Tax Espresso

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Tax Espresso – January 2020

The Tax Espresso is our monthly newsletter covering the latest tax updates.

In our January 2020 issue, we cover the following topics:

  1. Finance Act 2019, Income Tax (Amendment) Act 2019, and Petroleum (Income Tax) (Amendment) Act 2019
  2. MDEC’s Guidelines on MSC Malaysia Financial Incentives (Grandfathering and Transition under Services Incentive)
  3. Income Tax (Exemption) (No. 13) 2005 (Revocation) Order 2019 [P.U.(A) 363/2019]
  4. LFSA issuance of Clarification on Revision to Non-deductibility Rules
  5. Tax Investigation Framework 2020
  6. Tax Audit Framework 2019, Petroleum Tax Audit Framework 2019, and Transfer Pricing Audit Framework 2019
  7. PR 12/2019 – Tax Treatment of Foreign Exchange Gains and Losses
  8. PR 11/2019 – Benefits In Kind


Get to know the latest updates on the Finance Act 2019 and other Amendment Acts, MSC Malaysia Guidelines and Gazette Order, Tax Audit Framework and more by downloading a copy of the Tax Espresso newsletter on the right!

Deloitte Malaysia is recognised as Malaysia Tax Firm of the Year 2019 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.

 

Click the links below to view the Tax Espresso archive:

Upcoming Events

2019 Employer’s Income Tax Reporting Seminar  

Employers have important responsibilities under the Income Tax Act 1967 (the Act) including, but not limited to, payroll withholding under the Monthly Tax Deduction (MTD) scheme, and yearly reporting and filing of Form E and issuance of Form EA to the employees.

With the Inland Revenue Board of Malaysia (IRBM) focused on enhancing compliance among taxpayers, employer audits are commonplace and are expected to increase with time. Mistakes made are likely to be picked-up during these audits and penalties and compounds can be expected.

We will be conducting a half-day seminar which will serve as a refresher course for all HR and payroll personnel in preparation for the upcoming 2019 tax reporting period.

Seminar location Date Registration form
Kuala Lumpur 21 January 2020
9.00 a.m. to 1.00 p.m.
Registration closed
Kuala Lumpur 5 February 2020
9.00 a.m. to 1.00 p.m.
Registration closed
Kuala Lumpur 14 February 2020
9.00 a.m. to 1.00 p.m.
Click here to register
Ipoh 23 January 2020
9.00 a.m. to 1.00 p.m.
Click here to register
Ipoh 11 February 2020
9.00 a.m. to 1.00 p.m.
Click here to register
Penang 16 January 2020
9.00 a.m. to 1.00 p.m.
Click here to register

 

New Corporate Liability Offence for Corruption

21 January 2020

Amendments to the MACC Act 2009 were gazetted on 4 May 2018 with the purpose of introducing a new and far-reaching corporate liability provision, i.e. Section 17A, which is drafted based on Section 7 of the UK Bribery Act 2010.

With the introduction of the new section effective 1 June 2020, the onus now shifts to the commercial organisation, its Directors, Partners and Management to demonstrate that they have adequate procedures implemented, to deter persons associated with the commercial organisation from committing corrupt acts of gratification.

The penalties, upon conviction, may result in a fine of not less than 10 times the value of the gratification or RM1 million, whichever is higher; and/or a jail sentence not exceeding 20 years. In view of the hefty penalties, it is crucial for Directors, Partners, and Management to have systems in place to prevent these offences.

This session is organised to introduce the Corporate Liability Provision and explain its implications and the extent of its coverage to those charged with governance.

Please click here to register.

 

 

Transfer Pricing Seminar 2020

12 February 2020

Addition of new blocks in the Transfer Pricing Arena

After the enthusiastic response from taxpayers on the Special Voluntary Disclosure Programme, there are new developments for taxpayers to take note of on transfer pricing. One of the key developments is the introduction of the Revised Transfer Pricing Audit Framework 2019 (‘TPAF 2019’), a much-awaited one after the roll out of the revised Tax Audit Framework.

With the TPAF 2019, the penalty rate has been revised. There are also other key amendments which will have significant implications going forward on aspects of transfer pricing compliance, as well as audit and voluntary disclosure procedures.

There will be a panel discussion, which will include a representative from the Inland Revenue Board of Malaysia (IRBM), on the TPAF 2019 in this seminar.

For more information, please contact Jonathan at josim@deloitte.com or Tze Shan at tzeong@deloitte.com

 

2020 Capital Allowances Study Workshop

10 March 2020

You may have heard of capital allowances but you may not fully be aware of its importance to your businesses. In the current economic climate and tax environment in Malaysia, capital allowances remains one of the key aspects to ensure efficient claim of allowances against capital expenditure incurred on property purchases and new construction.

Identifying capital expenditure eligible for capital allowances claim and categorising the assets to the specified rates is vital to ensure that your business’ tax liability is correctly calculated and declared. Assessing the quantum and understanding the rules can be a complicated subject. It requires the necessary expertise to enhance the claim, and to produce a well-documented report to be reviewed by the Tax Authority in the event that such information is required.

Join us for a complimentary half-day workshop that is designed specifically to give you an understanding of capital allowances and why it is important to conduct a capital allowances study. We will walk you through the important aspects of capital allowances and how we can help enhance your claim of capital allowances, in compliance with regulations.

For more information, please contact Sarah at sabdulsukor@deloitte.com or Louise at sinlee@deloitte.com

Past Events

Deloitte TaxMax - The 45th series (KK) - 12 November 2019

Deloitte TaxMax - The 45th series (Ipoh) - 14 November 2019

CSG Budget 2020 Seminar (Penang) - 25 November 2019

Click here to view the past event. 

Contact our Tax team if you need assistance.

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