Malaysia: Summary of income and indirect tax developments (February 2024)
Income tax, indirect tax, and electronic invoicing
Income tax, indirect tax, and electronic invoicing
The KPMG member firm in Malaysia prepared a monthly summary of tax developments [PDF 3.2 MB] that covers income tax, indirect tax, and electronic invoicing (e-invoicing).
Income tax
- Exemptions from capital gains tax and tax on foreign-sourced income for unit trusts
- Capital gains tax return form (CGTRF) filing program, sample CGTRF, and explanatory notes
- Income tax exemption for an Iskandar Development Region status company
- Deduction for investment in a BioNexus status company
- Ministry of Tourism, Arts and Culture (MOTAC) guidelines for tax deduction for sponsorship of arts, cultural and heritage activities
- Guideline on application for approval under section 44(6) of the income tax law in relation to welfare funds for public hospitals, private hospitals, and teaching hospitals
- Malaysian Investment Development Authority’s updated guideline and procedures for ship building and ship repairing (SBSR) incentive
Indirect tax
- Indirect tax legislation updates
- Proposed increase in service tax rate and expansion of taxable services
- Royal Malaysian Customs Department guide on exemption from sales tax registration
E-invoicing
- Malaysian Inland Revenue Board’s e-invoicing industry-specific “frequently asked questions” (FAQs)
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