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TaXavvy Issue 18/2023
In this issue:
Updated SVDP 2.0 Guidelines and FAQ
The Inland Revenue Board (IRB) has updated the following in relation to the Special Voluntary Disclosure Program 2.0 as at 22 August 2023:
Operational Guidelines No. 2 Year 2023 (Amended)
Frequently Asked Questions (FAQ)
Deduction for Expenses in relation to Listing on the Main, ACE or LEAP Market
Following the announcement in the retabled Budget 2023, the Income Tax (Deduction for Expenses in relation to Listing on Main Market, Access, Certainty, Efficiency (ACE) Market or Leading Entrepreneur Accelerator Platform (LEAP) Market of Bursa Malaysia Securities Berhad) Rules 2023 has been issued.
FAQ on Equity Crowdfunding Tax Exemption
The Securities Commission Malaysia has issued a FAQ dated 30 August 2023 on Equity Crowdfunding Tax Exemption under the Income Tax (Exemption) (No. 4) Order 2022.
Gazette Orders and Guidelines for Relocation of Manufacturing Operations and C-Suite Position Incentives
The following gazette orders in relation to the tax incentives for relocation of manufacturing operations to Malaysia have been issued:
Income Tax (Exemption) Order 2023
Income Tax (Relocation of Manufacturing Business Incentive Scheme) Rules 2023
Income Tax (For an Individual Resident Who is not a Citizen and Holds C Suite Position in an Approved Company) Rules 2023
MIDA has also issued the updated Guidelines and Procedures for the Application of Special Tax Incentive (Relocation) for the Manufacturing Sector.
Gazette Orders for Principal Hub 2.0 Incentives
The following gazette orders for the Principal Hub 2.0 incentives have been issued:
Income Tax (Exemption) (No. 2) Order 2023
- Income Tax (Exemption) (No. 3) Order 2023
Guidelines for Manufacturer of Electric Vehicle Charging Equipment
Following the announcement in the retabled Budget 2023, MIDA has issued the Guideline and Procedures for the Application of Tax Incentives for Manufacturer of Electric Vehicle Charging Equipment.
MIDA - Digitisation of Key Certificates
MIDA has issued a press release on 28 August 2023 to announce the digitisation of three key certificates in the manufacturing sector:
the Manufacturing Licence,
Permit under the Petroleum Development Act 1974 (PDA Permit Certificate), and
- Pioneer Status Certificate.
Mandatory use of e-Services by IRB
The IRB has published an announcement on its website to inform that in line with the technological and digital transformation of tax services, the IRB will make it mandatory for taxpayers to use the e-Services for services that have already been provided online through the MyTax Portal. This will be carried out in stages, beginning from 1 September 2023, in preparation for the switch to full e-Services by 1 January 2024.
Cessation of use of Hasil Stamps and Franking Machines
IRB has issued a media statement on 21 August 2023 on the cessation of use of Hasil stamps and franking machines.
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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