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Tax Espresso
March 2024
The Tax Espresso is our monthly newsletter covering the latest tax updates.
In our March 2024 issue, we cover the following topics:
- Income Tax (Deduction for Investment in a BioNexus Status Company) (Amendment) Rules 2024 [P.U.(A) 23/2024]
- Income Tax (Exemption) Order 2024 [P.U.(A) 37/2024] in relation to an IDR Status Company
- Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) (Amendment) Rules 2024 [P.U.(A) 45/2024]
- HASiL – Implementation of e-Invoice - Industry Specific FAQs for Telecommunication, e-Commerce and Petroleum Operations
- HASiL – Public Ruling No. 1/2024 – Investment Tax Allowance – Promoted Product Under the Manufacturing Sector
- MUSB v DGIR (SCIT)
- Yap Mun Yue v DGIR (HC)
- PSB v DGIR (SCIT)
- KRKB v DGIR (SCIT)
- NSB(MR) & NSB(MK) v DGIR (SCIT)
- Tan Nyok Chin v Collector of Stamp Duties (HC)
Get to know the latest updates by downloading a copy of the Tax Espresso newsletter on the right!
Deloitte Malaysia is recognised as Malaysia Tax Firm of the Year 2023 and Malaysia Transfer Pricing Firm of the Year 2023 by the International Tax Review. As the country’s leading tax expert, we hold various tax events and workshops, in addition to participating in speaking engagements at tax seminars.
Special Alerts:
Capital Gains Tax in Malaysia (Part 2) - Guidelines and Exemption Order
IRBM e-Invoice Software Development Kit (SDK)
IRBM e-Invoice Guideline (Version 2.2) & e-Invoice Specific Guideline (Version 2.0)
Capital Gains Tax in Malaysia – What do we know thus far? (Part 1)
The Implementation of Global Minimum Tax in Malaysia in 2025
IRBM e-Invoice Guideline Version 2.0 and e-Invoice Specific Guideline
New Transfer Pricing Rules & APA Rules 2023
Special Voluntary Disclosure Program 2.0 from 6 June 2023 to 31 May 2024
Awards
International Tax Review Asia Tax Awards 2023
In the recently announced International Tax Review (ITR) Asia Tax Awards 2023, Deloitte is named Malaysia Tax Firm of the Year 2023.
This is the fifth consecutive year and the sixth time we’ve been recognised with this prestigious award in the last 7 years. This achievement reflects our commitment to excellence and reinforces our strong position as a trusted tax advisor in the marketplace.
Deloitte has also been named Malaysia Transfer Pricing Firm of the Year 2023, our fourth win in the past 8 years. This award signifies the calibre of our work and a recognition of our team’s expertise in the market.
Media Coverage
BFM Radio – New tax on low value goods (LVG)
Effective from 1 January 2024, a 10% tax will be levied on the online purchases of goods from overseas costing below RM500, aimed at providing a level playing field for local retailers. Senthuran Elalingam, Tax Executive Director of Deloitte Malaysia, shares his insights into the workings of the LVG tax.
Click here to view.
The Edge - How new taxes affect unit trust funds investing in bonds and foreign assets
In line with the introduction of the Capital Gains Tax (CGT), foreign-sourced income (FSI) will be extended to include capital gains from overseas investments. This means that unit trust funds with overseas exposure will have an income tax rate of 24% on the capital gains repatriated to Malaysia. Toh Hong Peir, Deloitte Malaysia’s Financial Services Industry Tax Leader, shares his insights into the subject.
Click here to view.