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TaXavvy Issue 13/2021
In this issue:
Double deduction for training costs under the PROTÉGÉ - Ready To Work (RTW) Programme
The Income Tax (Deduction for Training Costs under the Professional Training and Education for Growing Entrepreneurs [sic] PROTÉGÉ- Ready to Work (RTW)) Programme) Rules 2021 was gazetted on 11 May 2021 and comes into operation on 11 September 2019.
Guidelines for Section 44(6) approval of school related funds
The Inland Revenue Board (IRB) has issued the following 3 guidelines dated 28 April 2021 in relation to approval under Section 44(6) of the Income Tax Act 1967 (“ITA 1967”) for school related funds:
Application for Approval under Section 44(6) of the ITA 1967 for School Public Contribution Fund
Application for Approval under Section 44(6) of the ITA 1967 for School Construction Fund
Application for Approval under Section 44(6) of the ITA 1967 for the Purchase of Religious School Fund
Updated guidelines on tax deduction of secretarial and tax filing fees
The IRB has issued an updated guideline in relation to the tax deduction of secretarial and tax filing fees, dated 11 May 2021. The updated guidelines maintain the same position that the secretarial and tax filing fees are deductible in the YA when the fees are paid.
Guideline on Compensation on Late Refund of Overpayment of Tax
The IRB has issued an updated Guideline on Compensation for Late Refund of Overpayment of Tax (“GPHDN 2/2021”). GPHDN 2/2021 supersedes the previous version of the guideline dated 15 May 2014.
Registration and update of income tax file numbers
The IRB has issued a press release dated 6 May 2021 on the registration of income tax file numbers and the update of prefixes for individual tax file numbers.
Public Ruling 1/2021 - Taxation of Unit Holders of Real Estate Investment Trusts / Property Trusts Funds
The IRB has issued Public Ruling 1/2021 - Taxation of Unit Holders of Real Estate Investment Trusts / Property Trusts Funds which replaces Public Ruling 9/2018 of the same title.
Country-by-Country Reporting (CbCR) Notification using the Form e-C
The IRB has announced that constituent entities of MNE Groups can furnish the CbCR Notification using the Form e-C.
Double Taxation Agreement between Malaysia and Ukraine
The Double Taxation Agreement (DTA) between Malaysia and Ukraine has been gazetted on 7 May 2021.
Stamp Assessment and Payment System (STAMPS)
IRB has issued a press release to notify that the Stamp Assessment and Payment System (STAMPS) will be replacing the Digital Franking System 2.0 (DFS 2.0) from 1 July 2021 onwards.
All assessments and payments of stamp duty will be made under STAMPS from 1 July 2021.
Existing DFS 2.0 facilities can only be used until 30 June 2021.
Registration for STAMPS user ID can be made through https://stamps.hasil.gov.my
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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