TaXavvy Issue 19/2024

In this issue:

Implementation of Global Minimum Tax - timeline and FAQ

The Inland Revenue Board (IRB) has issued an implementation timeline and FAQ on implementation of Global Minimum Tax.

Access to production environment for e-invoice pilot companies

The IRB has issued a media release informing that the production environment of the MyInvois through API has been open as at 24 May 2024 for pilot companies to issue e-Invoices using live data.

Labuan Business Activity Tax (Exemption) Order 2024 

Following the proposal in Budget 2024, the Labuan Business Activity Tax (Exemption) Order 2024 was gazetted.

Deduction for cash contributions or financing of conservation or preservation of environment projects

The Ministry of Finance has issued the Guidelines for deduction under section 34(6)(h) of the Income Tax Act 1967 for cash contributions or financing of projects in relation to the conservation or preservation of the environment, dated 15 April 2024

Public Ruling 2/2024 - Investment Holding Company

The IRB has issued Public Ruling 2/2024 - Investment Holding Company, which replaces Public Ruling 10/2015 of the same title.

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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