Tax Booklet YA 2005

Easy Guide to Malaysian
Tax and Accounting Information 2005/2006

KTM Station, Kuala Lumpur
TAX_NEW_A 14/10/2005 3:35 PM Page 96
95
INCOME TAX (Scope of Taxation) BASIS PERIOD (Taxable Period) PERSONAL INCOME TAX
Acknowledgement
This booklet has been made possible with technical input and
contribution from Mr Alan Yeo Miow Cheng, FCCA.
The information provided in this booklet is based on taxation laws and other
legislation, including legislative proposal and measures contained in the 2006
Malaysian Budget annoucement on 30 September 2005. The 2006 Budget
proposals are in coloured italics.
Whilst every effort has been made to ensure the accuracy of the content,
ACCA does not take responsibility for the accuracy of information presented
nor for any loss which may arise form information contained in this
publication.
@ACCA
Printed October 2005
TAX_NEW_A 14/10/2005 3:35 PM Page 95
Contents
TAX INFORMATION
1 Income Tax (Scope of Taxation)
2 Basis Period (Taxable Period)
3 Personal Income Tax
4 Corporate Income Tax
5 Schedule 3 Allowances
(Tax Depreciation)
6 Double Tax Agreements
7 Tax Incentives
8 Income Exempt from Tax
9 Real Property Gains Tax
10 Service Tax
11 Sales Tax
12 Import Duties
13 Export Duties
14 Excise Duties
15 Licensed Manufacturing
Warehouse
16 Free Zone
17 Stamp Duty
PAGE 4
PAGE 4
PAGE 5
PAGE 16
PAGE 21
PAGE 25
PAGE 27
PAGE 52
PAGE 56
PAGE 59
PAGE 63
PAGE 66
PAGE 67
PAGE 67
PAGE 68
PAGE 68
PAGE 69
1
TAX INFORMATION (contd)
18 IRB Exchange Rates
(Average Annual Rates)
19 List of Public Rulings Issued
20 Important Filing Dates
ACCOUNTING INFORMATION
21 Financial Reporting Standards
22 Malaysian Approved
Standards on Auditing
23 Recommended Practice Guides (RPG)
24 MIA By-Laws
PAGE 73
PAGE 74
PAGE 76
PAGE 82
PAGE 84
PAGE 89
PAGE 89
Contents(contd)
2
TAX_NEW_A 14/10/2005 3:35 PM Page 2
3
TAX INFORMATION
TAX_NEW_A 14/10/2005 3:35 PM Page 3
INCOME TAX (Scope of Taxation) BASIS PERIOD (Taxable Period)
4
1 INCOME TAX (Scope of Taxation)
a) Income tax is charged on income accruing in or derived from
Malaysia by a chargeable person. Remittance of foreign income by a
person (other than b) is tax exempt.
b) A resident company carrying on a business of banking, insurance,
sea or air transport is charged to tax on a worldscope basis.
c) Offshore company carrying on offshore business activity in or from
Labuan is taxed under the Labuan Offshore Business Activity Tax Act
1990 (LOBATA) instead of the Income Tax Act 1967. Under LOBATA,
it is taxed at the lower of 3% of accounting profit or RM20,000.
2 BASIS PERIOD (Taxable Period)
a) Company, Co-operative or Trust Body
Basis period (taxable period) shall be the financial year ending in that
particular year of assessment, for example the accounting year
ended 30 June 2005 shall constitute the basis period for Year of
Assessment (Y/A) 2005.
b) Individual and Person other than (a) above
Basis period shall be the calendar year coinciding with the year of
assessment, that is, for Y/A 2005, it shall be from 1 January 2005
to 31 December 2005.
TAX_NEW_A 14/10/2005 3:35 PM Page 4
5
PERSONAL INCOME TAX
3 PERSONAL INCOME TAX
3.1 Tax Residence of Individuals
An individual is regarded as a tax resident if he meets any of the
following conditions:
a) in Malaysia for 182 days or more in a calendar year;
b) in Malaysia for a period of less than 182 days during the year
(shorter period) and that period is linked to or by a period of
182 or more consecutive days (longer period) in the following
or preceding year. Temporary absence from Malaysia for certain
specified reasons are ignored, provided that the individual is in
Malaysia before and after the temporary absence;
c) in Malaysia for 90 days or more during the year and, in any 3
out of 4 immediately preceding years, he was either in Malaysia
for at least 90 days or was resident in Malaysia;
d) resident for each of the 3 immediate preceding years and also
resident for the immediate following year.
3.2 Self Assessment System (From Y/A 2004)
Under the Self Assessment System (SAS), the responsibility for
assessing a persons tax liability is transferred from the Inland
Revenue Board (IRB) to individual taxpayer.
Tax Return Form B or BE for YA 2005 will be issued to individual
taxpayers in January 2006 and will be due for submission not later
than 30 April 2006 except for individual taxpayers with business
source of income, the due date for tax filling is 30 June 2006. The
submission of the Form B or BE is deemed to be a notice of
assessment for which any balance of tax must be paid on or before
the filling deadline.
TAX_NEW_A 14/10/2005 3:35 PM Page 5
6
PERSONAL INCOME TAX
3.3 Rates from Y/A 2005
a) Resident individuals
Chargeable
Income Rate Tax Payable
RM % RM
On the first 2,500 0 0
On the next 2,500 1 25
On the first 5,000 25
On the next 15,000 3 450
On the first 20,000 475
On the next 15,000 7 1,050
On the first 35,000 1,525
On the next 15,000 13 1,950
On the next 20,000 19 3,800
On the next 30,000 24 7,200
On the first 100,000 14,475
On the next 150,000 27 40,500
On the first 250,000 54,975
Above 250,000 28
TAX_NEW_A 14/10/2005 3:35 PM Page 6
7
PERSONAL INCOME TAX
b) Non-resident individuals
Types of income Rate
%
i) Public Entertainers professional income 15*
ii) Interest 15*
iii) Royalty 10*
iv) Special classes of income:
- payment for services rendered in connection
with use of property or installation or operation
of any plant, machinery or other apparatus
purchased from a non-resident person 10*
- technical or management services fees for
onshore services** 10*
- rental of moveable property 10*
v) Dividends and others 28*
* Taxes collected by way of withholding tax
** Fees for training in the performance of art and production
of craft be exempted for a period of 5 years, effective from
1-10-2005.
3.4 Personal Reliefs for Resident Individuals
From Year of
Types of relief Assessment 2005
RM
a) Self 8,000
b) Disabled individual (additional) 6,000
c) Spouse 3,000
d) Alimony payment to former wife 3,000
e) Disabled spouse (additional) 3,500
TAX_NEW_A 14/10/2005 3:35 PM Page 7
8
PERSONAL INCOME TAX
From Year of
Types of relief (contd) Assessment 2005
RM
f) Child
i) each qualifying child (18 years and below of age) 1,000
ii) each qualifying child (over 18 years of age),
receiving education at diploma level and above*
or studying under articles or indentures in a trade
or profession
- in Malaysia 4,000
* automatic child relief of RM4,000 from
Y/A 2006.
- outside Malaysia, if higher education commenced:
- before 17.10.1997 2,000
- from 17.10.1997 1,000
- from Y/A 2006, studying at degree level
and above 4,000
iii) Child of East Malaysian studying in West Malaysia 4,000
g) Disabled child 5,000
- From Y/A 2006, disabled child studying at local
institution of higher learning at diploma level and above. 9,000
- From Y/A 2006, disabled child studying outside
Malaysia at degree level and above. 9,000
h) Life insurance premiums and EPF contributions 6,000
i) Insurance premiums for education or medical
benefits 3,000
j) Premium on annuity purchased under EPF
annuity scheme 1,000
TAX_NEW_A 14/10/2005 3:35 PM Page 8
9
PERSONAL INCOME TAX
From Year of
Types of relief (contd) Assessment 2005
RM
k) Medical expenses for:
i) parents 5,000
ii) self, spouse or child suffering from a serious
disease (including fees of up to RM500 incurred
for complete medical examination) 5,000
l) Fee expended on approved courses
(extended to professional, accountancy and law
courses from Y/A 2006) 5,000
m) Purchase of supporting equipment for a disabled
person (self,child or parent) 5,000
n) Cost incurred for the purchase of books, journals,
magazines and other similar publications for the
purpose of enhancing knowledge 700
3.5 Tax Rebates
RM
a) Rebate for resident individuals whose chargeable income
does not exceed RM35,000.
i) where husband and wife are jointly assessed:
- Individual 350
- Wife 350
ii) where husband and wife are separately assessed:
- Individual 350
- Alimony payment to former wife 350
- Wife 350
b) Rebate for Zakat, Fitrah or other Islamic Actual amount
religious dues paid expended in Malaysia
TAX_NEW_A 14/10/2005 3:35 PM Page 9
10
PERSONAL INCOME TAX
RM
c) Rebate for purchase of personal computer
(claimed once in every 5 years by individual
or spouse) 500
d) Rebate for levies paid for employment pass,
visit pass Actual amount
(temporary employment), or work pass expended
3.6 Employment Income
a) Derivation
Employment income is regarded as derived from Malaysia: -
i) the employment is exercised in Malaysia for any period of
time;
ii) the employee is on paid leave which is attributable to the
exercise of an employment in Malaysia;
iii) the employee performs duties outside Malaysia which are
incidental to his employment in Malaysia;
iv) a person is a director of a resident company in Malaysia;
v) the employment is exercised on board an aircraft or ship
operated by a person who is resident in Malaysia.
b) Exemption (short term employees)
Income of a non-resident from a employment in Malaysia is
exempt:
i) if the period of employment in Malaysia does not exceed
60 days in a calendar year, or
ii) where the total period of employment which overlaps
2 calendar years does not exceed a continuous period of
60 days.
iii) where a continuous period of employment of not more than
60 days together with another period does not exceed
60 days in aggregate.
TAX_NEW_A 14/10/2005 3:35 PM Page 10
11
PERSONAL INCOME TAX
c) Exemption (Tax Treaties)
Employment income is tax exempt provided:
i) an employee is present in Malaysia for a period of not more
than 183 days (certain tax treaties provided only 120 days,
for example, tax treaty with Singapore)
ii) remuneration is paid by a non-resident person; and
iii) remuneration must not be deductible against the taxable
profit of a permanent establishment.
d) Employees of AOHQ and RO
Effective from Y/A 2003 expatriates working in Operational
Headquarters (AOHQ) or Regional Offices (RO) based in Malaysia
would be taxable on their employment income, on a time
apportionment basis in accordance with the number of days
spent in Malaysia.
e) Types of Employment Income
Taxable Value
i) Section 13(1)(a)
Cash remuneration, perquisite, Amount paid by
allowance and employees employer
pecuniary liability paid by
employer.
Employees Share Option Difference between
Scheme market value and
discounted price on the
date of offer
The lower of market value
on the date exercisable or
the date the share option is
exercised less the price
paid by employee, from Y/A
2006
TAX_NEW_A 14/10/2005 3:35 PM Page 11
12
PERSONAL INCOME TAX
ii) Section 13(1)(b)
Benefits not convertible into Public Ruling 2/2004
money. Certain benefits are
exempted from tax
iii) Section 13(1)(c)
Unfurnished accommodation* Lower of 30% x Section
13(1)(a) or defined value
of accommodation
Hotel accommodation 3% x Section 13(1)(a)
iv) Section 13(1)(d)
Unapproved Fund/Scheme Employers portion of
contribution
v) Section 13(1)(e)
Compensation of loss of Exempted if due to ill
employment health approved by the
1RB. Otherwise, exemption
of RM6,000 for each
completed years of service.
