Resources

The importance of contemporaneous transfer pricing documentation

IT IS now mandatory to have the transfer pricing documentation (TPD) to support the arm’s length pricing of transactions undertaken between associated persons of related parties before the due date of filing of the annual tax return of the affected taxpayer. Any...

Failure to file tax returns can lead you to jail

THE Inland Revenue Board (IRB) has “turned up the heat” on taxpayers who fail to file their annual tax returns. The IRB is no longer willing to wait any more and it is prepared to take such non-compliant taxpayers directly to court and charge the taxpayers, which can...

Is your information with IRB a secret?

TAXPAYERS submit voluminous information annually and upon request to the Inland Revenue Board (IRB). This is done through the filing of annual tax returns by taxpayers, employer returns (Forms E and EA), information provided at the point of deducting withholding...
Stamp duty – the forgotten tax

Stamp duty – the forgotten tax

GENERALLY, whenever there are transactions, the focus is on income tax, Real Property Gains Tax, sales and service tax and customs duties. The stamp...

read more
Report Card on Budget 2023

Report Card on Budget 2023

BUDGET 2023 is focused on helping businesses that are just beginning to recover from the Covid pandemic, and it also targets to help selected...

read more
Charities and tax exemptions

Charities and tax exemptions

ANY organisation receiving donations from the public and spending monies on charitable activities without any intention to make profits could be...

read more
Taxation of cryptocurrencies

Taxation of cryptocurrencies

CRYPTOCURRENCY is a form of digital money similar to cash such as ringgit and US dollar, which is not controlled by any central bank or anyone....

read more
Opportunity to come clean

Opportunity to come clean

THE government has come up with another special voluntary disclosure programme (SVDP) dealing specifically with indirect taxes to be administered by...

read more
Is foreign income taxable?

Is foreign income taxable?

MALAYSIA taxes income on a territorial basis – income that arises in, derived from or received in Malaysia from outside Malaysia. Most countries in...

read more
Relax deadlines during lockdown

Relax deadlines during lockdown

THE coming full lockdown will have a severe impact on the majority of businesses particularly SMEs and the services sector. Although many businesses...

read more
Taxpayer rights explained

Taxpayer rights explained

DO YOU as a taxpayer know your rights when you are dealing with the Inland Revenue Board (IRB)? As a taxpayer, the fundamental duty is to file your...

read more
Is it fair to impose surcharge?

Is it fair to impose surcharge?

SURCHARGE is a new concept to the Malaysian tax regime and we do not know the rationale behind it – where additional taxes can be collected by the...

read more