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TaXavvy Issue 29/2021
In this issue:
Tax treatment for financial institutions adopting MFRS 9
The Income Tax (Special Treatment for Bank or Development Financial Institution which Adopt Malaysian Financial Reporting Standard 9: Financial Instruments) Regulations 2021 has been gazetted.
Stamp duty exemption for SME loan / financing agreement
The following stamp duty exemption orders have been issued:
Stamp Duty (Exemption) (No. 12) Order 2021
Stamp Duty (Exemption) (No. 13) Order 2021
Stamp Duty (Exemption) (No. 14) Order 2021
The above gazette orders provide stamp duty exemption on the instrument of loan or financing agreement in relation to funds for Small and Medium Enterprises.
Double deduction for National Dual Training Scheme
The Income Tax (Deduction for Training Costs Under National Dual Training System (NDTS)) Rules 2021 (“NDTS Rules”) has been gazetted. The NDTS Rules are effective from year of assessment (YA) 2019.
Further deduction for costs of implementation of Flexible Work Arrangements
The Income Tax (Deduction for the Costs of Implementation of Flexible Work Arrangements (FWA)) Rules 2021 (“FWA Rules”) has been gazetted. The FWA Rules are effective from YA 2020.
Further deduction on expenditure incurred on COVID-19 detection test for employees
The Income Tax (Deduction for Expenses in relation to the Cost of Detection Test of Coronavirus Disease 2019 (COVID-19) for Employees) Rules 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.
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