Service Tax: Food and Beverage Did you know? Food and beverage (F&B) operators who have reached the prescribed threshold of having a total turnover in excess of RM1,500,000 for a period of 12 months must be registered under the Service Tax Act 2018, and they must charge service tax on the provision of taxable services… Continue reading Are F&B operators required to charge Service Tax?
Author: Boss Boleh
Is the compensation for loss of employment taxable?
Tax Treatment of Compensation for Loss of Employment Picture this scenario:You have been happily employed at ABC Sdn. Bhd. for five years. However, the company has fallen on hard times due to the pandemic. As a consequence, your boss has decided to cease operations and close down the company. You were given a sum of… Continue reading Is the compensation for loss of employment taxable?
Is foreign-source income taxable in Malaysia?
The Taxability of Foreign-Source Income Is foreign-source income (FSI) taxable in Malaysia? Malaysia adopts the territorial principle of taxation where income accruing in or derived from Malaysia or received in Malaysia from outside Malaysia shall be chargeable to tax for that year of assessment (YA) in Malaysia pursuant to Section 3 of the Income Tax… Continue reading Is foreign-source income taxable in Malaysia?
What if I made a mistake on income tax return form?
Amending the Individual Income Tax Return Form Imagine this: you’re filing your taxes, and right after you click that submit button—oh no—you see an extra zero keyed in, or you could have missed out on some tax reliefs you were actually entitled to. You click away on the LHDN website in a frenzy, only to… Continue reading What if I made a mistake on income tax return form?
8 Benefits of Forming a Sdn Bhd in Malaysia
8 Benefits You Don’t Want to Miss! Discover how forming an Sdn Bhd company in Malaysia can protect your assets, maximize tax savings, increase access to capital funding, streamline employee recruitment, and more. Don’t miss out on the opportunity to take your business to the next level and enjoy the many advantages of the Sdn Bhd corporate structure. Read on to learn more!
Is your business at risk of non-compliance?
Overview of Transfer Pricing Transfer pricing generally refers to the intercompany pricing arrangements for the transfer of goods, services, and intangibles between related or associated parties. In an ideal scenario, the transfer price should be the same as the prevailing market price. However, business transactions between associated parties may not always reflect the dynamics of… Continue reading Is your business at risk of non-compliance?
Are Blackpink obliged to pay tax while performing in Malaysia?
Withholding Tax: Public Entertainer Do you know what Blackpink, Ariana Grande, and Jacky Cheung have in common when they hold their concert tours in Malaysia? The answer is their income would be subject to withholding tax (WHT) pursuant to section (s.) 109A of the Income Tax Act (ITA) 1967. In Malaysia, public entertainers who… Continue reading Are Blackpink obliged to pay tax while performing in Malaysia?
Avoid being IRBM’s target: Why is capital statement important?
Overview of Capital Statement of Individual Tax Payers Capital Statement is requested by the Inland Revenue Board of Malaysia (IRBM) during a tax investigation to assess if an individual is able to substantiate his or her spending with the income generated. It is a combination of balance sheets and profit and loss accounts of an… Continue reading Avoid being IRBM’s target: Why is capital statement important?
Are you eligible for RPGT Exemption?
Real Property Gains Tax Exemption The disposal of real property in Malaysia is subject to real property gains tax (RPGT) based on a scale of rates ranging from 0% to 30% depending on the length of time the real property is held. However, there are certain situation where gains from disposal of real property are… Continue reading Are you eligible for RPGT Exemption?
How to utilize business losses to save tax?
Business Loss Current year adjusted business losses can be used to set off against other income from the aggregate income for that year of assessment in ascertaining its total income. The other types of income such as other businesses, rental income, interest income, employment income, etc. After offsetting the current year losses against the other… Continue reading How to utilize business losses to save tax?