* Furnishing is taxed under Section 13(1)(b)
f) Public Ruling (Benefits-In-Kind)
Benefits-in-kind (BIK) provided to employee by the employer shall
be determined by: -
i. the formula method; or
ii. the prescribed value method.
i) Formula method
Each benefit provided is ascertained as follows: -
aa) Assets other than motor car
Cost of the asset
= Annual value of the benefit
Prescribed average life
span of the asset
13
PERSONAL INCOME TAX
bb) Motor Car
Cost of the Motor Car
x 80% = Annual value of the benefit
Prescribed average life
span
Items Prescribed average life span
Years
Motorcar 8
Furnishings:
Air conditioner 8
Curtains & carpets 5
Furniture 15
Refrigerator 10
Sewing machine 15
Kitchen utensils/equipment 6
Entertainment and recreation:
Colour television 7
Organ 10
Piano 20
Stereo set 7
Swimming pool 15
Sauna 15
Video 7
Others:
For example, Mobile telephone 5
ii) Prescribed Value Method
The above method can be used as an alternative to
determine the taxable BIK provided by the employer to his
employee.
TAX_NEW_A 14/10/2005 3:35 PM Page 13
14
PERSONAL INCOME TAX
Prescribed Value Method (Motor Car):
Annual
Cost of car value of private
(when new) usage of car Fuel per annum
RM RM RM
Up to 50,000 1,200 600
50,001 75,000 2,400 900
75,001 100,000 3,600 1,200
100,001 150,000 5,000 1,500
150,001 200,000 7,000 1,800
200,001 250,000 9,000 2,100
250,001 350,000 15,000 2,400
350,001 500,000 21,250 2,700
500,001 and above 25,000 3,000
Where fuel is provided without motorcar, the actual value of
the fuel provided is treated as the benefit received.
Prescribed Value Method (Other Assets):
RM
aa) Household furnishings, apparatus & appliances
- Semi-furnished with furniture 70 per month
in the lounge, dining room
and bedroom
- Semi-furnished as above and 140 per month
with air conditioners or carpets
or curtains
- Fully furnished 280 per month
bb) Mobile Phone
- Hardware 300 p.a.
- Rental & charges 300 p.a.
cc) Domestic servant 4,800 p.a.
dd) Gardener 3,600 p.a.
ee) Driver 7,200 p.a.
TAX_NEW_A 14/10/2005 3:35 PM Page 14
15
PERSONAL INCOME TAX
iii) Consistency
Whichever method is used, the basis of computing the
benefits (whether the formula method or the prescribed
value method) must be consistently applied throughout the
period of the provision of the benefits.
Prescribed
Formula Method Value Method
1) Provided to employee Time Time
for less than a year apportionment apportionment
2) Shared with another Apportion Apportion
employee accordingly accordingly
3) Used for purpose of To reduce value No
the business of by business Adjustment
employer portion
4) Employee required to To reduce the No
pay employer for the annual value of Adjustment
benefits provided the benefits
5) Where a motorcar No adjustment To reduce the
provided is more annual benefits
5 years old by 50%. No
adjustment for
the taxable
benefits of fuel.
TAX_NEW_A 14/10/2005 3:35 PM Page 15
16
PERSONAL INCOME TAX CORPORATE INCOME TAX
iv) Collection of tax
aa) Taxes are collected from employees through compulsory
monthly deductions from salary under the Schedule Tax
Deduction (STD) system.
bb) Individuals receiving non-employment income are required
to pay by compulsory six bi-monthly instalments.
cc) Any balance of tax for a year of assessment must be
paid by 30 April or 30 June (with business source)
following the year of assessment.
4 CORPORATE INCOME TAX
a) Residence status
A company is tax resident in Malaysia if its management and control
is exercised in Malaysia. Management and control is normally
considered to be exercised at the place where directors meetings are
held for policy decision.
b) Income tax rates
From
Year of assessment
2005
i) Resident companies Rate %
aa) Having a paid-up ordinary share capital of
RM2.5 million or less.
Chargeable Income
On the first RM500,000 20
In excess of RM500,000 28
bb) Other companies
Chargeable Income 28
TAX_NEW_A 14/10/2005 3:35 PM Page 16
17
CORPORATE INCOME TAX
From
Year of assessment
2005
ii) Non-resident companies Rate %
Royalties 10
Rental of moveable properties 10
Technical or management service fees 10
(Only fees for onshore technical or management services)
Interest 15
Dividends 28
Business and other income 28
Where the recipient is resident in a country which has a double tax
treaty with Malaysia, the tax rates for specific sources of income
may be reduced.
c) Self Assessment System (From Y/A 2001)
i) Submission of returns and assessment
aa) Tax returns (Form C & R) are required to be submitted within
7 months from the date of closing of accounts.
bb) On submission of the return, an assessment is deemed to
have been made on the company. The return is deemed to
be a notice of assessment, which is deemed to be served
on the company on the day that it is submitted.
ii) Collection of tax
aa) Payment of tax by 12 *equal monthly instalments has to be
made, beginning from the second month of the companys
basis period (taxable period). An estimate of tax payable for
the year of assessment must be furnished to the Director
General one month before the beginning of the basis period.
From Y/A 2006, an estimate should not be less than 85% of
the previous years estimate or revised estimate.
TAX_NEW_A 14/10/2005 3:35 PM Page 17
18
bb) The balance of tax payable by a company is due to be paid
on the last day by which the return must be submitted.
* Number of instalments shall be increased or reduced
depending on the number of months of basis period
(taxable period) for a year of assessment.
iii) Tax on interest, royalties, rental of moveable properties and
technical or management service fees for onshore services
received by non-resident companies are collected by means of
withholding tax. The withholding tax is payable within one month
of crediting or paying to the non-resident company.
4.1 Dividend (Profits Distribution)
a) Malaysia adopts an imputation tax system for distribution of
non-exempt dividend.
b) From YA 2001, the concept of available credit for purposes of
franking a distribution of dividend is changed from tax chargeable
on a company to tax paid by the company up to the end of the
basis period for a year of assessment.
i) A "new" dividend franking account is created from Y/A 2001
and is kept separate from the "old" dividend franking account
(for years of assessment prior to year of assessment 2001).
ii) The balance of credit in the old dividend franking account
shall be reduced by the amount of tax deducted in respect of
dividend paid, credited or distributed on or after 1 January
2001 until the balance is fully utilised.
For property developers, estimated losses of low cost
housing project be set-off against estimated profits of other
property development project in the above estimates.
TAX_NEW_A 14/10/2005 3:35 PM Page 18
19
iii) Where the tax franking for a dividend payment exceeds the
available tax credits, the shortfall becomes a debt due to
the IRB payable not later than 7 months after the companys
financial year ending.
4.2 a) Business Losses
Business losses can be set off against the Aggregate Income
(income from all sources) in the current year. Any unutilised
losses can be carried forward to reduce income from any
business source for the subsequent years until it is fully utilised.
b) Unabsorbed Capital Allowances
Unabsorbed capital allowances can be carried forward to
reduce adjusted income for the same business source for the
subsequent years until it is fully utilised.
Ununtilised business losses and unabsorbed capital allowances
of a company are not allowed to be carried forward where there
is a change of more than 50% shareholdings in the company.
4.3 Group Relief
No group relief in Malaysia other than group relief available in
respect of certain approved projects, for example approved food
production, forest plantation, biotechnology, nanotechnology, optics
and photonics.
Companies granted group relief incentive before Y/A 2006 for the
above activities shall continue to set-off their income against 100%
of losses incurred by their subsidiaries.
From Y/A 2006, group relief be available to all resident companies
where 50% of the current year business loss can be set off against
the Aggregate Income of another company within the same group,
subject to the following conditions:
TAX_NEW_A 14/10/2005 3:35 PM Page 19
20
a) the claimant (CC) and the surrendering companies (SC) each has
a paid-up capital of ordinary shares exceeding RM2.5 million.
b) both CC and SC must have the same accounting period.
c) shareholdings (direct or indirect) of SC and CC in the group must
not be less than 70%.
d) the 70% shareholding must be on a continuous basis for the
preceding year and the relevant year.
e) losses resulting from acquisition of proprietary rights or a
foreigner owned company be excluded for purpose of group
relief.
f) Companies currently enjoying the following incentives are not
eligible for group relief:-
i) Pioneer Status
ii) Investment Tax Allowance/Investment Allowance
iii) Reinvestment Allowance
iv) Exemption of shipping income
v) Section 127 exemption
vi) Deduction for Investment in an Approved Food Production
Project.
4.4 Business Income and Deductions
a) Business profits are computed on the basis of general accepted
accounting principles as modified by certain tax adjustments to
arrive at the adjusted business income.
b) Generally, deduction is allowed for all outgoings and expenses
wholly and exclusively incurred in the production of income for
the basis period for a year of assessment.
TAX_NEW_A 14/10/2005 3:35 PM Page 20
21
CORPORATE INCOME TAX SCHEDULE 3 ALLOWANCES [Tax Depreciation]
c) Deductions which are specifically disallowed include:
i) Domestic or private expenses
ii) Capital expenditure
iii) General provisions
iv) Depreciation and amortisation of capital assets.
v) Expenditure not wholly and exclusively incurred.
vi) Contribution to unapproved fund/scheme.
vii) Contribution to approved schemes in excess of 19% of
employees remuneration.
viii) Payment made to non-resident person where withholding tax
provisions have not been compiled with.
ix) Payment to a person other than the State Government or
statutory authority for the use of a license or permit to
extract timber from a forest.
x) Lease rental for passenger cars exceeding RM50,000 or
RM100,000, the latter amount only apply to new vehicle
costing not more than RM150,000.
xi) 50% of entertainment expenses with certain exception.
xii) Leave passage (cost of fare)
xiii) Interest expenses not attributable to business.
xiv) Pre-commencement expenses
xv) Incorporation expenses with an authorised capital exceeding
RM2.5 million.
5 SCHEDULE 3 ALLOWANCES [Tax Depreciation]
5.1 Capital Allowances (Plant & Machinery)
a) Qualifying plant expenditure includes
i) cost of assets used in a business, include plant and
machinery, motor vehicles, office equipment, furniture and
fittings, motor vehicles.
ii) the cost of construction and installation of plant and
machinery.
iii) expenditure on fish ponds, animal pens, cages and other
structures used for pastoral pursuits.
TAX_NEW_A 14/10/2005 3:35 PM Page 21
22
b) Rates of annual allowances
From Year of Assessment
Assets (Other than small value assets) 2005
%
Heavy machinery 20
Motor vehicles (including non-commercial vehicle) 20
General plant and machinery 14
Office equipment, Furniture and fixtures 10
c) Maximum qualifying expenditure for motorcar
Maximum
RM
i) New vehicles purchased on or after 100,000
28 October 2000 where on-the-road price
does not exceed RM150,000
ii) Other vehicles (secondhand vehicle or vehicle 50,000
costing more than RM150,000)
d) i) Initial allowance (normally at 20%) is granted in the year the
qualifying expenditure is incurred and the asset is in use for
the purpose of the business.
ii) Annual allowance at the prescribed rates calculated on
qualifying expenditure (cost) is given at the end of each
relevant year during which the asset is in use for the purpose
of the business.
iii) Claimant of initial and annual allowances must be owner of the
asset.
iv) Expenditure on assets with life spans of not more than 2 years is
claimed under a replacement basis instead of capital allowance.
e) Accelerated Depreciation Allowance
Certain assets are claimed at an accelerated rates of initial or annual
allowance, for example computers, assets used for environmental
protection or energy conservation, assets acquired for providing
natural gas for vehicles, assets used to ensure quality of power
supply.
SCHEDULE 3 ALLOWANCES [Tax Depreciation]
TAX_NEW_A 14/10/2005 3:35 PM Page 22
23
From Y/A 2006, purchase of moulds used in the production of
Industrial Building system components be fully written off over a
period of 3 years.
f) Small value assets (from Y/A 2006)
Value of each qualifying asset of not more than RM1,000 shall
be given capital allowance of 100%. Total qualifying plant
expenditure of such assets shall not exceed RM10,000.
