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TaXavvy Issue 22/2021
In this issue:
Extension of stamp duty exemption for residential properties under the Home Ownership Campaign 2021
Following the announcement under PEMERKASA+ (TaXavvy 11/2021) to extend the stamp duty exemption for residential properties purchased under the Home Ownership Campaign 2021 to 31 December 2021, the Stamp Duty (Exemption) (No. 4) Order 2021 and Stamp Duty (Exemption) (No. 5) Order 2021 have been gazetted.
Budget 2020 proposals gazetted
The following proposals announced in Budget 2020, have been gazetted:
Tax exemption for management fee in relation to Shariah-compliant funds
Accelerated capital allowance for excursion bus
Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) (Amendment) Rules 2021
The Income Tax (Deduction for Expenditure on Industry4WRD Readiness Assessment) (Amendment) Rules 2021 has been gazetted.
Updated guidelines and application form for tax incentives for upstream petroleum industry
The Ministry of Finance has recently updated and published the guidelines and application form for tax incentives for upstream petroleum industry under the Petroleum (Income Tax) Act 1967 and the Customs Act 1967.
Public Ruling 2/2021 - Tax Deduction for Sponsoring Arts, Cultural and Heritage Activities
The Inland Revenue Board (IRB) has issued Public Ruling 2/2021 - Tax Deduction for Sponsoring Arts, Cultural and Heritage Activities (“PR 2/2021”).
PR 2/2021 explains the tax deduction under Section 34(6)(k) of the Income Tax Act 1967 in relation to sponsorship of any local or foreign arts, cultural and heritage activities approved by the Ministry of Tourism, Arts and Culture Malaysia (MOTAC).
Public Ruling 3/2021 - Special Allowances for Small Value Assets
The IRB has issued Public Ruling 3/2021 - Special Allowances for Small Value Assets (“PR 3/2021”). PR 3/2021 replaces Public Ruling 10/2014 of the same title.
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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