{{item.videoDuration}}
{{item.title}}
{{item.text}}
{{item.videoDuration}}
{{item.text}}
TaXavvy Issue 20/2021
In this issue:
Accelerated capital allowance for machinery & equipment including ICT equipment
The Income Tax (Accelerated Capital Allowance) (Machinery and Equipment including Information and Communication Technology Equipment) Rules 2021 has been issued.
Deduction for cost of personal protective equipment
The Income Tax (Deduction for Expenses in relation to the Cost of Personal Protective Equipment) Rules 2021 has been issued.
It was announced under the Economic Stimulus Package 2020 on 27 February 2020 that tax deduction is given for disposable personal protective equipment provided to employees (refer to TaXavvy 7/2020). The scope of the proposal was subsequently expanded to include expenditure for COVID-19 testing and purchase of thermal scanners under the PENJANA initiative announced on 5 June 2020 (refer to TaXavvy 40/2020).
Notification from employers in relation to employees
The Inland Revenue Board (IRB) has issued a press release dated 4 June 2021 on the following in relation to notification to the IRB on employees:
Implementation of prescribed notification forms following Budget 2021 amendments
New due dates for submission of the forms of 30 days from or before the respective event
Relaxation to use non-prescribed forms until 31 December 2021
MIDA Guideline - Special tax incentive under PENJANA (update)
MIDA has issued an updated guideline on Special Tax Incentive under PENJANA in relation to the incentive for relocation of business to Malaysia dated 8 June 2021 to incorporate the special income tax treatment for individuals that was announced under the Budget 2021.
Guidelines on Dispute Resolution Proceedings (update)
IRB has issued an updated Guidelines on Dispute Resolution Proceeding dated 15 June 2021. The key updates to the guidelines are inclusion of additional situations which taxpayers may request for a dispute resolution proceeding.
Increased transaction limit for tax payment through Financial Process Exchange (FPX)
The IRB has issued a press release dated 20 June 2021 to inform on the increased transaction limit for tax payment through FPX
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.
{{filterContent.facetedTitle}}
{{contentList.loadingText}}
{{contentList.loadingText}}
Receive regular tax updates in your inbox
Subscribe to Tax in Motion
Contact us
Follow us
