Tuesday, February 06, 2018

Revised tax codes (As at 5 February 2018)

RMCD officially uploaded the revised of “The Guide of Accounting Software Enhancement towards GST Compliance” as at 5 February 2018. The new guide replaced the Guide dated 2 March 2017.

The new guide withdraws the tax code NP and reinstate tax code IM-CG.

From the taxable period January 2018 onwards, item 15 of GST-03 return has been amended from "Total Value of GST Suspended under Item 14" to "Total Value of Other Supplies".

The total value of other supplies includes out of scrap supplies and disregarded supplies.




Thursday, January 04, 2018

Filing Programme for Income Tax Return Forms Year 2018

The Inland Revenue Board Malaysia (IRBM) has issued the Filing Programme for Income Tax Return Forms for the year 2018.

YA
Type of form
Filing deadline
E-Filing submission deadline
2017
Form E (Employer- company)
31 March 2018
30 April 2018
2017
Form BE (Resident - does not carry on business)
30 April 2018
15 May 2018
2017
Form B (Resident – does not carry on business)

30 April 2018
15 May 2018
2017
Form M (Non -resident - does not carry on business)
30 April 2018
15 May 2018
2017
Form B (Resident - carry on business)
30 June 2018
15 July 2018
2017
Form M (Non -resident - carry on business)
30 June 2018
15 July 2018
2017
Form P (Partnership)
30 June 2018
15 July 2018
2017
Form e-C (Company)
(YE 31.12.2017)
31 July 2018
31 August 2018





     
           
     -   If submission of Income Tax Return after the grace period, the submission deemed to be late and penalty will be imposed under subsection 112(3) of ITA 1967.
-   Corporate employer is compulsorily required to submit Form E via E-filing (e-Form E).


http://lampiran2.hasil.gov.my/pdf/pdfam/ProgramMemfailBNCP_2018_2.pdf

Thursday, December 14, 2017

Public Ruling No. 7/2017 : DISPOSAL OF PLANT OR MACHINERY PART I – OTHER THAN CONTROLLED SALES

The Inland Revenue Board of Malaysia has issued Public Ruling No. 7/2017 : Disposal of plant or machinery Part I – Other than Controlled Sales on 12 December 2017.

The new public ruling explains the tax treatment in relation to the disposal of plant and machinery which is not subject to the controlled sales.

Disposal value = Market value OR Net proceeds of the sale, whichever is the greater.

Paragraph 8 of the PR stated that the disposal of assets at market value does not apply to:-
1)Disposal of asset to the Government, State Government or a local authority
2)Disposal of asset by way of gift
http://lampiran2.hasil.gov.my/pdf/pdfam/PR_7_2017.pdf

Source : IRB website

Wednesday, November 01, 2017

Saturday, June 10, 2017

Public Ruling No. 1/2017 & Public Ruling No. 2/2017 : Income Tax Treatment of Goods and Services Tax

Inland Revenue Board of Malaysia has uploaded the following public ruling in their portal:-

Public Ruling No. 1/2017 Income Tax Treatment of Goods and Services Tax Part I: Expenses

Public Ruling No. 2/2017 Income Tax Treatment of Goods and Services Tax Part II: Qualifying expenditures for the purpose of claiming allowances.

The Public Ruling stated that the following documents required to be kept are:-
  1. GST return form (GST-03, GST-04); 
  2. Relevant tax invoices; 
  3. Adjustments on input tax made by the RMCD; 
  4. Report on tax codes adopted in the accounting system; 
  5. Reconciliation between GST-03 and financial statements; 
  6. GST audit file; and 
  7. Other relevant documents.


Source : IRBM portal