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TaXavvy Issue 42/2020
In this issue:
Public rulings on tax treatment of stock in trade
The Inland Revenue Board (IRB) has issued the following public rulings on tax treatment of stock in trade:
Public Ruling 2/2020: Tax Treatment of Stock In Trade Part I - Valuation of Stock
Public Ruling 3/2020: Tax Treatment of Stock In Trade Part II - Withdrawal of Stock
Public Ruling 4/2020 - Tax treatment of any sum received and a debt owing that arises in respect of services to be rendered
The IRB has issued a new Public Ruling 4/2020 - Tax treatment of any sum received and a debt owing that arises in respect of services to be rendered, dated 16 June 2020.
FAQ on Advance Pricing Arrangement treatment due to COVID-19 pandemic
The IRB has issued a FAQ on Advance Pricing Arrangement treatment due to COVID-19 pandemic, dated 16 June 2020.
FAQ in relation to the special deduction for 30% rental reduction (Updated)
The IRB has issued an updated FAQ for the Special Deduction for Corporate Taxpayers and Other Taxpayers on Rental Reduction Offered to Small and Medium Enterprises Tenants dated 15 June 2020.
FAQ on International Tax Issues (Updated)
The IRB has issued an updated FAQ on International Tax Issues.
Audit Framework for Compliance under Subsections 44(6), 44(6B), 44(11D) and PU(A) 139/2020
The IRB has issued a new audit framework dated 15 June 2020 in respect of compliance for approved institution, organization, religious authority, body or public university [approved under sections 44(6), 44(6B), 44(11D) of the Income Tax Act 1967] or a company limited by guarantee granted exemption under the Income Tax (Exemption) Order 2020.
Guidelines for fund for purchase or construction of house of religious worship
The IRB has issued two guidelines on the application for approval under section 44(6) of the Income Tax Act 1967 for the following funds.
Fund for Purchase of House of Religious Worship
Fund for Construction of House of Religious Worship
Stamp duty guidelines for transfer of unlisted shares
The IRB has published the following two stamp duty guidelines for instrument of transfer of shares which are not listed on Bursa Malaysia, on 23 June 2020:
2020 Guidelines
2019 Guidelines
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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