TaXavvy Issue 5/2022

In this issue:

IRB’s Media Release on Implementation of e-Telegraphic Transfer (e-TT) System

The Inland Revenue Board (IRB) has issued a media release on 3 March 2022 on the introduction of a new e-TT system effective from 1 April 2022.

Gazette Order for Global Trading Centre Incentive Scheme

The Income Tax (Global Trading Centre Incentive Scheme) Rules 2022 has been gazetted and is effective from the year of assessment (YA) 2021.

Double Deduction for Sponsorship of Scholarship Rules

Following the Budget 2022 proposal, the Income Tax (Deduction for the Sponsorship of Scholarship to Malaysian Student Pursuing Studies at Technical and Vocational Certificate, Diploma, Bachelor’s Degree, Master’s Degree or Doctor of Philosophy Levels) Rules 2022 has been gazetted.

Guidelines on Tax Treatment on Income of Medical Practitioners in Private Hospitals

The IRB has issued the Guidelines for Tax Treatment on Income of Medical Practitioners (Specialist Doctors) in Private Hospitals dated 16 March 2022.

Amended Guidelines on Application for Stamp Duty Relief

The IRB has issued the following on 24 March 2022:

Guidelines on stamp duty relief under Section 15 of the Stamp Act 1949 dated 1 March 2022
Guidelines on stamp duty relief under Section 15A of the Stamp Act 1949 dated 1 March 2022

The guidelines set out the qualifying conditions and the application procedures for the stamp duty relief.

Extension of Sabah Development Corridor (SDC) Incentives

The following amendment orders in relation to the SDC incentives have been gazetted:

Income Tax (Exemption) (No. 11) 2018 (Amendment) Order 2022
Income Tax (Exemption) (No. 12) 2018 (Amendment) Order 2022
Stamp Duty (Exemption) (No. 8) 2018 (Amendment) Order 2022

Other Developments

Extension of time for filing of Labuan income tax returns
FAQ on Special Deduction for Reduction of Rent (updated)
Criteria on Incomplete Income Tax Return Form
Submission of CP600B - change of address
IRB’s Media Release on DuitNow as a Medium for Tax Refund

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