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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.
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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