malaysia - Tax & Revenue - News

Ministry received 823 Complaints since implementing SST

KUALA LUMPUR, Dec 5 (Bernama) - Ministry of Domestic Trade and Consumer Affairs have received a total of 823 complaints mostly related to the rise in prices of goods since the implementation of the Sales and Service Tax (SST) on Sept 1.
Date: 05 December 2018; Type: Industry Updates; Source: Bernama

Individual Tax Exemption for Women who return to work from 2019

KUALA LUMPUR, Nov 26 (Bernama) - Beginning next year, the government will give individual tax exemptions of up to 12 months to women who return to work, said Human Resources Minister M. Kula Segaran. He said this would encourage women to return and the exemption programme would be supervised by Talent Corporation Malaysia Berhad (TalentCorp).
Date: 26 November 2018; Type: Legal News; Source: Bernama

IRB bars 505 Individuals in Sabah from Overseas Travel over Unpaid Taxes

KENINGAU, Nov 19 (Bernama) - Inland Revenue Board (IRB) chief executive officer Datuk Seri Sabin Samitah said as at October 2018, 505 individuals including company directors in Sabah have been barred from travelling abroad for failing to settle tax arrears amounting to RM45 million. He said from the total, 10 individuals and company directors ...
Date: 19 November 2018; Type: Legal News; Source: Bernama

Sabah Sales Tax Enactment amended for New System of Tax Payment

KOTA KINABALU, Nov 15 (Bernama) - The Sabah State Assembly today passed a bill to amend the Sabah Sales Tax Enactment to introduce a new system of tax payment effective Jan 1, 2019.
Date: 15 November 2018; Type: Legal News; Source: Bernama

92,682 Businesses have registered under SST - Lim

KUALA LUMPUR, Nov 15 (Bernama) - A total of 92,682 businesses have registered under the Sales and Services Tax (SST) regime as of Oct 23, the Dewan Rakyat heard today.
Date: 15 November 2018; Type: Industry Updates; Source: Bernama

IRB puts 79,786 Tax Evaders on Notice

KUALA LUMPUR, Nov 13 (Bernama) - The Inland Revenue Board (IRB) has identified 79,786 individuals, companies, organisations, cooperatives and more with property and extraordinary wealth who have yet to pay tax.
Date: 13 November 2018; Type: Industry Updates; Source: Bernama

Five per cent Tax on Petroleum Products will affect Market - Azmin

KUCHING, Nov 7 (Bernama) - The Sarawak government’s move to impose a five per cent sales tax on petroleum products produced in the state will not only affect Petronas but also the market, said Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.
Date: 07 November 2018; Type: Industry Updates; Source: Bernama

Tax on Imported Online Services will be implemented in Stages

PUTRAJAYA, Nov 7 (Bernama) - The process of implementing new taxes on imported online services will be carried out in stages, says the Ministry of Finance's National Budget Office Director Johan Mahmood Merican. He said the process would begin with imported online services in the business-to-business segment, followed by the business-to-consum ...
Date: 07 November 2018; Type: Legal News; Source: Bernama

Stamp Duty exemption for Purchase of First Residential Home

KUALA LUMPUR, Nov 2 (Bernama) - The government is proposing a 100 per cent stamp duty exemption on the instrument of transfer and the loan agreement for the purchase of a first residential home priced up to RM300,000.
Date: 02 November 2018; Type: Legal News; Source: Bernama

Tax Incentives proposed to achieve Industry 4.0 Goals

KUALA LUMPUR, Nov 2 (Bernama) - The government has proposed several tax incentives for stakeholders implementing Industry4WRD Policy aspirations and goals.
Date: 02 November 2018; Type: Industry Updates; Source: Bernama

Stamp Duty rates to be restructured on January 1, 2019

KUALA LUMPUR, Nov 2 (Bernama) - The Ministry of Finance (MoF) has proposed to restructure stamp duty rates for the transfer of real property, effective Jan 1, 2019.
Date: 02 November 2018; Type: Legal News; Source: Bernama

