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TaXavvy Issue 10/2021
In this issue:
Tax exemption guidelines for a religious institution /organisation registered as a company limited by guarantee
The Inland Revenue Board (IRB) has issued Guidelines in relation to the Application of Income Tax Exemption for a Religious Institution or Organisation under the Income Tax (Exemption) Order 2020. The Income Tax (Exemption) Order 2020 provides tax exemption to a religious institution or organisation which is registered as a company limited by guarantee and has obtained approval from the IRB (refer to TaXavvy 37/2020).
Tax exemption for promoting and organising conferences
The Income Tax (Exemption) (No. 4) Order 2021 in relation to the Budget 2020 proposal on promoting and organising conferences has been gazetted.
Tax exemption in relation to Malaysia’s sovereign sustainability sukuk
The Income Tax (Exemption) (No. 3) Order 2021 in relation to Sukuk has been gazetted.
Tax exemption on management fee income for Sustainable and Responsible Investment Funds
Budget 2020 announced the extension of tax exemption on management fee income for Sustainable and Responsible Investment Funds for another 3 YAs. The proposal is now gazetted under the Income Tax (Exemption) (No.5) Order 2021.
Practice Note 1/2021 in relation to deduction of monthly tax as final tax for employees
The IRB has issued Practice Note 1/2021 - Tax Treatment on Final Tax dated 3 May 2021 (“PN 1/2021”). PN 1/2021 explains the tax treatment in relation to monthly tax deduction (MTD) as final tax for employees. Effective from YA 2014, taxpayers with only employment income and who have been subject to MTD are eligible to opt not to file an income tax return. Under this option, the MTD is deemed as final tax.
Relaxation of incentive conditions for manufacturing and services projects
As part of Malaysia’s economic revitalisation efforts, MIDA has issued a press statement dated 6 April 2021, on the relaxation of certain conditions for manufacturing and services companies which have been approved with incentives under MIDA’s purview.
Promoted products and activities for the automotive sector
MIDA has issued a list of promoted products and activities for the automotive sector which are eligible for incentives for new manufacturing projects, and expansion and / or diversification projects.
Updated guidelines for promotion of healthcare travel
MIDA has updated the Guidelines for Application for Tax Incentive for the Promotion of Healthcare Travel which supersedes the guidelines dated 15 May 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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