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Tax Espresso
November 2024
The Tax Espresso is our monthly newsletter covering the latest tax updates.
In our November 2024 issue, we cover the following topics:
- Income Tax (Issuance of Electronic Invoice) Rules 2024 [P.U.(A) 265/2024], HASiL e-Invoice Guideline (v.4.0), e-Invoice Specific Guideline (v.3.1) and updated FAQ on e-Invoice dated 4 October 2024
- Stamp Duty (Exemption) Order 2024 [P.U.(A) 266/2024] in relation to Financing Agreements under Independent Smallholder Oil Palm Replanting Incentive Program
- HASiL Operational Guidelines No. 4/2024 - Pilot Implementation of TCC for Government Procurement Applications for Procurement of Consultancy Work & Services (Physical)
- HASiL - e-Invoice Illustrative Guide
- HASiL – Announcement on e-PCB Plus Phase 1
- Perbadanan Pembangunan Pulau Pinang v Pemungut Duti Setem Malaysia (FC)
- Selectcool Sdn Bhd v DGIR (COA)
- EWSB v DGIR (SCIT)
- TYH v DGIR (SCIT)
- CJS v DGIR & WPH v DGIR (SCIT)
- RBMK v DGIR (SCIT)
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 Advisory Firm of the Year 2024, Malaysia Transfer Pricing Advisory Firm of the Year 2024, Malaysia Indirect Tax Advisory Firm of the Year 2024, & Malaysia Tax Disputes Advisory Firm of the Year 2024 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:
Exemption from Capital Gains Tax and Tax on Foreign-Source Income for Unit Trusts
Incentives for Forest City Special Financial Zone
IRBM e-Invoice Relaxation of e-Invoice Requirements
Guidelines on Tax Treatment of Hybrid Instrument
Malaysia Digital Status Tax Incentive
IRBM e-Invoice Software Development Kit (SDK) version 1.0 – May 2024 Release
IRBM e-Invoice Guideline (Version 2.3) & e-Invoice Specific Guideline (Version 2.1)
Capital Gains Tax in Malaysia (Part 3) – Guidelines for Foreign Capital Assets
Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024
Capital Gains Tax in Malaysia (Part 2) - Guidelines and Exemption Order
Awards
International Tax Review Asia-Pacific Awards 2024
In the recently announced International Tax Review (ITR) Asia-Pacific Awards 2024, Deloitte has been recognised with 4 awards in Malaysia!
Deloitte Malaysia has been recognised in the following categories:
- Tax Advisory Firm of the Year
- Transfer Pricing Advisory Firm of the Year
- Indirect Tax Advisory Firm of the Year
- Tax Disputes Advisory Firm of the Year
This marks an incredible milestone in our journey as a firm, further reinforcing our strong position as a trusted tax advisor in the local and regional marketplace.
Media Coverage
The Edge – Budget 2025: Deloitte Malaysia’s perspectives
Ahead of the upcoming Budget 2025 tabling on Friday, 18 October 2024, Deloitte Malaysia’s panel of Tax Partners shares their expert insights into what consumers and businesses can expect. From immigration policies to environmental taxes, read on to find out our key recommendations for this Budget tabling.
Click here to view the article.
The Star – Focus on probe against wilful tax evasion
With the ongoing discussion on tax compliance, Mohd Fariz Mohd Faruk, Deloitte Malaysia’s Tax Controversy Leader, and Wong Yu Sann, Deloitte Malaysia’s Tax Director, shared insights into the potential tax-friendly measures that would both support the country’s economy and taxpayers alike. “To assist micro and small businesses with complying and reducing their operational costs for tax compliance, we would encourage the consideration to introduce a streamlined set of tax compliance requirements for businesses of different sizes.”.
Click here to view the online article, and here to view the article in print.
The Edge – Tax experts: Budget 2025 to see expanded tax scope, new taxes unlikely
Deloitte Malaysia’s Country Tax Leader Sim Kwang Gek shared insights into key areas that the government may be considering to support the country’s economic growth. "The GST remains a more viable and sustainable option, and should it be reintroduced, there will be room for the government to cut personal and corporate income tax rates, which is a welcome move that will put us on par with neighbouring countries in the region," she noted.
Click here to view the article.
The Star – Focusing on a sustainable and inclusive future
Deloitte Malaysia’s Tham Lih Jiun, Government Grants and Incentives Tax Leader, and Renee Ho, Deloitte Malaysia’s Tax Director, shared insights into potential incentive areas to encourage the country’s progress to becoming a global frontrunner in sustainable development and technological progress. “Malaysia’s economy has shown promising signs of recovery, particularly driven by the surge in digital infrastructure investments from leading global technology firms. To align with its long-term goals for sustainable and inclusive economic growth, the government is expected to reassess its incentive policies to enhance support for green energy, innovation and digital transformation.”.
Click here to view the online article, and here to view the article in print.
Brochures
Navigating incentives across Southeast Asia
Navigating the complex, ever-changing landscape can be challenging, but it offers significant benefits. Our guide provides the latest insights into Southeast Asia's local incentive landscape, whether you are a multinational expanding in the region or a local entrepreneur seeking growth opportunities.
Thought leadership
Led by Deloitte Malaysia’s tax leaders, delve into the world of tax with our industry experts in a series of thought-provoking conversations on the latest trends and topics.
