TaXavvy Budget 2019 Edition (Part III)

In this issue:

7-year time limit - Does not apply to carry forward of capital allowances and investment tax allowances
Scope of special classes of income under Section 4A(ii) - Amendment and alignment of other sections
Labuan IBFC - Amendment to disallowance of tax deduction for payments made to Labuan Entities
Reinsurance business - To be treated as a separate general business
Wholesale money market fund - No longer qualify for exemption on interest income
Acquisition price of real property acquired prior to 1 January 2000 - Reset of acquisition price to market value as at 1 January 2000
Acquisition price of recipients of real properties by way of gift - No longer entitled to adopt market value on date of gift as deemed acquisition price even if real property is received after 5 years from donor's acquisition date.

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