Resources

Tax Matters – Budget 2022 measures to spur economic revival

AT RM332.1 billion, Budget 2022 is the largest budget in the history of Malaysia. The clear focus of this budget is to revive the economy and to selectively help the sections of society that require immediate assistance through a direct cash injection of RM8.2 billion...

Taxation of severance payments and retirement gratuities

MALAYSIA was battered by the Covid crisis in 2020 and 2021 and the current headwinds blowing from the Russia-Ukraine war and the US-China conflict together with the recent upsurge in commodity prices is causing companies to downsize, rightsize or restructure their...

Foreign-sourced income – what is remaining

IN BUDGET 2022, the government announced that it intended to tax foreign-sourced income received in Malaysia from Jan 1, 2022 by all Malaysian tax residents. Non-residents were excluded. Through a media release on Dec 31, 2021, the Ministry of Finance announced...
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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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...

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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...

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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...

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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...

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