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TaXavvy Issue 04/2020
In this issue:
Filing programme for year 2020
The Inland Revenue Board (IRB) has issued the Filing Programme for Year 2020. The Filing Programme outlines the statutory filing and tax payment due dates, grace period and method of submission for the various return forms.
Revised Tax Investigation Framework
The IRB has issued a revised Tax Investigation Framework (“the Revised Framework”) dated 1 January 2020, which is effective from 1 January 2020. It supersedes the previous Tax Investigation Framework dated 15 May 2018 (“the 2018 Framework”).
Guidelines for the new MSC Malaysia incentive regime
Malaysia had terminated the tax exemptions granted to MSC Malaysia status companies under previous laws (“Existing Regime”) from 1 January 2019 (subject to grandfathering rules) to comply with requirements under Base Erosion and Profit Shifting Action (“BEPS”) No 5.
Following termination of the above, the new BEPS compliant MSC Malaysia incentive (Services incentives) incorporating substantive activities requirements was introduced via the Income Tax (Exemption) (No. 10) Order 2018 (“2018 Order”). This new incentive was operative from 1 January 2019.
MDEC has now issued the following guidelines in relation to this matter:
Guidelines on MSC Malaysia Financial Incentives (Grandfathering and Transition under Services Incentive)
Guidelines on MSC Malaysia Financial Incentives (Services Incentive - Income Tax Exemption)
Extension of tax exemption for women returning to work from a career break
The Income Tax (Exemption) (No. 9) Order 2019 (Amendment) Order 2020 has been gazetted (“2020 Amendment Order”). The 2020 Amendment Order is made pursuant to the Budget 2020 announcement to extend the qualifying period of tax exemption for women returning to work from a career break which has been provided under the Income Tax (Exemption) (No. 9) Order 2019 (“2019 Order”).
Additional Labuan business activity to be subjected to substantial activities requirements
The Labuan FSA has issued a Circular to inform on an additional Labuan business activity that would also need to meet substantial activities requirements
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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