5.2 Industrial Building Allowance
a) Qualifying Building Expenditure (QBE)
QBE for purposes of industrial building allowance is the cost of
construction of buildings or structures which are used as
industrial buildings. Before Y/A 2005, QBE for purchased
building has to take into account a number of factors, including
the purchase price, the cost of construction, and whether it was
used as an industrial building one month before the date of
purchase. Effective from YA 2005, in the case of a purchased
building the purchase price shall be taken to be QBE.
b) Types of industrial buildings
An industrial building includes a building used:
i) as a factory
ii) as a dock, wharf, jetty
iii) as a warehouse
iv) for working a farm
v) for working a mine
vi) for supplying water or electricity, or telecommunication
facilities
vii) for approved research and approved training
viii) as a private hospital, maternity home and nursing home
which is licensed under the law
ix) for a school or an educational institution approved by the
Minister of Education
TAX_NEW_A 14/10/2005 3:35 PM Page 23
24
x) as a hotel, and that hotel is registered with the Ministry of
Culture, Arts and Tourism
xi) as an old folks care center approved by the Social Welfare
Department
c) The Finance Minister may prescribe a building that is used for the
purpose of a persons business as an industrial building, and the
rate to be allowed.
From Y/A 2006, new buildings occupied by MSC status companies
in Cyberjaya shall be given IBA for a period of 10 years.
d) Other qualifying capital expenditure
Expenditure on construction or purchase of the following,
including expenditure on extension or improvement of ancillary
structures
i) an airport
ii) an approved motor racing circuit
e) An office building will qualify provided that it forms part of an
industrial building and its cost does not exceed 10% of the total
building expenditures.
f) Rates of industrial building allowance
Initial Annual
allowance allowance (AA)
% %
i) Whether constructed or 10 3
purchased
ii) Where AA has been claimed for years prior to YA 2002 in
respect of an industrial building, and that allowance was
calculated based on a permitted fraction (PF), AA for that
building from YA 2002 is claimed at the higher of: -
aa) 3% x QE; or
bb) PF
TAX_NEW_A 14/10/2005 3:35 PM Page 24
25
DOUBLE TAX AGREEMENTS
6 DOUBLE TAX AGREEMENTS
Rate of withholding tax
Technical
Royalties Interest Fees
% % %
Albania 10 10 10
Argentina 10 15 10
Australia 10 15 NIL
Austria 10 15 10
Bahrian 8 5 10
Bangladesh 10 15 10
Belgium 10 10 10
Canada 10 15 10
China, Peoples Republic 10 10 10
Croatia 10 10 10
Czech Republic 10 12 10
Denmark 10 15 10
Egypt 10 15 10
Fiji 10 15 10
Finland 10 15 10
France 10 15 10
Germany 10 15 NIL
Hungary 10 15 10
India 10 10 or 15 10
Ireland 8 10 10
Indonesia 10 15 10
Iran 10 15 10
Italy 10 15 10
Japan 10 10 or15 10
Jordan 10 15 10
South Korea 10 15 10
Kyrgyz Republic 10 10 10
Lebanon 8 10 10
Luxembourg 8 10 8
TAX_NEW_A 14/10/2005 3:35 PM Page 25
26
DOUBLE TAX AGREEMENTS
Rate of withholding tax
Technical
Royalties Interest Fees
% % %
Malta 10 15 10
Mauritius 10 15 10
Morocco 10 10 10
Mongolia 10 10 10
Myanmar 10 10 10
Nambia 5 10 5
Netherlands 8 10 8
New Zealand 10 15 10
Norway NIL 15 10
Pakistan 10 15 10
Papua New Guinea 10 15 10
Philippines 10 15 10
Poland 10 15 10
Romania 10 15 10
Saudi Arabia 10 15 10
Seychelles 10 10 10
Singapore 8 or 10 10 or 15 5 or 10
Sri Lanka 5 or 10 10 or 15 10
Sudan 5 or 10 10 10
Switzerland 10 10 10
Sweden 8 or 10 10 or 15 8 or 10
Taiwan 10 10 7.5
Thailand 10 15 10
Turkey 10 15 10
USSR 10 15 10
United Arab Emirates 10 5 10
United Kingdom 8 or 10 10 or 15 8 or 10
USA 10 15 10
Uzbekistan 10 10 10
Vietnam 10 10 10
Zimbabwe 10 10 10
TAX_NEW_A 14/10/2005 3:35 PM Page 26
27
DOUBLE TAX AGREEMENTS TAX INCENTIVES
7 TAX INCENTIVES
7.1 Pioneer Status or Investment Tax Allowance (ITA)
a) Normal Exemption
i) Companies intending to participate in a promoted activity or
producing a promoted product may apply for either one of
the above incentives.
ii) The above incentive is available to manufacturing,
agricultural, hotel, tourist, and other industrial sectors.
iii) For agricultural sector, it is available to person including
agro-based co-operative society, sole proprietorship,
partnership, an Area, National or State Farmer Association
and an Area, National or State Fishermen Association.
iv) ITA an alternative to Pioneer Status, is suitable for those
industries which are capital intensive.
Pioneer status ITA
Tax exemption on 70% of 60% of qualifying capital
statutory income for 5 years expenditure (QCE) incurred
from production day within 5 years from date of
approval can be used to
exempt up to 70% statutory
income
Notes:
The above rates may be reduced to NIL where provided in DTA, for
example, payments made in respect of: -
a) Approved royalties
b) Approved industrial royalties
c) Approved loan interest
There is no withholding tax on dividends paid by Malaysian companies.
Tax sparing relief (deemed credit) available for certain tax treaties concluded.
TAX_NEW_A 14/10/2005 3:35 PM Page 27
28
v)
CHOOSING THE RIGHT INCENTIVE
PIONEER INVESTMENT
STATUS TAX ALLOWANCE
1) Projected profit for Fairly accurate Not affected if
the 5 year period wrongly forecasted.
2) Losses, suffered Affect the tax Does NOT affect
during the 5 year exempt income. the tax exempt
period Unabsorbed income. Unabsorbed
losses shall NOT losses can be
be allowed to be carried forward until
carried forward to fully utilised.
post pioneer period.*
3) Capital Intensive Should NOT Should be
4) Long Gestation NOT suitable Not affected.
Period
5) Unabsorbed Cannot be carried Can be carried
Capital forward to post forward until fully
Allowance pioneer period.* utilised.
6) Tax Exempt Depends on the Depends on the
Amount pioneer income of amount of Qualifying
the 5 year period. Capital Expenditure
incurred.
Unutilised ITA
(N% x QCE) can be
carried forward until
fully utilised.
* Where pioneer period end on or after 1-10-2005 pioneer losses
and capital allowances unutilised be allowed to be carried forward
to post pioneer period.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 28
29
TAX INCENTIVES
b) Enhanced Exemptions
i) aa) Approved projects located in promoted areas such as
Kelantan and Terengganu, designated areas in Pahang,
North Eastern Johore, Sabah and Sarawak.
Pioneer status ITA
Previously - Previously -
Tax Exemption on 85% statutory ITA of 80% of QCE incurred
income for 5 years over 5 years can be used to
exempt 85% statutory
income.
Application received by MIDA Application received by MIDA
from 13 September 2003 from 13 September 2003
to 31 December 2005* 2003 to 31 December 2005*
Tax Exemption on 100% ITA of 100% of QCE incurred
statutory income for 5 years. over 5 years can be used to
exempt 100% statutory
income.
* Extended for another 5 years to 31 December 2010.
bb) Manufacturing activities relocated to promoted areas in
the Eastern Corridor of Peninsular Malaysia, Sabah &
Sarawak. (Where applications received by MIDA from
11 September 2004)
Pioneer status ITA
Tax exemption on 100% of ITA of 100% of QCE incurred
exempt 100% of statutory
income.
TAX_NEW_A 14/10/2005 3:35 PM Page 29
30
ii) aa) A project of national and strategic importance involving
heavy capital investment extensive linkages and which
has significant impact on the Malaysian economy.
bb) High technology companies qualifying for Multimedia
Super Corridor (MSC) status located in the MSC corridor
are considered a project of national and strategic
importance. MSC corridor is extended to Bayan Lepas,
Penang, and Kulim High Technology Park, Kedah.
Pioneer status ITA
With a further extension of exempt 100% of statutory
5 years. income.
iii) aa) Companies producing approved intermediate goods.
bb) High technology projects (i.e. projects in new and
emerging technologies such as advanced electronics,
biotechnology and aerospace) and companies granted
Strategic Knowledge-based Status.
Pioneer status ITA
income.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 30
31
TAX INCENTIVES
iv) Companies providing technical or vocational training* in
Malaysia.
Pioneer status ITA
None ITA of 100% of QCE incurred
over 10 years can be used to
income.
* Extended to qualifying science courses from 1-10-2005
v) Companies producing specified machinery and equipment.
Pioneer status ITA
100% of statutory income 100% of QCE incurred over
for 10 years. 5 years can be used to
income.
c) Other Exemptions
i) Companies reinvesting in:
aa) production of machinery and equipment including heavy
or specialised machinery, equipment and machine tools
bb) cold chain facilities and services for perishable
agricultural produce
TAX_NEW_A 14/10/2005 3:35 PM Page 31
32
1) Located outside promoted areas:
Pioneer status ITA
70% on increase statutory 60% on additional QCE
income for 5 years incurred within 5 years can
be used exempt 70% of
statutory income
2) Located in promoted areas:
Pioneer status ITA
100% on increase statutory 100% on additional QCE
be used exempt 100% of
statutory income
ii) Companies with halal certification from JAKIM and other
quality certification producing halal food
Pioneer status ITA
None. 100% of QCE incurred within
5 years can be exempt
100% of statutory income
iii) Selected companies recommended by the Multimedia
Development Corporation (MDC) undertaking ICT and
multimedia activities outside the Cybercities be given the
following incentive from 1-10-2005.
Pioneer status ITA
Exemptionof 50% Statutory 50% of QCE incurred within 5
Income for a period of 5 years years used to exempt 50% of
statutory income
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 32
33
TAX INCENTIVES
7.2 Reinvestment Allowance
a) A Malaysian resident company which:
i) is in operation at least 12 months;
ii) has incurred QCE on factory, plant and machinery used in
Malaysia for the purpose of a qualifying project.
b) The following entities are also eligible:
i) an agro-based co-operative society
ii) an Area, National or State farmers association
iii) an Area, National or State fishermens association.
c) A qualifying project must be for manufacturing or processing,
approved industrial adjustment or agriculture and it is for
purpose of: -
i) expansion of production capacity;
ii) modernisation of production facilities;
iii) diversification into related products or
iv) automating existing business of manufacturing or
processing.
d) Rearers of chickens and ducks who undertake a project in
transforming the chicken/duck rearing business from an open
house to a closed house system (verified by the Minister of
Agriculture) are also eligible.
Effective from Y/A 2005, it is extended to rearers of parent and
grand parent stock of chicken and ducks approved by Ministry
of Agriculture and Agro-based Industry.
e) Exemptions
i) RA of 60% on QCE used to exempt 70% of statutory
income.
ii) Available for 15 years beginning from the year of
assessment in which reinvestment allowance was first
claimed.
TAX_NEW_A 14/10/2005 3:35 PM Page 33
34
f) Enhanced exemption for RA is claimable by companies with
projects located in a promoted area (Sabah, Sarawak, Labuan,
Kelantan, Terengganu, Pahang, and the District of Mersing in Johor.)
i) RA of 60% on capital expenditure used to exempt 100% of
statutory income.
7.3 Industrial Adjustment Programme
a) Companies in operation before 31.12.1990 undertaking an
approved industrial adjustment programme. It includes
modernisation, mergers, takeovers, relocation and diversification
with a view to:
i) strengthening industrial self-sufficiency
ii) improving industrial technology
iii) increasing productivity
iv) enhancing the efficient use of natural resources
v) efficient management of manpower.
b) Exemptions
i) Industrial Adjustment Allowance (IAA) of up to 100% of QCE
on factory, plant and machinery incurred within 5 years from
the date of approval used to exempt 100% adjusted income.
ii) Reinvestment Allowance (RA) of 60% of QCE (IAA and RA are
mutually exclusive) used to exempt 70% statutory income.
iii) Double deduction for training and research and development
(R&D).
iv) Industrial Building Allowance for buildings used for training or
R&D.
