The Inland Revenue Board (IRB) has issued the following public rulings:
Public Ruling 7/2020 - Appeal Against an Assessment and Application for Relief
Public Ruling 8/2020 - Taxation of a Resident Individual (Part 1): Gifts or Contributions and Allowable Deductions
Both public rulings are updated versions of public rulings issued previously to reflect current legislation.
Pursuant to Budget 2020 measures in relation to endowment funds and wakaf, the IRB has issued the following technical guidelines and related application forms:
Application for Approval for an Endowment Fund under section 44(11D)
Application for Approval for a Wakaf Fund under subsection 44(11D)
Both guidelines outline the conditions, criteria and procedure for approval for the endowment and wakaf funds.
The following gazette orders have been issued:
Income Tax (Exemption) (No.4) Order 2020
Income Tax (Exemption) (No.5) Order 2020
providing income tax exemption to both employers and employees in relation to the Employee Retention Programme.
MIDA has issued an updated Guideline on Application for Incentives and/or Expatriate Posts for Green Technology. The guideline has incorporated the Budget 2020 announcement on the extension of incentives for green technologies and the expansion of the scope of the incentives to cover companies which undertake solar leasing activities.
The IRB has updated the following FAQs:
FAQs on Advance Pricing Arrangement Treatment due to COVID-19 Pandemic dated 7 October 2020.
FAQs on International Tax Issues due to COVID-19 Travel Restrictions dated 9 October 2020.
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IRB to stop accepting tax payments by cheques delivered via mail or courier starting from 1 January 2021 In order to encourage the use of online payments, the Inland Revenue Board (IRB) has in its media statement dated 26 November 2020 announced that effective from 1 January 2021, it will no longer be accepting tax...
Welcome to our TaXavvy Budget 2021 Edition (Part 2) which brings you the key tax proposals of Budget 2021 from the Finance Bill which were not covered in the Budget Speech as reported in TaXavvy Budget 2021 Edition (Part 1).
This TaXavvy edition is prepared based on the Budget 2021 speech as announced on 6 November 2020. A follow-up edition will be issued to include key tax proposals from the Finance Bill after the Finance Bill is issued.
Updated public rulings, New technical guidelines, Income tax exemption in relation to the Employee Retention Programme, Updated Green Technology Incentives Guideline, Updated IRB FAQs
