TaXavvy Special Edition: Budget 2016 issue

Inside this issue:

Corporate tax

Amendments arising from Goods and Services Tax (GST) implementation
Industrial Building Allowance (IBA)
Replacement of part of an asset
Timing of taxability of business income in respect of services
Submission of written notice for interest deduction claim

Personal tax

Review of individual income tax rates
Increase in reliefs
Gratuity payment
Electronic Submission of Employer Return (Form E)
Basis period to which gross income from an employment is related

Tax incentives

Reinvestment Allowance (RA)
Tax incentives for food production projects
Tax incentives for tour operating companies
Independent Conformity Assessment Bodies (ICAB)
Exports incentive to Small and Medium Enterprises (SMEs)
Automatic double deduction for R&D projects
Issuance of Retail Bond and Retail Sukuk
Sustainable and Responsible Investment Sukuk (SRI Sukuk)
Extension of tax incentive for Real Estate Investment Trusts (REITs)
Shariah-compliant fund management company

Tax administration

Enhancement of penalty for non-submission of income tax return
Penalty for failure to furnish the correct particulars in the income tax return form
Electronic submission of tax estimates
Assessment or reduced assessment on adjustment made on input tax paid or to be paid under the GST Act

^{TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.}