7.4 Infrastructure Allowance
a) A Malaysian resident company which has incurred capital
expenditure on infrastructure in respect of a business operation
in a promoted area. "Infrastructure" includes a bridge, jetty, port
or road.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 34
35
TAX INCENTIVES
b) Exemptions
i) 100% of QCE used to exempt 85% statutory income each
year until fully utilised.
ii) For pioneer company, QCE shall be deemed incurred in the
post pioneer period.
7.5 Approved Services Project (ASP)
a) Resident companies in communication, utilities and
transportation services subsectors approved by the Minister of
Finance.
b) Exemptions
i) aa) Investment Allowance (IA) of 60% of QCE incurred within
5 years from the date QCE was first incurred. IA can be
used to exempt 70% of statutory income; or
bb) Exemption of 70% of statutory income for 5 years under
section 127 of the Income Tax Act 1967.
ii) IBA for buildings constructed or purchased for ASP
purposes.
iii) Exemption from customs duty and sales tax on imported
material and machinery which is not available locally, or, if
locally purchased, such items must be used as direct inputs
in ASP.
iv) Double deductions for expenses incurred:
aa) in undertaking of R&D activities;
bb) on promotion of export of services.
c) Enhanced Exemptions:
i) Projects located in Sabah, Sarawak and Eastern Corridor of
Peninsular Malaysia.
TAX_NEW_A 14/10/2005 3:35 PM Page 35
36
Investment allowance Section 127 exemption
- 80% of QCE can be used to - 85% of statutory income
exempt 85% of statutory for 5 years
income
ii) Projects of national and strategic importance
Investment allowance Section 127 exemption
- 100% of QCE can be used - 100% of statutory income
to exempt 100% of statutory for 10 years
income
7.6 Increased Export Allowance
a) Resident companies engaged in manufacturing or agriculture,
which has exported manufactured products or agriculture
produce in the basis period for the year of assessment.
b) Exemptions
i) Export allowance at the following rates can be used to
exempt 70% statutory income.
% of value Export Allowance
added (% of increased
exports)
Manufactured products 30 10
50 15
Agricultural produce - 10
Designated Qualifying - 50
Services
ii) Value added means ex-factory price less total cost of raw
materials.
iii) Unabsorbed export allowance can be carried forward.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 36
37
TAX INCENTIVES
c) Enhanced Exemption
Effective from YA 2003, tax exemption on statutory income is
available at the following rates:
i) 30% of increased export value if a company achieves a
significant increase in exports;
ii) 50% of increased export value if a company penetrates new
markets;
iii) full tax exemption on increased export value if a company
achieves the highest increase in exports.
7.7 International Trading Company
a) Eligibility
i) Company incorporated in Malaysia;
ii) Minimum annual sales turnover of at least RM10,000,000;
iii) Minimum 60% equity owned by Malaysians;
iv) Market goods manufactured by small and medium scale
industry; and
v) Registered with MATRADE.
b) Exemptions
Income tax exemption equivalent to 20% of the increased export
value used to exempt 70% statutory income, for 5 years.
Exempt dividend can be distributed for incentives from 7.1 to 7.7
TAX_NEW_A 14/10/2005 3:35 PM Page 37
38
7.8 Approved Agricultural Project (Abolished from Y/A 2006)
a) i) Minimum hectarage of land for specified crops.
ii) Capital expenditure incurred within the stipulated time (which
would be entitled to agriculture allowances) but an election
be made to claim under this deduction.
b) Exemptions
i) 100% of QCE deducted from Aggregate Income of a person.
ii) Unabsorbed expenditure can be carried forward to set off
against future income (defined aggregate) until fully utilised.
Benefits enjoyed by any person before Y/A 2006 for the above shall
continue to be given until the stipulated time expires.
7.9 Accelerated Capital Allowance (ACA)
a) i) Manufacturing and food producing companies engaged in
production of promoted products.
ii) Companies undertaking waste recycling activities.
b) i) ACA on capital expenditure, granted on expiry of
reinvestment allowance.
ii) ACA on waste recycles equipment.
7.10 Unit Trust
a) Non-taxable gains from realisation of investments;
b) Exemption from income tax on interest income from specified
securities and deposits with licenced financial institutions.
c) Special capital allowance on plant and machinery used in
property-letting business.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 38
39
TAX INCENTIVES
d) Deduction of up to 25% of certain permitted expenses not
normally deductible for income tax purposes.
e) Distributions of exempt income to unit holders.
7.11 Closed-End Fund Company
a) Public limited company incorporated in Malaysia and approved
by the Securities Commission to engage wholly in investment in
securities.
b) Exemptions
i) Exemption from income tax on gains from realisation of
investments and interest income.
ii) Deduction of up to 25% of only certain permitted
expenses.
iii) Tax exempt dividends can be paid out of exempt income.
7.12 Real Estate Investment Trust (REIT)
a) Trust fund must be approved by Securities Commission.
b) Exemptions
i) Real property gains tax from disposal of real property to
REIT.
ii) Stamp duty on instrument of transfer of real property to
REIT.
iii) Income distributed by REIT to unit holders shall be tax
exempt at REIT level (undistributed total income will be
taxed at 28%).
c) Fees for consultancy, legal and valuation services incurred in
the establishment of REIT be allowed as tax deduction.
TAX_NEW_A 14/10/2005 3:35 PM Page 39
40
7.13 Approved Unit Trust
a) Unit trust approved by the Minister of Finance.
b) Tax exemption for approved unit trust.
c) Dividends from approved unit trust is tax exempt at unit holder
level.
7.14 Venture Capital Industry
a) Exemptions
i) Venture Capital Company (VCC) investing in venture
companies (VC) involved in promoted products or activities.
ii) VCC and VC should not be companies within the same group.
iii) At least 70% of funds must be invested in early stage
financing of venture companies.
iv) Tax exemption on statutory income from all sources (other
than interest) for 10 years or the life of the fund, whichever
is the lesser.
b) Deductions of investment
i) Any resident person investing in venture companies involved
in promoted products and activities.
ii) Resident VCC and VC should not be companies within the
same group
iii) Funds must be invested in the early stage financing of
venture companies.
iv) Individual means individual who has a business sources.
v) Holding of investment for at least 2 years.
c) Others (From Y/A 2003)
Company that professionally manages venture capital funds
(venture capital management company) be given tax exemption
on income arising from profit-sharing agreement with venture
capital company.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 40
41
TAX INCENTIVES
7.15 Foreign Fund Management Company
a) Company incorporated in Malaysia and licensed under the
Securities Industry Act 1983.
b) Providing fund management services to foreign investors, or to
both foreign and local investors.
c) Chargeable income from a source relating to provision of
management services to foreign investors is taxed at a
concessionary rate of 10%.
d) 90% of chargeable income credited to tax exempt account may
be paid to shareholders as exempt dividend.
7.16 Conference Promotion
a) i) Company incorporated in Malaysia promoting conferences
held in Malaysia.
ii) Bringing in at least 500 foreign participants per annum.
b) Tax exemption on income derived from bringing at least 500
foreign participants per annum.
7.17 International Trade Exhibition
a) i) Organisers of international trade exhibitions held in Malaysia.
ii) Exhibition approved by MATRADE.
iii) At least 500 foreign visitors per year.
b) Income tax exemption for income from organisation of the
exhibition.
TAX_NEW_A 14/10/2005 3:35 PM Page 41
42
7.18 Rental of Luxury Yachts
a) Company providing chartering services of luxury yachts.
b) Tax exemption for 5 years
7.19 Income from Group Inclusive Tours (up to Y/A 2006)
a) Resident carrying on an inbound tour operating business
approved and registered with the Ministry of Culture, Arts and
Tourism.
b) Tax exemption on income from such tours where the total
number of inbound tourists from outside Malaysia is 500 or more
for the period.
7.20 Income from Domestic Tours (up to Y/A 2006)
a) Companies organising domestic tour packages.
b) Tax exemption on income from domestic tour packages where
the total number of local tourists is 1,200 or more per year.
7.21 Deemed Industrial Building
a) Hotel business carried on by pioneer company or company
enjoying investment tax allowance.
b) Hotel building of approved standard in Malaysia.
c) Extending or modernising an existing hotel building to approved
standard in Malaysia.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 42
43
TAX INCENTIVES
7.22 Approved Regional Distribution Center (RDC)
a) Company incorporated in Malaysia
i) Paid-up capital of at least RM500,000
ii) Annual turnover of RM100 million or more
iii) Located in free zones, licensed warehouse or licensed
manufacturing warehouse.
b) i) Statutory income exempted for 10 years except for local
sales exceeding 20%.
ii) Import duty and sales tax exemption on goods for
distribution.
iii) Expatriate posts granted based on needs.
iv) Tax exempt dividends may be paid out of exempt income.
7.23 International Procurement Centre (IPC)
a) Company incorporated in Malaysia with:
i) minimum paid-up capital of RM500,000;
ii) minimum total business spending of RM1,500,000 per year;
iii) direct goods handling through Malaysian ports and airports;
iv) minimum turnover of at least RM50 million by third year of
operation.
b) i) Import of raw materials, components of finished products
without customs duties payment into Free Zones or licensed
manufacturing warehouse for repacking, cargo consolidation
and integration before distribution to final consumers;
ii) Expatriate posts granted based on needs;
iii) One or more foreign currency account to retain export
proceeds allowed;
iv) Approval for foreign exchange forward contracts;
v) The income tax incentives for RDC are also applicable to IPC
where turnover exceeds RM100 million.
TAX_NEW_A 14/10/2005 3:35 PM Page 43
44
7.24 Approved Operational Headquarters (AOHQ) Company
a) Malaysia incorporated company
i) Providing qualifying services to related companies outside
Malaysia;
ii) Paid-up capital of at least RM500,000;
iii) Total annual business spending of at least RM1.5 million; and
iv) Approved by the Minister of Finance.
b) i) Income tax exemption for 10 years except for income from
related companies in Malaysia exceeding 20% of total
AOHQs income.
ii) Exempt dividends can be declared from the exempt account.
7.25 Shipping Industry
a) Resident person carrying on a business of:
i) Transporting passengers or cargo by sea on Malaysian ships
owned by that person; or
ii) Time charter or voyage charter of Malaysian ship owned by
that person. Person includes a partnership.
b) i) Exemption of statutory income.*
ii) Tax exempt dividends may be paid out of exempt income.
* Advisable not to claim for capital allowance.
7.26 Environmental Conservation
a) Companies providing energy conservation services
i) Application made on or before 31 December 2005*
ii) Project implemented within 1 year from date of approval.
* Extended to 31 December 2010
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 44
45
TAX INCENTIVES
Pioneer status IA
Tax exemption of 70% statutory Investment allowance equal
income for 5 years or to 60% of QCE incurred
within 5 years, used to
exempt up to 70% statutory
income
b) i) Companies incurring capital expenditure on plant and
machinery used exclusively for conservation of energy, and
certified by the Ministry of Energy, Communications and
Multimedia.
ii) Accelerated Capital Allowance on related equipment
7.27 New Energy Source
a) i) Companies using biomass, hydro power or solar power for
generation of energy.
ii) Application received on or before 31 December 2005.*
iii) Project implemented within 1 year from date of approval.
* Extended to 31 December 2010
Pioneer status ITA
Tax exemption of 70%* of 60%* of QCE incurred within
statutory income for 5** years 5** years, used to exempt
70%* of statutory income
* Increased to 100% * Increased to 100%
** Extended to 10 years ** Extended to 10 years
b) i) Existing companies utilising oil palm biomass to produce
value added products
ii) Applications received by MIDA from 13 September 2003.
iii) Incentive for reinvestment shall be given as follows: -
TAX_NEW_A 14/10/2005 3:35 PM Page 45
46
Pioneer status ITA
100% on increased statutory 100% on additional QCE
be used to exempt 100% of
statutory income.
c) i) New companies utilising oil palm biomass to produce value
added products:-
ii) Applications received by MIDA from 13 September 2003.
Pioneer status ITA
100% of statutory income for 100% of QCE incurred within
10 years 5 years can be used to
income.
