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TaXavvy Issue 8/2022

In this issue:

Revised Tax Audit Frameworks

The Inland Revenue Board has published the following updated tax audit frameworks on its website on 29 April 2022:

  • Tax Audit Framework

  • Tax Audit Framework for Petroleum

  • Tax Audit Framework on Finance and Insurance

Stamp Duty in relation to Sale of Listed Shares/Stock

The following gazette orders in relation to the stamping of contract notes for the sale of listed shares / stock have been issued:

  • Stamp Duty (Remission) Order 2022

  • Stamp Duty (Remission) 2003 (Amendment) Order 2022

Tax Incentives for Venture Capital 

The following gazette orders have been issued:

  1. Income Tax (Exemption) (No. 2) Order 2022

  2. Income Tax (Exemption) (No. 3) Order 2022 

  3. Income Tax (Deduction for Investment in a Venture Company or Venture Capital Company) Rules 2022

Tax Incentive for Investments in Equity Crowdfunding

The Income Tax (Exemption) (No. 4) Order 2022 has been gazetted pursuant to the Budget 2021 proposal in relation to tax incentive for investments in equity crowdfunding. It is effective from YA 2021. 

Extension of East Coast Economic Region (ECER) Incentives

The following amendment orders in relation to ECER incentives have been gazetted:

  • Income Tax (Exemption) (No. 4) 2016 (Amendment) Order 2022

  • Income Tax (Exemption) (No. 5) 2016 (Amendment) Order 2022

  • Income Tax (Exemption) (No. 6) 2016 (Amendment) Order 2022

  • Income Tax (Exemption) (No. 7) 2016 (Amendment) Order 2022

  • Income Tax (Exemption) (No. 8) 2016 (Amendment) Order 2022

  • Income Tax (Exemption) (No. 9) 2016 (Amendment) Order 2022

  • Income Tax (Deduction for the Sponsorship of Hallmark Event) (Amendment) Rules 2022

  • Income Tax (Deduction for Investment in Qualifying Activity) (Amendment) Rules 2022

  • Stamp Duty (Exemption) (No. 2) 2016 (Amendment) Order 2022

Labuan - Amendment Bills  

The following Amendment Bills have been passed by Parliament recently:

  1. Labuan Companies (Amendment) Bill 2022;

  2. Labuan Financial Services and Securities (Amendment) Bill 2022; and

  3. Labuan Islamic Financial Services and Securities (Amendment) Bill 2022

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.

 

Download (PDF) TaXavvy Issue 8/2022

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