Taxes in Malaysia are generally controlled by the Inland Revenue Board (IRB), or commonly known as Lembaga Hasil Dalam Negeri (LHDN), and is governed by the Income Tax Act 1967. Once you have entered adulthood and started earning a source…
Category: TAXATION LAW
Property Taxes in Malaysia
Property taxes are taxes issued on a property owned by an individual. For a first time property investor, knowing all the types of taxes that will be issued to you when you buy a property may be a hassle. Here…
Can Cryptocurrency Be Taxed In Malaysia?
Cryptocurrency is a digital currency that uses an online ledger with strong cryptography to secure online transactions. It is a form of intangible transaction that uses ‘tokens’ as a trading medium in exchange for goods or services. Over the years, cryptocurrency…
Every Good Deed Comes With A Surprising Reward
There’s a saying by Charles de Lint… “Every time you do a good deed you shine the light a little farther into the dark. And the thing is, when you’re gone that light is going to keep shining on, pushing…
Budget 2020: Tax Payer and Companies To Take Note
TAX PAYERS: Allowance and Tax relief: There will be an accelerated capital allowance for Tourism Vehicle; Entertainment duty of 5% is exempted for admission ticket for stage performance for the year 2020; There shall be a 100% tax exemption of…
Exemption of RPGT, Service Tax from Jan 1, 2019
The government has agreed to exempt the real property gains tax (RPGT) to individual Malaysian citizens who dispose of their properties at a consideration price of RM200,000 and below. According to a statement by Finance Minister Lim Guan Eng, the…
0% GST in Malaysia: How Does This Impact Your Business?
0% GST in Malaysia: As many of you are aware, the GST rate for standard-rated supplies of goods and services is reduced from 6% to 0%, effective from 1st June 2018 onwards. So what does this mean to your business?…
Tax Rate, Relief & Exemption For Rental Income In Malaysia
Step 1: Identify the sources of taxable income First of all, it is important to understand the sources of taxable income in Malaysia, including income earned from a business, employment earnings and rental income, amongst all other things. For example,…
Case Update: Sales Tax Refund
Have your sales tax refund application been rejected by the Customs on the basis that the price of goods did not decrease or increase after the implementation of GST? Good news: The High Court had recently confirmed that the GST…
Real Property Gains Tax In Malaysia
REAL PROPERTY GAINS TAX IN MALAYSIA (RPGT) Real Property Gains Tax (RPGT) is a form of Capital Gains Tax that is imposed on the disposal of property in Malaysia. It was suspended temporarily in 2008-2009, and reintroduced in 2010. In…
Tax Exemption on Rental Income
TAX EXEMPTION ON RENTAL INCOME FROM RESIDENTIAL HOMES RECEIVED BY MALAYSIAN RESIDENT INDIVIDUALS Current position Pursuant to section 4(d) of the Income Tax Act 1967, Malaysian individuals who lease out their residential homes must pay a progressive income tax ranging…
Airbnb Owners: Are You Charging Tourism Tax?
Tourism Tax is a mandatory tax charged on foreign tourists staying at any accommodation premises (eg. hotels, inns, hostels, lodging houses, AirBnb etc.) in Malaysia made available by an operator at flat rate of RM 10.00 per room per night.
10 Basic Things You Need To Know About Goods and Services Tax (GST)!
Q1: What is GST? The Goods and Services Tax, more commonly known as GST, is a consumption tax based on the value-added concept, replacing the sales tax and service tax. In Malaysia, GST were implemented since 1 April 2015, fixed…
How Residents And Non-Residents Are Taxed In Malaysia
Malaysia adopts a territorial principle of taxation, which means any incomes (salary from employment, business activities, dividends etc.) which have a source in Malaysia are taxable, regardless of where the person is paid.
Tax Regulatory Bodies In Malaysia
Key Regulatory Bodies that Govern Taxation in Malaysia.
Basic Obligations And Responsibilities Of Tax Payers In Malaysia
What are the essential things to remember as a taxpayer in Malaysia?
Tax Season – 11 Critical Deductions You Should Know
The Tax season has once again knocked the doors of all working class people to file their tax returns till April 30. However, all business partners and sole proprietors can breathe a sigh of relief as the deadline to file…
Central Credit Reference Information System (CCRIS)
Central Credit Reference Information System (CCRIS) is the computerised database maintained at the Credit Bureau, Bank Negara Malaysia since 1982 under the Bank of Malaysia Act 1958. Financial institutions in Malaysia will send a monthly report of all their borrowers…
Real Property Gains Tax, the Act
Real Property Gains Tax Act 1976 (Act 169) SECOND SCHEDULE [Section 7] CHARGEABLE GAINS AND ALLOWABLE LOSSES ARRANGEMENT OF PARAGRAPHS Paragraph 1. Interpretation. 2. Acquisition and disposal generally. 3. Transactions in which disposal price is deemed equal to acquisition price. 4.…
Danaharta Act
The Role of the Danaharta Act Danaharta Nasional Bhd is an asset managment company that plays a vital role in the Malaysian economy today. Its role concerns the restructuring and resolving of non-performing loans (NPLs) in Malaysia. To ensure…