7.28 Approved Offshore Trading
a) An approved offshore trading company trading with non-residents
through a website in Malaysia.
b) Foreign goods purchased are for sales outside Malaysia.
c) Tax at a concessionary rate of 10% for 5 years.
d) 90% of chargeable income may be distributed as tax exempt
dividend.
7.29 Investment Holding Company (IHC)
a) Company engaged wholly in making of investment and derive
income from its investment.
An IHC is redefined as a company that derives at least 80% of its
gross income from holding of investment.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 46
47
TAX INCENTIVES
b) The lower of 5% of taxable gross income or 25% of permitted
expenses be used to reduce Aggregate Income of a company.
Income of IHCs listed on Bursa Malaysia be treated as business
income and expenses be given full tax deductions.
Losses and unabsorbed capital allowance of listed IHC shall not
be carried forward.
7.30 Consolidation of Smallholdings
a) Companies investing in 100% owned subsidiary which involved
in consolidation of management of smallholdings or idle land.
b) i) Holding Company
Deduction equivalent to amount of investment.
ii) Subsidiary
Exemption from service tax.
7.31 Planting of Rubberwood Trees
a) A non-rubber plantation company that plants at least 10% of its
plantation with rubberwood trees.
b) Planting expenditure is fully deductible.
7.32 Implementation of RosettaNet
a) Companies incurring expenditure in the management and
operation of RosettaNet Malaysia and in assisting local small
and medium scale companies to adopt RosettaNet.
b) Expenditure is tax deductible.
TAX_NEW_A 14/10/2005 3:35 PM Page 47
48
7.33 Cost of Developing Websites
a) Expenditure incurred on development of websites for business.
b) Annual deduction of 20% of cost incurred for 5 years.
7.34 Acquisition of a Foreign Company
a) A locally owned company acquiring a foreign owned company for
the purpose of obtaining high technology for production within the
country or to gain new export markets for local products.
b) Annual deduction of 20% of acquisition cost for 5 years.
7.35 Commercialisation of Resource-Based R & D Findings
a) i) Companies which are at least 70% owned by Malaysians;
ii) Investor company should own at least 70% of the equity of the
company that commercialises the R & D findings;
iii) Only resource-based R & D findings are eligible;
iv) The commercialisation of the R & D findings should be
implemented within one year from the date of approval; and
v) Application received by MIDA from 11 September 2004
b) i) Investor Company
Tax deduction equivalent to the amount of investment made in
subsidiary.
ii) Subsidiary Company
Company undertaking the commercialisation of the R & D
findings, pioneer status with 100% tax exemption on statutory
income for 10 years.
7.36 Private Higher Education Institution (PHEI)
a) Technical and vocational courses
ITA of 100% for 10 years to be used to exempt 70% statutory income.
TAX INCENTIVES
TAX_NEW_A 14/10/2005 3:35 PM Page 48
49
TAX INCENTIVES
b) Expenses to develop and comply with regulations for new
courses are not tax deductible.
ITA be extended to qualifying science courses from 1-10-2005:-
i) Biotechnology
ii) Medical and Health Sciences
iii) Molecular Biology
iv) Material Sciences and Technology
v) Food Science and Technology
From Y/A 2006, expenses incurred for development of new
courses and compliance with regulatory requirements be given
tax deductions over a period of 3 years.
7.37 Research & Development (R & D)
Tax incentives to encourage R&D activities in the form of exemption
of income and double deductions, include: -
Double deductions/
Exemption
a) Companies undertaking approved Investment tax
in-house R&D projects allowance
b) Capital expenditure incurred on Industrial building
buildings used for approved research allowance
c) Contract R&D companies which Pioneer status or
provide R&D services only to third Investment tax
parties allowance
d) R&D companies undertaking R&D Investment tax
projects mainly for group companies allowance
TAX_NEW_A 14/10/2005 3:35 PM Page 49
50
TAX INCENTIVES
Double deductions/
Exemption
e) Approved research companies or 100% exemption of
institutions undertaking R&D for adjusted income
a particular industry allowance for 5 years
f) Cash contributions to approved Double deduction
research institutions
g) Payment for services of: Double deduction
i) approved research companies or
institutions
ii) contract R&D companies
iii) non-related R&D companies
iv) related R&D companies which are
not enjoying the ITA incentive
h) Revenue expenditure incurred on:
i) research relating to own business Normal deduction
ii) approved research Double deduction
iii) research undertaken by a company Double deduction
participating in an approved
industrial adjustment programme
iv) expenditure for overseas R&D Double deduction
activities
7.38 Other Double Deductions
Double deductions of expenses, include the following expenses:
a) Export credit insurance premiums with an approved company.
b) Insurance premiums incurred for the import and export of goods
where the risks are insured with an insurance company
incorporated in Malaysia.
c) Interest payable on small business loan scheme.
TAX_NEW_A 14/10/2005 3:35 PM Page 50
51
TAX INCENTIVES
d) Promotional expenditure incurred on seeking opportunities for
the export of manufactured products, agricultural produce and
services.
e) Remuneration paid to an employee who is physically or mentally
handicapped.
f) Freight charges paid by manufacturers exporting rattan and
wood-based products (excluding sawn timber and veneer)
g) Expenditure incurred by companies on the training of employees
under an approved training programme.
h) Freight charges incurred by manufacturers for shipping goods
from Sabah and Sarawak to Peninsular Malaysia using ports in
Peninsular Malaysia.
i) Expenditure incurred on advertising Malaysian brand names
registered locally or overseas and professional fees paid to
companies promoting Malaysian brand names.
j) Salaries paid for 2 years (2004 and 2005) to hire unemployed
graduates registered with the Economic Planning Unit.
k) Expenses incurred in obtaining recognised quality systems,
standards and halal certification.
l) Allowances paid by listed companies to participants of
Unemployed Graduate Training programme, endorsed by the
Securities Commission, from 1 October 2005 to 31 December
2008 be given deduction for a period of 3 years from Y/A
2005.
TAX_NEW_A 14/10/2005 3:35 PM Page 51
52
8 INCOME EXEMPT FROM TAX
Income exempt from tax under Schedule 6 or Gazette Order, includes:
a) Pension of a resident person, derived from an employment exercised
in Malaysia
i) the recipient has reached the age of 55 or the compulsory
retirement age; or
ii) retirement is due to ill health.
b) Death gratuities or sums received as consolidated compensation for
death or injuries.
c) Dividends paid, credited or distributed by Co-operative Societies to
their members.
d) Compensation for loss of employment and payments for restrictive
covenants:
i) due to ill health; or
ii) RM6,000 for every completed year of service if not due to ill
health.
e) Interest accruing to any individual, unit trust and listed closed-end
fund from:
i) bonds or securities issued or guaranteed by the government
ii) debentures, other than convertible loan stock, approved by the
Securities Commission.
f) Interest accruing to a resident individual from:
i) a savings account with Bank Simpanan Nasional, or money
deposited under the Banks "Save As You Earn" scheme.
ii) deposits of up to RM100,000 in any savings accounts with a
registered co-operative society, Bank Pertanian Malaysia,
Malaysia Building Society Berhad, Borneo Housing Mortgage
Finance Berhad or with any approved institution.
INCOME EXEMPT FROM TAX
TAX_NEW_A 14/10/2005 3:35 PM Page 52
53
iii) deposits of up to RM100,000 in any savings account with a
bank or finance company licensed under the Banking and
Financial Institutions Act 1989 (BAFIA).
iv) deposits or negotiable certificates of deposits of up to
RM100,000 in any fixed deposit account for a period of less
than 12 months with certain designated banks, or a bank or
finance company licensed under BAFIA.
v) fixed deposits or negotiable certificates of deposits for a period
exceeding 12 months placed with certain designated banks, or
any bank or finance company licensed under BAFIA.
vi) Merdeka bonds issued by the Central Bank of Malaysia.
g) Gains or profits accruing to an individual from the following deposits
under Interest-Free Banking Scheme with Bank Kerjasama Rakyat
Malaysia Bhd, Bank Simpanan Nasional, or a bank or finance
company licensed under BAFIA or the Islamic Banking Act, 1983:
i) any savings account of up to RM100,000;
ii) any investment account of up to RM100,000 for a period of
less than 12 months;
iii) any investment account for a period exceeding 12 months.
h) Bonus accruing to an individual from a savings account with
Lembaga Tabung Haji.
i) Income (other than gains or profits from a business and dividend
income) of trade union registered under any written law relating to
trade union.
j) Retirement Gratuities:
i) Full Exemption
aa) Where the retirement is due to ill health or
bb) After reaching the age of 55 or other compulsory age of
retirement, from an employment which has lasted ten years
with the same employer or with companies in the same
group;
TAX_NEW_A 14/10/2005 3:35 PM Page 53
54
ii) Partial Exemption
RM6,000 exemption for every completed year of service upon
reaching compulsory retirement age pursuant to an employment
contract or collective agreement at the age of 50 but before 55
and that employment has lasted 10 years with the same
employer or with companies in the same group (From YA 2003).
k) Foreign income received in Malaysia by any person other than a
resident company carrying on the business of banking, insurance or
sea or air transport.
l) Royalties received by a resident individual in respect of :
Amount exempted
RM
i) publication of, or the use of or the right to
use, any artistic work 6,000*
ii) recording discs or tapes 6,000*
iii) translation of books or literary work,
subject to conditions 12,000
iv) publication of, or the use of or the right to
use, any literary work or any original painting 20,000
v) any musical composition 20,000
* RM10,000 from Y/A 2006
m) Income from employment exercised in Malaysia not exceeding 60 days.
n) Income (other than dividend income) of an institution or organisation
approved under section 44(6) or non-profit religious institution or
organisation established in Malaysia.
o) Royalties received by non-residents from private institutions of higher
learning for franchised educational schemes.
p) Income from employment on board a Malaysian ship.
TAX_NEW_A 14/10/2005 3:35 PM Page 54
55
q) Income received by non-residents from renting containers to shipping
companies in Malaysia.
r) Subscriptions fees (calculated based on the attributable method)
received by trade associations.
s) Fees or honorarium for validations and other services relating to
educational programmes in higher educational institutions which are
verified by the National Accreditation Board.
t) Income of any person (other than a resident company carrying on
business of banking, insurance, sea or air transport) derived from
sources outside Malaysia and received in Malaysia.
u) 50% tax exemption of adjusted income in respect of income from
business which relates to qualifying assets or the letting of qualifying
assets in Labuan.
v) Income from Offshore Companies or Trusts, subject to certain
conditions.
w) Scholarship or similar grant or allowance received by an individual
whether or not it is connected with employment of that individual.
x) Income of co-operative societies for the first 5 years from the date
of registration and thereafter if members fund at the first day of the
basis period is less than RM750,000.
y) Interest paid to non-resident by bank or finance company licenced
under the BAFIA Act 1989.
z) Related technical fees received by a non-resident individual who train
Malaysians in the field of performing arts and production of crafts be
exempted from withholding tax for a period of 5 years from 1-10-2005.
TAX_NEW_A 14/10/2005 3:35 PM Page 55
56
9 REAL PROPERTY GAINS TAX
9.1 Charge to Tax
a) Real property gains tax (RPGT), the only capital gains tax in
Malaysia, charged on gains arising from the disposal of real
property or share in a real property company (RPC).
b) Real property refer to any land situated in Malaysia and any
interest, option or other right in or over such land.
9.2 Real Property Company
A RPC is a controlled company holding real property on shares in
another RPC where the defined value is not less than 75% of the value
of its total tangible assets.
9.3 Chargeable Persons
Every person whether or not resident in Malaysia is chargeable to
RPGT in respect of any gains accruing on the disposal of real
property or RPC shares in Malaysia. An acquirer can be deemed to be
a chargeable person if the chargeable asset acquired is below market
value.
9.4 Chargeable Gains and Losses
A chargeable gain arises if the disposal price exceeds the acquisition
price and an allowable loss is incurred if the disposal price is less
than the acquisition price. Allowable losses shall be used to reduce
any RPGT liability of the same year of assessment and any amount
unutilised are carried forward for relief against future RPGT liabilities.
