KS CHIA TAX & ACCOUNTING BLOG

Tuesday, January 16, 2024

🚨 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐀𝐥𝐞𝐫𝐭: 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐓𝐚𝐱 (𝐂𝐆𝐓) 🚨

Attention Clients! A significant tax update is on the horizon in Malaysia 🇲🇾:

Starting 𝟭𝘀𝘁 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰, CGT will be applied to gains from the disposal of certain capital assets by companies, LLPs, trusts, and cooperative societies, including:

- Shares of unlisted companies in Malaysia
- Shares of controlled companies outside Malaysia with property interests within Malaysia

💡 𝗪𝗵𝗮𝘁 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗸𝗻𝗼𝘄:

- An exemption period runs until 29th February 2024
- CGT Return Form (CGTRF) submissions begin 1st March 2024 via e-Filing (e-CKM Form)

📋 𝗙𝗶𝗹𝗶𝗻𝗴 𝗠𝗲𝘁𝗵𝗼𝗱:

- Tax agents will use the Tax Agent e-Filing System (TAeF) version 2.0
- CGTRF and payments are due within 60 days of asset disposal
- Digital Certificate and Tax Identification Number (TIN) are required for e-Filing

📚 𝗞𝗲𝗲𝗽𝗶𝗻𝗴 𝗥𝗲𝗰𝗼𝗿𝗱𝘀:

- Retain worksheets and supporting documents for 7 years
- Furnish documents only if requested for audit purposes

💳 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗚𝗿𝗮𝗰𝗲 𝗣𝗲𝗿𝗶𝗼𝗱:

- There's a 30-day payment period with an additional 7-day grace period for tax assessments under specific sections of the ITA 1967.

For detailed guidance, visit CGT Return Form Filing Programme.
https://www.hasil.gov.my/en/forms/cgt-return-form-filing-programme/ .

Need help navigating these changes? We're here for you. Drop us a message or give us a call. 📞

Monday, October 02, 2023

𝐞-𝐈𝐧𝐯𝐨𝐢𝐜𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬

The Inland Revenue Board of Malaysia (IRBM) has officially released a comprehensive set of documents related to e-Invoicing on 29th September 2023.

𝗪𝗵𝗮𝘁'𝘀 𝗡𝗲𝘄?

E-Invoice Guideline Version 2.0

E-Invoice Specific Guideline Version 1.0

E-Invoice Catalogue

𝗢𝗯𝗷𝗲𝗰𝘁𝗶𝘃𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗚𝘂𝗶𝗱𝗲𝗹𝗶𝗻𝗲𝘀

These documents aim to standardize the issuance, validation, and types of e-Invoices in Malaysia. They serve as a comprehensive framework to ensure transparency and compliance in e-Invoicing practices.

𝗪𝗵𝗮𝘁'𝘀 𝗜𝗻𝘀𝗶𝗱𝗲?

The Specific Guideline provides further guidance on:

Types of e-Invoice

Issuance and validation procedures

Required information in e-Invoice

Currency exchange rate guidelines

Self-billed e-Invoice

...and much more!

𝗡𝗲𝗲𝗱 𝗛𝗲𝗹𝗽?

If you have questions or need assistance navigating the complexities of e-Invoicing, we're just a call away. Your compliance is our priority!

Stay informed and compliant!

https://www.hasil.gov.my/.../irbm-e-invoice-guideline...

https://www.hasil.gov.my/.../irbm-e-invoice-specific...

https://www.hasil.gov.my/.../data-catalogue-for-e-invoice...

#IRBM #EInvoice #Compliance #Taxation #Accounting

Wednesday, June 07, 2023

𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗩𝗼𝗹𝘂𝗻𝘁𝗮𝗿𝘆 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲 𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝗺𝗲 (𝗦𝗩𝗗𝗣) 𝟮.𝟬

𝗣𝗲𝗿𝗶𝗼𝗱 : 𝟲 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟯 𝘂𝗻𝘁𝗶𝗹 𝟯𝟭 𝗠𝗮𝘆 𝟮𝟬𝟮𝟰

Attention everyone!

The Inland Revenue Board of Malaysia (LHDN) has introduced the 𝑺𝒑𝒆𝒄𝒊𝒂𝒍 𝑽𝒐𝒍𝒖𝒏𝒕𝒂𝒓𝒚 𝑫𝒊𝒔𝒄𝒍𝒐𝒔𝒖𝒓𝒆 𝑷𝒓𝒐𝒈𝒓𝒂𝒎𝒎𝒆 (𝑺𝑽𝑫𝑷) 2.0. This program provides an opportunity for both new and existing taxpayers to voluntarily report their income and tax computations, ensuring that they are accurate and in line with the current IRBM rulings, and this time with enhanced benefits - 𝒆𝒏𝒋𝒐𝒚 100% 𝒓𝒆𝒎𝒊𝒔𝒔𝒊𝒐𝒏 𝒐𝒇 𝒑𝒆𝒏𝒂𝒍𝒕𝒚 𝒐𝒏 𝒂𝒅𝒅𝒊𝒕𝒊𝒐𝒏𝒂𝒍 𝒕𝒂𝒙𝒆𝒔 𝒕𝒐 𝒃𝒆 𝒊𝒎𝒑𝒐𝒔𝒆𝒅!

The SVDP 2.0 is in effect from 𝟲 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟯 𝘂𝗻𝘁𝗶𝗹 𝟯𝟭 𝗠𝗮𝘆 𝟮𝟬𝟮𝟰.

Don't miss out on this golden opportunity!

Who can participate?

New taxpayers for the Year of Assessment 2022 and preceding years.

Existing taxpayers who have previously declared income to IRBM but have not submitted ITRF/ RPGTRF for any other year of assessment.

Existing taxpayers who have previously declared income to IRBM but still have unreported additional income.

Duty payers who failed to stamp documents/agreements within the stipulated stamping period.

If you have any questions or need more detailed information about how to participate in SVDP 2.0, please don't hesitate to contact us directly. We're here to assist and guide you through this process.