Government proposes Tax Restructuring to boost Labuan's Competitiveness

KUALA LUMPUR, Nov 2 (Bernama) - The government is proposing for the restructuring of the Labuan International Business Financial Centre (IBFC) tax treatment in line with initiatives to further promote the long-term competitiveness of Labuan as an international financial hub and ensure compliance to the internationally agreed taxation standards.
Date: 02 November 2018; Type: Industry Updates; Source: Bernama

Government to revise Real Property Gains Tax Rates

KUALA LUMPUR, Nov 2 (Bernama) - The government will revise the Real Property Gains Tax (RPGT) rates for disposals of properties or shares in property holding companies after the fifth year.
Date: 02 November 2018; Type: Legal News; Source: Bernama

New Tax in 2019 Budget will not burden the People

CYBERJAYA, Nov 1 (Bernama) - The new tax which will be announced in the 2019 Budget tomorrow will not be a burden to the people, said Deputy Finance Minister Datuk Amiruddin Hamzah.
Date: 01 November 2018; Type: Legal News; Source: Bernama

Inheritance Tax may further dampen Property Market - PEPS

KUALA LUMPUR, Oct 29 (Bernama) - It is inappropriate to introduce the inheritance tax now despite the need for the government to widen its tax base to raise revenue as its implementation will further dampen the property market, a real estate industry association said.
Date: 29 October 2018; Type: Industry Updates; Source: Bernama

Government should consider Carbon Tax to drive Clean Energy

KUALA LUMPUR, Oct 19 (Bernama) - The government should consider imposing carbon tax on development projects in the future to drive clean energy and green technology.
Date: 19 October 2018; Type: Industry Updates; Source: Bernama

Parliament: Tax incentive for Industrial Estates not taken up - Guan Eng

KUALA LUMPUR, Oct 15 (Bernama) - The government has provided 100 per cent income tax exemption for five years to companies that undertake activities that are qualified in industrial estates, but it was not taken up, said Finance Minister Lim Guan Eng.
Date: 15 October 2018; Type: Legal News; Source: Bernama

Government has no Plans to abolish Tourism Tax

PUTRAJAYA, Oct 13 (Bernama) - The government does not intend to abolish the Tourism Tax imposed on every foreign tourist visiting Malaysia, said Minister of Tourism, Arts and Culture (Motac) Datuk Mohamaddin Ketapi. He said the ministry took note of the grumblings of the tourists on the tax, especially among backpackers, but the tax was still ...
Date: 13 October 2018; Type: Legal News; Source: Bernama

IRB approves about 8,000 Applications for Tax Exemption since 1967

KUALA LUMPUR, Oct 3 (Bernama) - The Inland Revenue Board (IRB) has approved about 8,000 tax exemption applications from Non-Governmental Organisations (NGOs), associations and foundations since 1967.
Date: 03 October 2018; Type: Industry Updates; Source: Bernama

579 Complaints on Profiteering related to SST received since Implementation

KUCHING, Oct 2 (Bernama) - As many as 579 complaints on profiteering related to the Sales and Service Tax (SST) was received by the Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) until yesterday since the tax was implemented on Sept 1.
Date: 02 October 2018; Type: Industry Updates; Source: Bernama

INDUSTRY UPDATES

Najib, Irwan's trial on RM6.6 Billion CBT Case transferred to High Court

KUALA LUMPUR, Dec 7 (Bernama) - The trial of former prime minister Datuk Seri Najib Tun Razak and former Treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah, who are facing six counts of Criminal Breach of Trust (CBT) involving RM6.6 billion, has been transferred to the High Court.

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INDUSTRY UPDATES

Malaysia's ePassport recognised as Regional ID Document of the Year

KUALA LUMPUR, 6 Dec (Bernama) - The Malaysian Immigration Department received the 2018 Regional ID Document of the Year Award, an acknowledgement for its innovative and class leading Malaysian ePassport.

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INDUSTRY UPDATES

Malaysia's first Geothermal Power Plant approval Withdrawn

KUALA LUMPUR, Dec 6 (Bernama) - Parliament was informed today that the approval given to Tawau Green Energy Sdn Bhd to build the country’s first geothermal power plant was cancelled on Aug 29 by the government.