A loss arising from the disposal of RPC shares does not qualify as an
allowable loss.
REAL PROPERTY GAINS TAX
TAX_NEW_A 14/10/2005 3:35 PM Page 56
57
RPGT Rates
A B C
Category of disposal Companies Others Non Citizen
except C and Permanent
resident
% % %
Disposal within 2 years 30 30 30
Disposal in 3rd year 20 20 30
Disposal in 4th year 15 15 30
Disposal in 5th year 5 5 30
Disposal in 6th and 5 Nil 5
subsequent years
9.5 Relief from RPGT
Relief from RPGT may be available where with prior approval assets
are transferred:
(a) for greater efficiency in operation in a group;
(b) under a scheme of reorganisation, reconstruction or
amalgamation between companies;
(c) by a liquidator and the liquidation of the company was made
under a scheme of reorganisation, reconstruction or
amalgamation.
Certain conditions must be satisfied before this relief is granted.
aa) Consideration must be substantially in share for (a) above.
bb) Scheme must be to comply with Government policy for either
(b) or (c) above.
9.6 Other Exemptions
a) an amount of RM5,000 or 10% of the chargeable gain, whichever
is greater, accruing to an individual (resident or non-resident);
TAX_NEW_A 14/10/2005 3:35 PM Page 57
58
b) gain arising on disposal as a result of compulsory acquisition of
property under law;
c) transfer of a real property to a company controlled by the
transferor and/or connected person for a consideration of at
least 75% in shares
d) gift of chargeable assets within 5 years from acquisition date
between husband and wife, parent and child and grandparent and
grandchild.
e) gain accruing to the government, State government or a local
authority;
f) gain accruing to an individual who is a citizen or a permanent
resident in respect of the disposal of one private residence (once
in a lifetime exemption);
Effective from 1-10-2005, it is given to both husband and wife on
one residential property each, once in a lifetime.
g) gift made to the government, State government, local authority
or approved charity;
h) disposal of assets in connection with securitisation of assets;
i) gain arising from disposal of assets under a scheme of merger
of operation of a licensed bank and a licensed finance company,
where application for approval is submitted to Bank Negara
Malaysia between 15 January 2004 and 14 January 2006;
j) gain arising from disposal of real property to Real Estate
Investment Trusts and Property Trust Funds approved by the
Securities Commission;
TAX_NEW_A 14/10/2005 3:35 PM Page 58
59
REAL PROPERTY GAINS TAX SERVICE TAX
k) gain from disposal of chargeable assets relating to the issuance
of private debt securities under Islamic principles.
l) gain arising from mergers of private institutions of higher
learning approved by the Ministry of Higher Education and
undertaken not later than 31 December 2006.
m) gain arising from disposal of chargeable asset pursuant to a
scheme of financing approved by the Central Bank or the
Securities Commission as a scheme which is in accordance with
the principles of Syariah.
n) mergers and acquisition (M&A) by companies listed on Bursa
Malaysia, approved by the Securities Commission from 1-10-
2005 to 31-12-2007 and such M&A be completed by
31.12.2008
10 SERVICE TAX
10.1 Charge of Tax
a) Service tax is a consumption tax levied and charged on any
taxable service provided by any taxable person at an ad valorem
rate of 5%
b) It will be replaced by Goods & Services Tax in 2007.
10.2 Taxable Person/Licensing
a) Any taxable person who carries on business of providing taxable
service must apply for a license.
b) Person includes an individual, a firm, a society, an association,
a company and every other juridical person.
TAX_NEW_A 14/10/2005 3:35 PM Page 59
60
SERVICE TAX
10.3 Taxable Persons
Taxable person Annual sales turnover
RM
a) Operators of hotels with more than
25 rooms (subject to some exclusions) N/A
b) Operators of restaurants, bars,
snack-bars, coffee houses or places
located in hotels with more than 25
rooms, providing food, drinks and
tobacco products wholly eat-in or partly
take-away N/A
c) Operators of restaurants, bars,
snack-bars, coffee houses or places
located in hotels with 25 rooms or less,
providing food, drinks and tobacco
products wholly eat-in or partly take-away 300,000
d) Operators of restaurants, bars,
snacks-bars, coffee houses or places
located outside hotels, providing food,
drinks and tobacco products wholly eat-in
or partly take-away (subject to some
exclusions) 300,000
e) Operators of food courts 300,000
f) Operators of night-clubs, dance halls and
cabarets N/A
g) Operators of approved health-centres and
massage parlours N/A
h) Operators of 1st, 2nd or 3rd Class
Public House and 1st or 2nd Class Beer House N/A
i) Operators of private clubs 300,000
TAX_NEW_A 14/10/2005 3:35 PM Page 60
61
SERVICE TAX
RM
j) Operators of golf course or golf driving
range (including operators of private clubs
having total annual sales turnover of
RM300,000 or less or any hotel having
25 or less rooms) N/A
k) Licensed private hospitals 300,000
l) Insurance companies N/A
m) Any person providing communication
services who is registered under the
Communications And Multimedia Act
1998 or licensed under the Communications
and Multimedia (Licensing) Regulations 2000 N/A
n) Any person who is given permission to
act as agent for transacting business
relating to the import or export of any
goods or luggage under section 90
of the Customs Act 1967 N/A
o) Any person who is licensed under section
65 or 65E of the Customs Act 1967 and
who is also given permission to act as an
agent for transacting business relating to the
import or export of any goods or luggage
that is stored in the licensed warehouse or
inland clearance depot N/A
p) Operators of parking space for motor vehicles 150,000
q) Courier-services companies 150,000
r) Operators of motor vehicles services
and/or repair centers 150,000
s) Licensed private agencies 150,000
t) Employment agencies 150,000
u) Public Accountants
(now known as Chartered Accountants) 150,000
v) Advocates and Solicitors 150,000
TAX_NEW_A 14/10/2005 3:35 PM Page 61
62
SERVICE TAX
RM
w) Professional Engineers 150,000
x) Architects 150,000
y) Licensed or Registered Surveyors/
Registered Valuers, Appraisers and
Estate Agents 150,000
z) Consultants (subject to some exclusions) 150,000
aa) Private veterinary clinics 300,000
bb) Hire-and-drive car and hire-car
service companies 300,000
cc) Management companies 150,000
dd) Advertising companies 300,000
N/A: No Minimum Threshold.
10.4 Taxable Services
a) Taxable services include the provision of rooms for
lodging/sleeping accommodation, health services, certain
professional services, certain telecommunication services
including bandwidth services and certain value added service,
management services, security services, provision of parking
space, provision of golf course, golf driving range or services
related to golf or golf driving range, courier delivery services
(other than to destinations outside Malaysia), and the sale or
provision of food, drinks and tobacco products
b) Certain professional services provided to companies within the
same group would not be taxable (subject to certain qualifying
criteria), effective from 1 January 2003.
Refer to Schedule 2 of the Service Tax Act for more details of taxable
person and taxable services
TAX_NEW_A 14/10/2005 3:35 PM Page 62
63
SERVICE TAX SALES TAX
10.5 Taxable Period
a) Service tax due when payment is received for taxable services
rendered. If payment is not received within 12 calendar months
from the date of issuance of invoice, the tax is due on the day
immediately after the expiry of the 12-month period.
b) Any service tax that falls due during a taxable period, which is 2
calendar months, is payable to the customs authorities within 28
days after the end of the taxable period.
c) Late payment penalties ranging from 10% to 50% shall be imposed.
10.6 Refund of Services Tax on Bad Debts
With effect from 1 January 2003, a licensee is eligible for a refund of
service tax in relation to debts deemed as bad debts, subject to
conditions. This includes debts which cannot be collected after 12
months from the date of payment of tax.
11 SALES TAX
11.1 Charge of Tax
a) Sales tax is a single-stage tax imposed on certain locally
manufactured and imported goods. It excludes Labuan, Langkawi,
Tioman, Free Zones, and Licensed Manufacturing Warehouses.
b) Sales tax is also a consumption tax and the onus is on the
manufacturers to levy, charge and collect the tax from their
customers.
c) In the case of imported goods, sales tax is collected from the
importer at the time the goods are released from customs
control.
TAX_NEW_A 14/10/2005 3:35 PM Page 63
64
SALES TAX
d) The valuation of goods for sales tax purposes is based on the
World Trade Organisation (WTO) principles of customs valuation
e) Taxable goods
All goods manufactured in Malaysia or imported are taxable
unless they are specifically exempted by order of the Minister of
Finance.
f) Goods exempted
i) All exports are exempted from sales tax.
ii) Goods which are specially exempted under the Sales Tax
Exemption Order.
g) Rates of tax
Class of goods Ad Valorem Rate
%
Fruits, certain foodstuff, timber and building
materials 5*
Cigarettes and tobacco 25*
Liquor and alcoholic drinks 20*
All other goods, except petroleum subject to
specific rates and goods not specifically exempted 10*
* Reduced to 5%
h) It will be replaced by Goods & Services Tax in 2007.
11.2 Licensing
a) No person is allowed to manufacture taxable goods unless the
person is licensed as a licensed manufacturer.
TAX_NEW_A 14/10/2005 3:35 PM Page 64
65
SALES TAX
b) Manufacture in relation to goods other than petroleum, means the
conversion by manual or mechanical means of organic or inorganic
materials into new product by changing the size, shape or nature of
such materials and includes the assembly of parts into pieces of
machinery or other products but does not include the installation of
machinery or equipment for the purpose of construction. In relation
to petroleum, the term manufacture means refining or
compounding and includes the addition of foreign substance.
c) Exemption from licensing
i) A manufacturer of taxable goods whose total sales value did
not exceed RM100,000 in the preceding year and is not
expected to exceed RM100,000 during the next twelve
months may apply for a certificate of exemption from
licensing. The certificate is renewable on a yearly basis.
However, such manufacturer may choose to be licensed in
order to enjoy tax-free inputs (CJ 5 system).
ii) Certain manufacturing operations are also exempted from
the licensing requirements, which include the developing and
printing of photographs and production of film slides,
preparation of ready-mixed concrete, repacking of bulk
goods, repair of second hand goods and the installation of
air conditioners in motor vehicles.
11.3 Tax-free Raw Material (CJ 5)
In order to maintain the single-stage concept, there are facilities
available to allow for inputs (raw materials and components) to be
imported or acquired free of sales tax by a licensed manufacturer for
use in the manufacturing process.
11.4 Drawback
A licensed manufacturer or importer can claim drawback on the sales
tax paid in respect of goods, which are subsequently exported
subject to certain criteria.
TAX_NEW_A 14/10/2005 3:35 PM Page 65
66
SALES TAX IMPORT DUTIES
11.5 Taxable Period
Generally, sales tax shall be due at the time the taxable goods are
sold, or disposed of otherwise than by sale by the taxable person.
Any sales tax that falls due during any taxable period, which is
normally 2 calendar months, shall be paid to the customs authorities
within 28 days from the expiration of the taxable period.
Late payment penalties ranging from 10% to 50% may be imposed.
11.6 Refund of Sales Tax on Bad Debts
With effect from 1 January 2003, a licensee is eligible for a refund of
sales tax in relation to debts deemed as bad debts, subject to
conditions. This includes debts which cannot be collected after 12
months from the date of payment of tax.
12 IMPORT DUTIES
a) Import duties are levied on taxable goods imported into the country.
Import duties are generally levied on an ad valorem at basis rates of
import duties range from 0% to 200%. Raw materials, machinery,
essential foodstuffs and pharmaceutical products are normally non-
dutiable or subject to duties at lower rates.
b) The value of goods for the purpose of computing import duties is
determined in accordance with the World Trade Organisation (WTO)
principles of custom valuation.
c) Exemptions (subject to conditions) in respect to import duties are
available for: -
i) raw materials and components used directly for the manufacture
of goods for export and domestic markets.
ii) dutiable machinery and equipment which are used directly in the
manufacturing process and are not available locally.
