TaXavvy Issue 08/2024

In this issue:

Tax Incentive for Iskandar Development Region Status Companies

The Income Tax (Exemption) Order 2024 which provides tax incentive for Iskandar Development Region status companies engaged in a qualifying activity was gazetted on 2 February 2024.

Extension of Tax Incentives

Gazette orders have been issued to extend the following incentives:

• Tax deduction for investment in a BioNexus status company
• Returning Expert Programme

Public Ruling No. 1/2024 - Investment Tax Allowance - Promoted Product under the Manufacturing Sector

The Inland Revenue Board (IRB) has issued a new public ruling, Public Ruling No. 1/2024 - Investment Tax Allowance - Promoted Product under the Manufacturing Sector to provide general information on the promoted products and activities for the manufacturing sector.

Guidelines for Approval of Hospital Welfare Funds

The IRB has recently provided the Guidelines for Approval by the Director General of Inland Revenue under Subsection 44(6) of Income Tax Act 1967 in relation to Welfare Funds for Public Hospitals, Private Hospitals and Teaching Hospitals on its website.

Extension of Time for Filing of Labuan Tax Returns

The deadline for submission of tax return forms under the Labuan Business Activity Tax Act 1990 (LBATA 1990) is extended to 31 July 2024.