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Shearn Delamore & Co. Legal Update January 2021 (Tax & Revenue) 

by Anand Raj, Irene Yong, Foong Pui Chi

Published: February, 2021

Submission: February, 2021

 



Operation hours of IRB Counters during Movement Control Order (“MCO”), Conditional MCO & Recovery MCO period


The Inland Revenue Board (“IRB”) has issued a media statement on the operation hours of its counters during the MCO, Conditional MCO and Recovery MCO period. For more information, please click here.


Income tax


The Income Tax (Deduction of Investment in New Food Production Project or Expansion Project) Rules 2020 have been gazetted on 24 December 2020 and are deemed to have come into operation on 1 January 2016.


The Income Tax (Deductions Not Allowed for Payment Made to Labuan Company by Resident) Rules 2018 (Amendment) 2020 have been gazetted on 24 December 2020 and are deemed to have come into operation on 1 January 2019 except for rule 2 which came into operation on 1 January 2021.


The Income Tax (Costs of Renovation and Refurbishment of Business Premise) Rules 2020 have been gazetted on 28 December 2020 and have effect from the year of assessment 2020.


The Income Tax (Deduction for Expenditure of Issuance of Sukuk and Retail Sukuk Structured pursuant to the Principle of Wakalah) Rules 2021 have been gazetted on 12 January 2021 and have effect from the year of assessment 2021 until year of assessment 2025.


The Income Tax (Deduction for Value of Benefit given to Employees) Rules 2021 have been gazetted on 26 January 2021 and have effect from the year of assessment 2020.


Petroleum income tax


The IRB has recently issued the Garis Panduan Tuntutan Insentif Bagi Industri Petroleum Huluan di bawah Akta Petroleum (Cukai Pendapatan) 1967 (Pindaan), which is only available in the Malay language, on 30 December 2020.


Labuan tax


The Labuan Business Activity Tax (Requirements for Labuan Business Activity) 2018 (Amendment) Regulations 2020 have been gazetted on 24 December 2020 and are deemed to have come into operation on 1 January 2019.


Sales tax


The Sales Tax (Amendment) Act 2020 has been gazetted on 31 December 2020 and has come into operation on 1 January 2021.


Service tax


The Service Tax (Amendment) Act 2020 has been gazetted on 31 December 2020 and has come into operation on 1 January 2021.


The following guides have recently been published on the Royal Malaysian Customs Department’s MySST website:


Panduan Perkhidmatan Pengurusan (as at 15 January 2021) — to replace the earlier version dated 1 October 2020which is presently available only in the Malay language; and


Specific Guide on Refund on the Acquisition of Services by Foreign Missions and International Organizations (as at 18 January 2021) — to replace the earlier version dated 13 July 2020.


Customs duty


The Customs (Amendment) Act 2020 has been gazetted on 31 December 2020 and has come into operation on 1 January 2021.


Excise duty


The Excise (Amendment) Act 2020 has been gazetted on 31 December 2020 and has come into operation on 1 January 2021.


CONTACT US FOR FURTHER INFORMATION REGARDING TAX AND REVENUE LAW MATTERS.


 


 

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