A “non-application” or “mutual exclusion” provision is a common feature in exemption orders and income tax rules granting tax incentives. There had been some confusion as to which types of Section 127 exemptions would exclude taxpayers from claiming incentives under specific gazette orders made under the Income Tax Act 1967. The IRB has now issued a practice note to explain and provide clarity on how mutual exclusion by reason of a Section 127 exemption works.
The IRB has recently made amendments to this public ruling, providing certainty on its position with regards to (i) the classification of payments made to non-resident models for photo shoots, and (ii) the re-grossing of payments made to non-residents for the purpose of determining the amount of the withholding tax due where the withholding tax is borne by the payer of such payments.
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This issue covers Public Ruling 2/2018 - Tax incentive for Returning Expert Programme, Revised Tax Investigation Framework, MIDA's revised guidelines on private healthcare and green technology incentives, MIDA's revised Domestic Investment Strategic Fund guideline, IRB's QR Code initiative, as well as deductions for...
This issue covers revised Tax Audit Framework, Public Ruling No. 1/2018 – Disposal of Plant and Machinery (Part II – Controlled Sales), extension of tax exemption for shipping profits, and stamp duty exemption for contract notes in respect of transfer of shares in medium and small capital companies.
This issue covers Public Ruling 12/2017, Mutual Agreement Procedure guidelines, the revised guideline on the Establishment and Operations of Labuan Leasing Business, Amendment to Guidelines of Income Tax Treatment of MFRS 5: Non-Current Assets Held for Sale and Discontinued Operations, and Common Reporting Standard...
This issue covers stamp duty rates on the instrument of transfer of property valued more than RM1 million, filing programme for the year 2018, Public Rulings 7-11/2017, and Gazette orders.
