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TaXavvy Issue 06/2021
In this issue:
FAQ on International Tax Issues due to COVID-19 Travel Restrictions - Updated
The Inland Revenue Board (IRB) has issued an updated FAQ on International Tax Issues due to COVID-19 Travel Restrictions dated 9 February 2021.
FAQ on Special Deduction for Rental Reduction for Business Premises
The IRB has issued an updated FAQ on Special Deduction for Rental Reduction for Business Premises dated 19 February 2021. The FAQ is revised to incorporate the announcement made on 18 January 2021 under the PERMAI assistance package.
Operational Guideline 1/2021 - Submission of Estimate of Tax Payable under Section 107C of the Income Tax Act 1967 (“GPHDN 1/2021”)
The IRB has issued GPHDN 1/2021 which is an updated version of GPHDN 1/2017 on the same topic. The contents have been rewritten and updated based on current legislation and practices.
Tax Collection Framework 2021
The IRB has issued an updated Tax Collection Framework dated 3 February 2021 which replaces the earlier framework dated 20 April 2016. The updates align the contents to current legislation and practices.
Stamp duty exemption for purchase of first residential home
Following the Budget 2021 proposal in relation to stamp duty exemption for the purchase of a first residential home, the relevant gazette orders have been issued:
Stamp Duty (Exemption) Order 2021
Stamp Duty (Exemption) (No. 2) Order 2021
Other tax developments
Tightened condition for Real Property Gains Tax (RPGT) exemption on disposals (other than Real Property Company (RPC) shares) by citizens
Extension of further deduction for employment of ex-convicts, senior citizens, etc.
Substantial activities requirements for Labuan International Trading Companies
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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