TAX_NEW_A 14/10/2005 3:35 PM Page 66
67
IMPORT DUTIES EXPORT DUTIES EXCISE DUTIES
d) Prohibition of imports
Quantitative import restrictions may be imported on a certain range
of products for protection of local industries or for reasons of
security and public safety. An import license has to be obtained for
the importation of prohibited goods.
13 EXPORT DUTIES
a) Export duties are generally imposed on the countrys main
commodities such as crude petroleum and palm oil. With the
exception of crude petroleum, which is subject to duty at a flat rate
of 10%, duties on all other commodities are based on the cost plus
concept. Duties on such commodities are only imposed on the
excess of a threshold price which reflects the cost of production of
each of the commodities. No export duties are collected when the
prices of the commodities fall below the threshold.
b) For the purpose of computing export duty, the value of the goods is
the price which an exporter would receive for the goods calculated
to the stage where such goods are released by customs at the place
of export.
14 EXCISE DUTIES
14.1 a) Excise duties are imposed on a selected range of goods
manufactured in Malaysia or imported in Malaysia. Goods which
are subject to excise duty include beer/stout, cider and perry,
rice wine, mead, brandy, whisky, rum and tafia, gin, cigarette
containing tobacco, motor vehicles, motorcycles and playing
cards.
b) The rates of excise duties vary from 10 cents per litre for
certain types of spirituous beverages, to as much as 100% for
motorcars.
TAX_NEW_A 14/10/2005 3:35 PM Page 67
68
EXCISE DUTIES LICENSED MANUFACTURING WAREHOUSE FREE ZONE
14.2 Licensing
a) Unless exempted from licensing, a manufacturer of tobacco,
intoxicating liquor or goods must have a licence to manufacture
such goods.
b) A warehouse licence is required for storage of goods subject to
excise duty. A licence to manufacture tobacco, intoxicating liquor
or goods subject to excise duty also permits the holder to store
such goods.
14.3 Payment of Duty
a) As a general rule, duty is payable at the time the goods leave the
place of manufacture. For motor vehicles, duty is payable at the
time the vehicles are registered with the Road Transport
Department.
b) No excise duty is payable on dutiable goods that are exported.
15 LICENSED MANUFACTURING WAREHOUSE
a) Manufacturers who export 80% or more of their finished product can
apply for licensed manufacturing warehouse (LMW) status.
b) Raw materials, components and machinery used in the manufacturing
process are exempted from import duties and sales tax.
16 FREE ZONE
A free zone is deemed to be a place outside the Principal Customs Area and
is not subject to customs jurisdiction except, generally, in respect of
Prohibition Orders on imports and exports. Subject to certain exclusions,
goods and services can be brought into or provided in the free zones
without payment of customs duties, excise duties, sales tax and service tax.
TAX_NEW_A 14/10/2005 3:35 PM Page 68
69
STAMP DUTY
17 STAMP DUTY
17.1 a) Stamp duty is chargeable on instruments and not on
transactions. If a transaction can be effected without creating a
chargeable instrument, it is out of the ambit of stamp duty.
b) The rates of duty vary according to the types of instruments and
transacted values. Generally, the transfer of properties are
chargeable to stamp duty.
c) Properties (other than shares or marketable securities)
Value Rate Duty payable
RM RM
On the first 100,000 RM1 per RM100 1,000
or part thereof
On the next 400,000 RM2 per RM100 8,000
or part thereof
500,000 9,000
In excess of 500,000 RM3 per RM100
or part thereof
d) Shares
RM3 for every RM1000 or any fraction thereof based on
consideration, or value whichever is greater. The Stamp Office
generally adopts one of the 4 methods for valuation of ordinary
shares for purposes of stamp duty:
i) price earnings ratio;
ii) net tangible assets;
iii) sales consideration; and
iv) par value.
TAX_NEW_A 14/10/2005 3:35 PM Page 69
70
STAMP DUTY
e) Stamping
Instruments chargeable with duty must be stamped within 30
days from the date of execution.
f) Penalty
The penalty imposed for late stamping varies based on period of
delay.
17.2 Section 15 or 15A Exemption
a) Reconstruction or Amalgamation [Section 15]
i) A company with limited liability (NewCo) is to be registered
with a view of acquiring the undertaking or share of an
existing company;
ii) For a consideration of at least 90% shares issued to the
existing company
iii) It must be stated in the Memorandum of Association of the
NewCo that one of the objectives of the company is the
acquisition of the undertaking or share of the existing
company or resolution of a company.
iv) The sale instrument must be executed within 12 months of
the registration of NewCo; and
v) The existing company should NOT cease to be the beneficial
owner of shares in NewCo for 2 years, except for certain
circumstances.
b) Group Transfer [Section 15A]
i) the transfer of beneficial interest in property from one limited
liability company to another.
ii) Both companies are associated to each other, that is, the
existing company should hold not less than 90% shares in
NewCo or a third company owns 90% or more of both the
existing company and NewCo.
iii) All consideration must be provided or received by associated
company.
TAX_NEW_A 14/10/2005 3:35 PM Page 70
71
STAMP DUTY
17.3 Other Exemptions
Exemption or relief from stamp duty include the following: -
a) Refinancing of loan for business purposes to the extent of the
duty that would be payable on the balance of the principal
amount of the existing term loan;
b) Securisation of assets;
c) Transfer of securities listed on MESDAQ in respect of a
borrowing and lending transaction made under a Securities
Borrowing and Lending Agreement;
d) Instruments of the Asset Sale Agreement or the Asset Purchase
Agreement, or Asset Lease Agreement executed between a
customer and a bank made under the principles of the Syariah
law for the purpose of renewing any Islamic revolving financing
facility provided that the instrument for the existing Islamic
revolving financing facility has been duly stamped;
e) Instruments of Assets Sale Agreement executed between a customer
and a financier made under the principles of the Syariah law for the
purpose of rescheduling or restructuring any existing Islamic financing
facility. The stamp duty is waived to the extent of the duty that would
be payable on the balance of the principal amount of the existing
Islamic financing facility provided that the instrument for the existing
Islamic financing facility had been duly stamped;
f) Certain contract notes relating to the sale of any shares, stock
or marketable securities which are listed on a stock market of a
stock exchange between a local broker and a foreign investor or
an authorised nominee on behalf of a foreign broker is remitted
to the extent of stamp duty in excess of RM200;
g) Specified instruments executed in connection with the purchase
of certain low cost houses;
TAX_NEW_A 14/10/2005 3:35 PM Page 71
72
STAMP DUTY
h) Loan instruments in respect of loans not exceeding RM50,000 given
under the Micro Credit Scheme that are executed between the
borrower and Bank Simpanan Nasional or Bank Pertanian Malaysia.
i) Instruments of transfer of real property to Real Estate Investment
Trust and Property Trust Fund approved by the Securities
Commission;
j) Instruments relating to the purchase of property by any financier
for the purpose of leaseback under the principles of Syariah;
k) Instruments pursuant to a scheme of merger to rationalise
banking and finance company business and which involves the
merger of the whole or any part of the business and operations
of a licensed bank and a licensed finance company 15 January
2004 until 14 January 2006;
l) Instruments pursuant to a scheme of merger between private
institutions of higher learning (IPTS) to be approved by the
Ministry of Higher Education undertaken from 11 September
2004 to 31 December 2006;
m) Instruments executed pursuant to a scheme of financing
approved by the Central Bank or the Securities Commission as a
scheme which is in accordance with the principles of Syariah,
where such instrument is an additional instrument strictly
required for the purpose of compliance with those principles but
which will not be required for any other schemes of financing,
effective from 11 September 2004.
n) Mergers and acquisition (M&A) by companies listed on Bursa
Malaysia, approved by the Securities Commission from 1-10-2005
to 31-12-2007 and such M&A be completed by 31-12-2008.
o) Remission of 50% stamp duty on loan instruments for a loan up to
RM1 million taken by Small and Medium Enterprise, from 1-10-2005.
TAX_NEW_A 14/10/2005 3:35 PM Page 72
73
IRB EXCHANGE RATES (Average Annual Rates)
18 IRB EXCHANGE RATES (Average Annual Rates)
Countries Currency 2000 2001 2002 2003 2004
Australia $1 2.2350 1.9874 2.0851 2.4967 2.8277
New Zealand $1 1.7557 1.6148 1.7790 2.2299 2.5495
Canada $1 2.5849 2.4793 2.4444 2.7407 2.9533
U. Kingdom 1 5.8211 5.5292 5.7623 6.6299 7.0348
USA $1 3.8000 3.8000 3.8000 3.8000 3.8000
Thailand 1 Baht 0.0959 0.0863 0.0893 0.0925 0.0953
Pakistan 1 Rupee 0.0714 0.0623 0.0643 0.0665 0.0658
Sri Lanka 1 Rupee 0.0500 0.0430 0.0402 0.0398 0.0379
Hong Kong $1 0.4925 0.4921 0.4921 0.4928 0.4927
India 1 Rupee 0.0855 0.0814 0.0790 0.0824 0.0847
Indonesia 1 Rupia 0.0005 0.0004 0.0004 0.0004 0.0004
Brunei $1 2.2270 2.1436 2.1434 2.2038 2.2708
Bahrain 1 Dinar 10.0839 12.5202 10.0815 10.0812 10.0822
Philippines 1 Peso 0.0874 0.0753 0.0745 0.0709 0.0685
Singapore $1 2.2270 2.1436 2.1434 2.2038 2.2708
Taiwan $1 0.1230 0.1137 0.1113 0.1117 0.1150
China 1 Renminbi 0.4636 0.4637 0.4637 0.4637 0.4637
S. Korea 1 Won 0.0034 0.0030 0.0031 0.0032 0.0033
Switzerland 1 Franc 2.2753 2.2776 2.4718 2.8512 3.0925
Arab Saudi 1 Riyal - - 1.0234 1.0234 1.0234
S. Africa 1 Rand - - 0.3665 0.5092 0.5978
Euro 1 - - 3.6254 4.3339 4.7725
Norway 1 Krone 0.4371 0.4274 0.4831 0.5433 0.5701
TAX_NEW_A 14/10/2005 3:35 PM Page 73
74
LIST OF PUBLIC RULINGS ISSUED
19 LIST OF PUBLIC RULINGS ISSUED
To facilitate compliance with the Self Assessment System, the IRB has
issued the following Public Rulings:
Ruling No. Title of Ruling Date Issued/
Updated
3/2005 Living Accommodation Benefit Provided 11.08.2005
Provided For the Employee By The Employer
2/2005 Computation of Income Tax Payable By 06.06.2005
a Resident Individual
1/2005 Computation of Total Income For Individual 05.02.2005
5/2004 Double Deduction Incentive on Research 30.12.2004
Expenditure
4/2004 Employee Share Option Scheme Benefit 09.12.2004
3/2004 Entertainment Expenses 08.11.2004
2/2004 Benefits-In-Kind 08.11.2004
Addedum 20.05.2005
1/2004 Income from Letting of Real Property 30.06.2004
2/2003 Key-man Insurance 30.12.2003
1/2003 Leave passage 05.08.2003
2/2002 Allowable Pre-Operational & 08.07.2002
Pre-Commencement of Business
Expenses for Companies
1/2002 Deduction for Bad/Doubtful Debts and 02.02.2002
Tax Treatment for Recoveries
7/2001 Basis Period for Business and 30.04.2001
Non-Business Sources (Companies)
6/2001 Basis Period for a Business Source 30.04.2001
(Individuals and Persons other than
Companies/Cooperatives)
(Co-operatives)
4/2001 Basis Period for a Non-Business Source 30.04.2001
(Individuals and persons other than
Companies)
TAX_NEW_A 14/10/2005 3:35 PM Page 74
75
LIST OF PUBLIC RULINGS ISSUED
Ruling No. Title of Ruling Date Issued/
Updated
3/2001 Appeal Against An Assessment 18.01.2001
(Co-operatives)
4/2001 Basis Period for a Non-Business Source 30.04.2001
(Individuals and persons other than
Companies)
3/2001 Appeal Against An Assessment 18.01.2001
2/2001 Computation of Initial and Annual 18.01.2001
Allowances in Respect of Plant and
Machinery
1/2001 Ownership of Plant and Machinery for the 18.01.2001
Purpose of Claiming Capital Allowances
8/2000 Wilful Evasion of Tax and Related Offences 30.12.2000
7/2000 Providing Reasonable Facilities and 16.06.2001
Assistance
6/2000 Keeping Sufficient Records (Persons other 01.03.2000*
than Companies and Co-operatives)
Revised 30.06.2001
5/2000 Keeping Sufficient Records 01.03.2000*
(Individuals and Partnerships)
Revised 30.06.2001
4/2000 Keeping Sufficient Records 01.03.2000*
(Companies and Co-operatives)
Revised 30.06.2001
3/2000 Basis Period for a Business Source 01.03.2000*
(Individuals and Persons other than
Companies and Co-operatives)
2/2000 Basis Period for a Business Source 01.03.2000*
(Companies and Co-operatives)
1/2000 Basis Period for a Non-business Source 01.03.2000*
* Superseded
TAX_NEW_A 14/10/2005 3:35 PM Page 75
76
IMPORTANT FILING DATES
20 IMPORTANT FILING DATES
20.1 Submission of Tax Return Form
TAX SUBMISSION FOR YEAR OF ASSESSMENT 2005
Category Tax Return Form Due Date for
Submission
1 Resident Individual
with Business Income B 30 June 2006
without Business Income BE 30 April 2006
2 Partnership P 30 June 2006
3 Non-Resident Individual
with Business Income M 30 June 2006
without Business Income M 30 April 2006
4 Estate
with Business Income TP 30 June 2006
without Business Income TP 30 April 2006
5 Association
with Business Income TF 30 June 2006
without Business Income TF 30 April 2006
6 Hindu Joint Family
with Business Income TJ 30 June 2006
without Business Income TJ 30 April 2006
7 Company C & R 7th month after the
close of accounting
year-end
8 Co-operative Society CI 7th month after the
close of accounting
year-end
TAX_NEW_A 14/10/2005 3:35 PM Page 76
77
Category Tax Return Form Due Date for
Submission
9 Unit Trust/Property Trust TC 7th month after the
close of accounting
year-end
10 Trust Body TA 7th month after the
close of accounting
year-end
11 Employers E 31 March 2006
20.2 Other Tax Compliance
Type of return Form Due date
a) All taxpayer
- notification of change No prescribed Within 3 months of
of address change.
