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TaXavvy Issue 44/2020
In this issue:
Special deductions for research and development
The Inland Revenue Board (IRB) has issued the following:
Public Ruling 5/2020 - Tax treatment of research and development expenditure part 1 - qualifying research and development activity
Public Ruling 6/2020 - Tax treatment of research and development expenditure part 2 - special deductions
Guidelines on application procedure for special deduction in respect of qualifying research and development activity
Various forms in respect of application and claims for the special deductions
Income Tax (Special Treatment for Interest on Loan) Regulations 2020
Further to the announcement made by Bank Negara Malaysia on 25 March 2020 on the loan moratorium programme (refer to TaXavvy 37/2020), the Income Tax (Special Treatment for Interest on Loan) Regulations 2020 (“the Regulations”) has now been gazetted. The Regulations take effect from the year of assessment 2020 and prescribes the special tax treatment on income of financial institutions from interest or profit on loan / financial facilities under the moratorium programme granted to customers.
Income tax rules for deduction of listing expenses
Budget 2020 proposed for a tax deduction to be given for listing expenses for technology-based companies and SMEs.
This has now been legislated via the the Income Tax (Deduction for expenses in relation to listing on Access, Certainty, Efficiency (ACE) Market or Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia Securities Berhad) Rules 2020, which was gazetted on 3 September 2020.
Guidelines for imposition of penalties
The IRB has issued GPHDN 3/2020 - Guidelines for imposition of penalties under section 112(3) the Income Tax Act 1967, section 51(3) of the Petroleum Income Tax Act 1967 and section 29(3) of the Real Property Gains Tax Act 1976. It replaces the earlier GPHDN 5/2019 of the same title.
IRB's FAQs on International Tax Issues - Updated
The IRB has issued updated FAQs on International Tax Issues dated 12 August 2020.
Stamp duty exemption for research and development for exploration/exploitation of petroleum/natural resources
The Stamp Duty (Exemption) (No 5) Order 2020 was gazetted on 26 August 2020 and is effective from 28 August 2020.
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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