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TaXavvy Issue 24/2021
In this issue:
2022 Pre-Budget Statement
On 31 August 2021, the Ministry of Finance (MOF) published its inaugural Pre-Budget Statement. The 2022 Pre-Budget Statement is a prelude to Budget 2022 which is to be tabled on 29 October 2021. It provides a preliminary view of the direction, approach and expected proposals of Budget 2022.
The issuance of a Pre-Budget Statement will be an annual practice consistent with international best practices to increase transparency in the drafting of a country’s budget. This positive move enhances the governance, transparency and accountability of the country’s fiscal management system.
Tax deduction for donations to vaccination centres (PPVs)
It was announced under PEMULIH that the scope of tax deduction under Section 34(6)(h) of the Income Tax Act 1967 ("ITA 1967") is to be expanded to include donations made to PPVs.
Following the announcement, the MOF has issued an updated Special Guidelines on Application for Income Tax Deduction for Community/Charitable Projects to Handle the COVID-19 Pandemic, dated 2 August 2021.
Extension of tax exemption for tour operators
Pursuant to the PEMERKASA announcement on the extension of tax exemption for tour operators, the Income Tax (Exemption) (No. 9) Order 2021 has been gazetted.
Stamp duty exemption for instruments in relation to the PENJANA Tourism Financing facility
The following stamp duty exemption orders in relation to PENJANA Tourism Financing facility for small and medium-sized enterprises and micro enterprises in the tourism sector have been gazetted:
- Stamp Duty (Exemption) (No. 6) Order 2021
- Stamp Duty (Exemption) (No. 7) Order 2021
Stamp duty exemption in relation to Bank Negara Malaysia financing facilities for SMEs
The following stamp duty exemption orders have been gazetted:
- Stamp Duty (Exemption) (No. 8) Order 2021
- Stamp Duty (Exemption) (No. 9) Order 2021
Public Ruling 4/2021 - Taxation of Income Arising from Settlements
The Inland Revenue Board has issued Public Ruling 4/2021 - Taxation of Income Arising from Settlements ("PR 4/2021").
PR 4/2021 explains the tax treatment on income arising from a settlement created by a person for the benefit of another person under Section 65 of the ITA 1967.
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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