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TaXavvy Issue 45/2020
In this issue:
Special tax incentive under PENJANA - MIDA Guideline
Following the announcement on the PENJANA initiatives on 5 June 2020, one of which is a special tax incentive to encourage investors in the manufacturing sector to relocate their manufacturing facilities to Malaysia, MIDA has issued a guideline on the special tax incentive under PENJANA.
Applications for the special tax incentive are to be made to MIDA during the period from 1 July 2020 to 31 December 2021.
Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) Rules 2020
Pursuant to the Budget 2019 proposal, the Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) Rules 2020 (“the Rules”) has been gazetted and is effective for years of assessment (YAs) 2019 to 2021. The Rules provides a deduction for the fees incurred in relation to the Industry4WRD Readiness Assessment program implemented by the Malaysia Productivity Corporation for the purpose of assessing the gap and level of readiness of the companies to adopt Industry 4.0.
Amendment of tax incentives for private healthcare services
Following the proposal in Budget 2018 to increase the income tax exemption for export of private healthcare services, the Income Tax (Exemption) (No. 9) 2002 (Amendment) Order 2020 was gazetted on 8 September 2020.
Guideline on tax deduction of secretarial and tax filing fees
The IRB has issued a guideline dated 18 September 2020 in relation to the tax deduction of secretarial and tax filing fees from YA 2020 onwards.
Labuan entities carrying on pure equity holding activities - Labuan FSA’s directive
The Labuan FSA has issued a directive dated 10 August 2020 which prescribes the prerequisites of the management and control requirements for Labuan entities that undertake pure equity holding activities.
Subsequently, the Labuan FSA also issued a clarification dated 10 September 2020 on the Board Meeting requirement in relation to the said directive.
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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