TaXavvy Issue 13/2023

In this issue:

Revocation of Remission of Stamp Duty for Transfer of Property

The Stamp Duty (Remission) (Revocation) Order 2023 has been issued and is effective from 1 April 2023.

Double Deduction for Approved Internship Programme

The Income Tax (Deduction for Expenditure Incurred for Provision of Approved Internship Programme) (Amendment) Rules 2023 has been gazetted and is effective from year of assessment (YA) 2022.

Guidelines for Tax Treatment on Lease Expenses for Special Assets under the Petroleum (Income Tax) Act 1967

The Inland Revenue Board (IRB) has issued the Guidelines for Tax Treatment on Lease Expenses for Special Assets under the Petroleum (Income Tax) Act 1967 (PITA 1967) dated 20 June 2023.

Guidelines on Tax Treatment for Research & Development Expenditure under the Petroleum (Income Tax) Act 1967

The IRB has issued Guidelines on Tax Treatment for Research & Development Expenditure under PITA 1967 to explain the tax treatment of research and development expenditure in petroleum operations.

Practice Note 1/2023 - Explanation relating to Tax Treatment on Foreign Exchange Gains and Losses for Chargeable Person under the Petroleum (Income Tax) Act 1967

The IRB has issued Practice Note 1/2023 - Explanation relating to Tax Treatment on Foreign Exchange Gains and Losses for Chargeable Person under PITA 1967 dated 15 June 2023.

Practice Note 2/2023 - Explanation of Tax Treatment on Political Parties and Politicians

The IRB has issued Practice Note 2/2023 - Explanation of Tax Treatment on Political Parties and Politicians dated 27 June 2023.

Guideline on the Application for Income Tax Exemption for Social Enterprises

The Ministry of Finance has issued the Guideline on the Application for Income Tax Exemption for Social Enterprises.

IRB Administrative Updates

  • Introduction of the e-107D services for payments made by companies to an agent, dealer or a distributor 

  • Termination of e-filing for YAs 2012 to 2015

  • Discontinuation of fax services

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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