non-residents from MSC Malaysia status companies has been withdrawn.
Approved Internship Programme (AIP) incentive
Pursuant to the Budget 2020 proposals, the Income Tax (Deduction for Expenditure Incurred for Provision of Approved Internship Programme) Rules 2019 have been legislated to cover the AIP incentive until year of assessment (YA) 2021.
Stamp duty remission for transfer of property by way of love and affection
The scope for stamp duty remission for transfer of property by way of love and affection (i.e. voluntary disposition inter vivos) has been tightened
Stamp Duty exemption on Rent-to-Own Scheme
Pursuant to the Budget 2020 proposals, the Stamp Duty (Exemption) (No 4) Order 2019 has been gazetted to provide stamp duty exemption under the Rent-to-Own scheme.
The stamp duty exemption is effective for instruments of transfer executed from 1 January 2020 to 31 December 2022.
Other gazette orders issued in relation to various Budget 2020 proposals
Gazette orders have been issued to legislate several of the Budget 2020 proposals covering:
Tax incentive for Angel Investors,
Income tax exemption for employee, and tax deduction for employer in respect of the repayment of PTPTN loan by the employer,
Monthly tax deductions for individuals to cater for new income tax rate for chargeable income in excess of RM2 million.
Double Taxation Agreement between Malaysia and Cambodia
The Double Taxation Relief (The Government of the Kingdom of Cambodia) Order 2019 has been gazetted on 30 December 2019 and will provide relief from double taxation in relation to Malaysian and Cambodian taxes when the agreement comes into force.
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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