Resources

Understanding the relevance of source

THE concept of source is fundamental in the taxation of income in Malaysia. If there is no source, there cannot be income. The analogy is of a tree and a fruit, and for tax purposes the tree is akin to the source and the fruit that comes from the tree is akin to the...

It’s time to file your tax returns

IT IS the time of the year for individuals to file their tax returns. Personal tax returns of individuals not carrying on a business will be due by April 30. However, as a concession, the Inland Revenue Board (IRB) has extended the filing deadline for submissions done...

Cross-referencing IRB and Customs data may cause wrong assessments

AT THE moment, some sections of IRB are attempting to use the information provided to Customs to validate against the income or expenditure in the income tax returns. In the future when e-invoicing becomes mandatory and any information in the e-invoice will be shared...
Issues around withholding tax

Issues around withholding tax

GENERALLY, when withholding taxes come to your mind, it will only be on payments made to non-residents. Normally withholding taxes are paid over to...

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What to expect in Budget 2024

What to expect in Budget 2024

SUBSIDY reduction is the most important issue that is likely to be the focus in Budget 2024 if Malaysia is to work towards reducing its budget...

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Are you ready for e-invoicing?

Are you ready for e-invoicing?

MALAYSIA will be following many other countries in digitalising invoicing through the e-invoice system that will be mandatorily implemented in...

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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...

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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...

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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...

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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....

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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...

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