{{item.videoDuration}}
{{item.title}}
{{item.text}}
{{item.videoDuration}}
{{item.text}}
TaXavvy Issue 26/2021
In this issue:
Special Deduction for Reduction of Rental of Business Premises
The following have been issued in respect of the special deduction for reduction of rental of business premises:
Income Tax (Special Deduction for Reduction of Rental to a Small and Medium Enterprise) Rules 2021
Income Tax (Special Deduction for Reduction of Rental to a Tenant other than a Small and Medium Enterprise) Rules 2021
Inland Revenue Board (IRB) FAQ dated 23 September 2021.
MIDA Guideline - Tax Incentive for Relocation of Services to Malaysia
Pursuant to the Budget 2021 proposal to extend the Special Tax Incentive under the Economic Recovery Plan (PENJANA) to selected services activities, including companies adopting Industrial Revolution 4.0 and digitalisation technology, MIDA has recently published a Guideline for Special Tax Incentive under PENJANA (Services) on its website.
MIDA Guideline - Incentive for Manufacturers of Pharmaceutical Products Including Vaccines
MIDA has issued a Guideline on Incentive for Manufacturers of Pharmaceutical Products Including Vaccines following the proposal in Budget 2021.
Income Tax Exemption Order (Special Investment Tax Allowance for the Electrical & Electronic Sector)
The Income Tax (Exemption) (No.10) Order 2021 (“Exemption Order”) has been gazetted and is effective from 1 January 2020. It provides special investment tax allowance (ITA) to companies in the Electrical & Electronics (E&E) sector which have exhausted their eligibility for reinvestment allowance.
Public Ruling 5/2021 -Taxation of a Resident Individual: Part 1 - Gifts or Contributions and Allowable Deductions
The IRB has issued PR 5/2021 -Taxation of a resident individual (Part 1 - Gifts or contributions and allowable deductions) (“PR 5/2021”) which replaces the earlier Public Ruling 8/2020 of the same title. The key updates in PR 5/2021 are to incorporate the changes from Budget 2021 and the PENJANA economic stimulus package.
IRB Guidelines on Deduction for Contribution to Community & Charity Projects
The IRB has issued an updated Guidelines on Deduction for Contribution to Community & Charity Projects under Section 34(6)(h) of the Income Tax Act 1967 (“the Guidelines”).
Practice Note 2/2021 - Tax Deduction for Issuance of Sukuk Wakalah
The IRB has issued Practice Note 2/2021 (“PN 2/2021”) providing explanation in relation to the Income Tax (Deduction for Expenditure on Issuance of Sukuk and Retail Sukuk Structured pursuant to the Principle of Wakalah) Rules 2021 (“2021 Rules”) previously outlined in TaXavvy 4/2021.
Stamp Duty Exemption Order (BNM’s Fund for SMEs)
The Stamp Duty (Exemption) (No. 10) Order 2021 relating to the instrument of loan or a financing agreement relating to Bank Negara Malaysia (BNM)’s Fund for small and medium enterprises (SMEs) has been gazetted.
Stamp Duty Exemption Order (Restructuring or Rescheduling of a Loan or Financing)
BNM had announced via its press release dated 6 July 2021 that banking institutions will also offer a reduction in instalments and other packages, including to reschedule and restructure financing to suit the specific financial circumstances of borrowers. Following this, the Stamp Duty (Exemption) (No. 11) Order 2021 has been gazetted.
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
