TaXavvy Issue 1/2022

In this issue:

Tax Administration

1. Deferment of Tax Payments for Flood Affected Cases
2. Tax Identification Number
3. Filing Programme for Year 2022
4. Access to Taxpayers’ Bank Accounts
5. Withholding Tax on Payments Made to Agents, Dealers and Distributors
6. Income Tax (Exchange of Information) Rules 2021

Public Rulings and Guidelines

1. Special Deduction for Research & Development Expenditure
2. Taxation of Partnerships
3. Private Retirement Scheme
4. Notification of Change of Accounting Period
5. Bilateral Credit and Unilateral Credit
6. Green Technology Incentives

Incentives Gazetted

1. Conditions for Tax Rebate for Companies and Limited Liability Partnerships
2. Tun Razak Exchange Incentives
3. Exemption for Export of Healthcare Services
4. Exemption for Commercialisation of Research & Development Project
5. Exemption for Arts, Cultural, Sports and Recreational Activities
6. Vendor Development Programme

Deductions for Business Costs

1. Secretarial and Tax Filing Fees
2. Rental Reduction - extension
3. Rental of Premises for Employees
4. Renovation and Refurbishment - extension

Deduction for Scholarships

1. Sponsorship for Students in the Field of Engineering and Technology
2. Sponsorship for Students at the Technical and Vocational Level

Labuan

1. Labuan Entity Carrying on Other Trading Activities
2. Labuan International Commodity Trading Company

International Tax

1. Discontinuation of Tax Concessions Due to COVID-19 Travel Restrictions
2. Malaysia - Ukraine Double Tax Agreement

Budget 2022 Stamp Duty Measures

1. Exemption orders gazetted for -
   • Restructuring or Rescheduling of Loan/Financing
   • Merger and Acquisition
   • “Perlindungan Tenang” Products
   • Specific Insurance or Takaful Products
   • Loan/Financing Agreement for Peer-to-Peer Financing
2. Stamping Processing Fee