The following are excerpts from a Press Release of the Inland Revenue Board of Malaysia on the 30th of January 2019
Taxpayers who have received letters or e-mails from the Inland Revenue Board of Malaysia (IRBM) on the Special Voluntary Disclosure Programme (SVDP) have nothing to worry about, instead they should contact IRBM for further explanation.
Around 8.3 million letters and e-mails have been issued by IRBM to registered taxpayers informing on the SVDP which started on 03 November 2018 and will end on 30 June 2019 as announced by Yang Berhormat Tuan Lim Guan Eng, Finance Minister of Malaysia during the tabling of the 2019 Budget.
Through this programme, the following category of taxpayers are offered low penalty rates of 10% and 15% on the additional tax raised:
- Registered taxpayer who failed to submit the Income Tax Return Form (ITRF)/Petroleum Return Form (PRF)/Real Property Gains Tax Return Form (RPGTRF) in an orderly manner;
- Taxpayers who have submitted the ITRF/PRF/RPGTRF but did not declare the right income declaration (under-declared income) or claim the right expenses and tax reliefs (over-claimed deductions);
- iii. Duty payers who failed to execute instruments in the stipulated time.
Taxpayers who have declared income, expenses and tax reliefs in an orderly manner to IRBM and have executed instruments in the stipulated time may ignore the letters and e-mails received.... more
FClick here for the press release at LHDN Website
The Companies Commission of Malaysia (SSM) has introduced a new registration systems for business entities registered with them starting Jan 2019. See lampiran A extracted from SSM's notice dated 22 November 2018 below. The new convention will use a single numbering convention for all entities and is expected to harmonize with the number system of entities under other registration bodies. For details please refer to the SSM link below.
Click the link below for more information.
SSM circular_new format of registration no._22Nov2018
Notice: All information in this post are gathered from SSM circular as per link above.. Please note that ICIA is not responsible for any error or omission therein.
The customs department has presented the new Sales & Services Tax (SST) model. The information includes the new SST model's scope, responsibilities of registered manufacturers, facilities, special treatment and transitional issues. For more information, follow the link here ---->SSTslides
Sales Tax rates for various goods has been updated on the 7th of September based on the gazetted orders. a copy can be downloaded here
A general guide on SST for goods can also be downloaded at here . The Royal Malaysian Customs Department has also organized hand holding sessions with the public and for a clearer picture you should attend a session near your area. The hand holding sessions schedule can be found at https://mysst.customs.gov.my/Calendar
Notice: The information contained in the linked slides above and hyperlinks are the property of the Royal Malaysian Customs Department and ICIA cannot be held responsible for the accuracy and relevancy of the information contained therein.