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INDUSTRY UPDATES

Defence wants Judge to recuse himself from hearing Shafee's Cases

KUALA LUMPUR, Dec 5 (Bernama) - The defence will submit an appeal to the High Court judge Collin Lawrence Sequerah seeking that he withdraws from hearing cases on two money-laundering charges and another two on incorrect filings made to the Inland Revenue Board (IRB), faced by lawyer Tan Sri Muhammad Shafee Abdullah.

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INDUSTRY UPDATES

Perak First State to have Shariah Supreme Court

IPOH, Dec 5 (Bernama) - Perak will be the first state in the country to have four levels of shariah courts, with the Supreme Court as the apex court, after the State Legislative Assembly today passed the Shariah Court (Perak) Enactment 2018.

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INDUSTRY UPDATES

Ministry received 823 Complaints since implementing SST

KUALA LUMPUR, Dec 5 (Bernama) - Ministry of Domestic Trade and Consumer Affairs have received a total of 823 complaints mostly related to the rise in prices of goods since the implementation of the Sales and Service Tax (SST) on Sept 1.

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INDUSTRY UPDATES

Observe Malaysian Laws, pay Heed to Local Religious Adherences - Finnish Envoy

KUALA LUMPUR, Dec 5 (Bernama) - Finnish citizens have been advised to respect Malaysian laws and regulations and pay heed to local religious adherences, says Finland Ambassador to Malaysia, Petri Puhakka.

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INDUSTRY UPDATES

14,868 Contract Workers employed by Government

KUALA LUMPUR, Dec 3 (Bernama) - Up till April 9, 2018, the government employed 14,868 people on a contractual basis for its various agencies, Deputy Minister in the Prime Minister's Department, Mohamed Hanipa Maidin, told Parliament today.

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INDUSTRY UPDATES

Locals not affected by Repeal of Workmen's Compensation Act

KULIM, Dec 2 (Bernama) - Local employees will not be affected by the abolition of the Workmen’s Compensation Act 1952, said Human Resources Minister M. Kulasegaran.

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INDUSTRY UPDATES

SC Continues to drive Digitisation of the Malaysian Capital Market

KUALA LUMPUR, Nov 28 - The Securities Commission Malaysia (SC) today urged financial services providers to embrace technology to develop a more inclusive, innovative and efficient capital market, in line with the government’s agenda to support the growth of the digital economy.

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INDUSTRY UPDATES

Recognitions of Foreign Audit Firm and its Partner Withdrawn by AOB

KUALA LUMPUR, Nov 29 - The Securities Commission Malaysia’s (SC) Audit Oversight Board (AOB), has withdrawn the recognition of Singapore-based audit firm RT LLP and Su Chun Keat, who is a partner in the firm.

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INDUSTRY UPDATES

Seniority Should Be the Overriding Factor in Elevation of Judges

The Malaysian Bar has congratulated the four Judges who were elevated to the Federal Court and the five Judges who were elevated to the Court of Appeal, on 26 November 2018, and wished them all the very best in their new positions in the Judiciary.

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INDUSTRY UPDATES

Prosecution slams Defence's 11th Hour Bid as Irresponsible

KUALA LUMPUR, Nov 29 (Bernama) - Datuk Sulaiman Abdullah today described as irresponsible the defence bid to challenge his appointment as the lead prosecutor in the SRC International Sdn Bhd case involving former prime minister Datuk Seri Najib Tun Razak at the eleventh hour.

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INDUSTRY UPDATES

Rosmah's Money Laundering Case transferred to High Court

KUALA LUMPUR, Nov 29 (Bernama) - The case of wife of former prime minister, Datin Seri Rosmah Mansor, who has been charged with 17 counts of money laundering and tax evasion will be heard at the High Court.

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INDUSTRY UPDATES

Islamic Finance Rendezvous Series 2019

Bank Negara Malaysia, Association of Islamic Banking Institutions Malaysia (AIBIM) and Malaysian Takaful Operator (MTA), in collaboration with various agencies and business associations will be organising a business engagement programme entitled “Islamic Finance Rendezvous Series” on 14 January 2019 at Eastin Hotel, Bayan Lepas, Pulau Pinang.

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