b) Company
i) submission of estimate Form CP 204 30 days before the
of tax payable beginning of the
basis period
ii) submission of revised Form CP 204A In the sixth or/and
estimate of tax payable ninth month of the
basis period
iii) submission of income Form C Within 7 months
tax return from the date
following the close
of its accounting
period
iv) submission of section Form R Within 7 months
108 statement from the date
following the close
of its accounting
period
TAX_NEW_A 14/10/2005 3:35 PM Page 77
78
v) Change of accounting Form CP204B One month before
date the beginning of new
accounting period
c) Employer
i) return of remuneration Form E; CP 159 Within 30 days from
by an employer the date of service
or extended date
granted (31 March)
ii) aa) notification of Form CP 22 Within one month of
employees commencement of
commencement of employment
employment
bb) notification of Form CP 22A Not less than one
employees month before
cessation of cessation.
employment (in
certain prescribed
cases)
cc) notification of Form CP 21 Not less than one
employee leaving month before
Malaysia for more expected date of
than 3 months Departure.
dd) monthly statement Form CP 39 Within 10 days after
of tax deduction by month end.
employer under
Schedular Tax
Deduction Scheme
d) Withholding tax
i) On interest or Form CP 37 Within one month of
royalty to non- paying or crediting
residents the non-resident,
whichever is earlier.
TAX_NEW_A 14/10/2005 3:35 PM Page 78
79
ii) On contract Form CP 37A Within one month of
payments to non- paying or crediting
resident contractors the non-resident,
whichever is earlier.
iii) On onshore interest Form CP 37C Bi-annual.
payments (other than
exempt interest) to
resident individuals
iv) On technical and Form CP 37D Within one month of
management service paying or crediting
fees, rental of the non-resident,
moveable properties, whichever is earlier.
etc to non-residents
e) Real property gains tax
i) Return of disposal of Form C.K.H.T. 1 Within one month of
chargeable asset date of disposal of
chargeable asset.
ii) Return of acquisition of Form C.K.H.T. 2 Within one month of
chargeable asset date of acquisition
of chargeable asset.
iii) Notification of becoming Form C.K.H.T. 19 When Company
a Real Property becomes a Real
Company Property Company.
f) Sales tax
- Submission of tax Form CJ 3 Within 28 days after
return and payment end of each taxable
of tax period.
TAX_NEW_A 14/10/2005 3:35 PM Page 79
80
g) Service tax
- Submission of tax Form CP 3 Within 28 days after
return and payment end of each taxable
of tax period.
h) Social Security Organisation
(SOCSO)
- Submission of Form 8A Within 30 days after
remittance form month end.
i) Employees Provident Fund
- Schedule of Monthly EPF 6 (Form A) Within 15 days after
contributions together month end.
with cheque
TAX_NEW_A 14/10/2005 3:35 PM Page 80
81
ACCOUNTING
INFORMATION
TAX_NEW_A 14/10/2005 3:35 PM Page 81
FINANCIAL REPORTING STANDARDS
82
21 FINANCIAL REPORTING STANDARDS
21.1 New Standards
Standard Title Standard Formerly
Superseded Known As
FRS 101 Presentation of FRS 101
2004
MASB 1
Financial Statements
FRS 102 Inventories FRS 102
2004
MASB 2
FRS 108 Accounting Policies, FRS 108
2004
MASB 3
Changes in Accounting
Estimates and Errors
FRS 110 Events After the Balance FRS 110
2004
MASB 19
Sheet Date
FRS 116 Property, Plant and FRS 116
2004
MASB 15
Equipment
FRS 117 Leases FRS 117
2004
MASB 10
FRS 121 The Effects of Changes FRS 121
2004
MASB 6
in Foreign Exchange Rates
FRS 124 Related Party Disclosures FRS 124
2004
MASB 8
FRS 127 Consolidated and Separate FRS 127
2004
MASB 11
FRS 128 Investments in Associates FRS 128
2004
MASB 12
FRS 131 Interests in Joint Ventures FRS 131
2004
MASB 16
FRS 132 Financial Instruments: FRS 132
2004
MASB 24
Disclosure and
Presentation
FRS 133 Earnings Per Share FRS 133
2004
MASB 13
FRS 136 Impairment of Assets FRS 136
2004
MASB 23
FRS 138 Intangible Assets FRS 109
2004
-
FRS 139 Financial Instruments: - -
Recognition and
Measurement
FRS 140 Investment Property FRS 125
2004
IAS 25
TAX_NEW_A 14/10/2005 3:35 PM Page 82
FINANCIAL REPORTING STANDARDS
83
Standard Title Standard Formerly
Superseded Known As
FRS 1 First-Time Adoption of - -
Financial Reporting
Standards
FRS 2 Shared-Based Payments - -
FRS 3 Business Combinations FRS 122
2004
MASB 21
FRS 5 Non-Current Assets Held FRS 135
2004
MASB 28
for Sale & Discontinued
Operations
The above Standards have been approved in principle by the Malaysian
Accounting Standards Board pending their official announcement in major
newspapers except FRS 2.
21.2 Existing Standards
Standard Title Formerly
Known As
FRS 104
2004
Depreciation Accounting MASB 14
FRS 107
2004
Cash Flow Statements MASB 5
FRS 111
2004
Construction Contracts MASB 7
FRS 112
2004
Income Taxes MASB 25
FRS 114
2004
Segment Reporting MASB 22
FRS 118
2004
Revenue MASB 9
FRS 119
2004
Employee Benefits MASB 29
FRS 120
2004
Accounting for Government Grants MASB 30
and Disclosure of Government
Assistance
FRS 123
2004
Borrowing Costs MASB 27
FRS 126
2004
Accounting and Reporting by MASB 30
Retirement Benefit Plans
FRS 134
2004
Interim Financial Reporting MASB 26
TAX_NEW_A 14/10/2005 3:35 PM Page 83
FINANCIAL REPORTING STANDARDS MALAYSIAN APPROVED STANDARDS ON AUDITING
84
Known As
FRS 201
2004
Property Development Activities MASB 32
FRS 202
2004
General Insurance Business MASB 17
FRS 203
2004
Life Insurance Business MASB 18
FRS i-1
2004
Presentation of Financial Statements MASB i-1
for Islamic Financial Institutions
FRS 129 Financial Reporting in Hyperinflationary
Economics IAS 29
FRS 204 Accounting for Aquaculture MAS 5
For latest developments on Financial Reporting Standards, please refer to
MASBs website: www.masb.org.my
22 MALAYSIAN APPROVED STANDARDS ON AUDITING
Standard Title Existing
Standard To
Be Replaced
Preface to Approved Standards
on Auditing and Related Services
Preface to ISAs and RSs
Glossary of Terms
Introductory Matters
AI 120 Framework of ISAs
Responsibility
AI 200* Objective and General Principles AI 200
Governing an Audit of Financial
Statements
AI 210 Terms of Audit Engagements
AI 220 Quality Control for Audit Work
TAX_NEW_A 14/10/2005 3:35 PM Page 84
MALAYSIAN APPROVED STANDARDS ON AUDITING
85
Standard To
Be Replaced
AI 220 (Revised)* Quality Control of Audits of AI 220
Historical Financial Information
AI 230 Documentation
AI 240 Fraud and Error
AI 240 (Revised)* The Auditors Responsibility to AI 240
Consider Fraud in an Audit of
AI 250 Consideration of Laws and
Regulations in an Audit of Financial
Statements
AI 260 Communication of Audit Matters
with Those Charged with Governance
AI 300 Planning
AI 310 Knowledge of the Business
AI 315* Understanding the Entity and Its AI 310, AI 400,
Environment and Assessing the AI 401
Risks of Material Misstatement
AI 320 Audit Materiality
Internal Control
AI 330* The Auditors Procedures in AI 400, AI 401
Response to Assessed Risks
AI 400 Risk Assessments and Internal
Control
AI 401 Auditing in a Computer Information
Systems Environment
AI 402 Audit Considerations Relating to
Entities Using Service Organisations
TAX_NEW_A 14/10/2005 3:35 PM Page 85
86
Standard To
Be Replaced
Audit Evidence
AI 500* Audit Evidence AI 500
AI 501 Audit Evidence Additional
Consideration for Specific Items
AI 505 External Confirmations
AI 510 Initial Engagements
Opening Balances
AI 520 Analytical Procedures
AI 530 Audit Sampling and Other Selective
Testing Procedures
AI 540 Audit of Accounting Estimates
AI 550 Related Parties
AI 560 Subsequent Events
AI 570 Going Concern
AI 580 Management Representations
Using the Work of Others
AI 600 Using the Work of Another Auditor
AI 610 Considering the Work of Internal
Auditing
AI 620 Using the Work of an Expert
Audit Conclusions and Reporting
AI 700 The Auditors Report on Financial
Statements
AI 710 Comparatives
AI 720 Other Information in Documents
Containing Audited Financial
Statements
TAX_NEW_A 14/10/2005 3:35 PM Page 86
87
Standard To
Be Replaced
Specialised Areas
AI 800 The Auditors Report on Special
Purpose Audit Engagements
International Auditing Practice Statements
AI 1000 Inter-bank Confirmation Procedures
AI 1001 IT Environments
Stand-Alone Personal Computers
On-Line Computer Systems
Database Systems
AI 1004 The Relationship between Bank
Supervisors and External Auditors
AI 1005 Special Considerations in Audit
of Small Businesses
AI 1006 The Audit of International Commercial
Banks
AI 1007 Communications with Management
AI 1008 Risk Assessment and Internal
Controls CIS Characteristics and
Considerations
AI 1009 Computer Assisted Auditing
Techniques
AI 1010 The Consideration of Environmental
Matters in the Audit of Financial
Statements
TAX_NEW_A 14/10/2005 3:35 PM Page 87
88
Known As
International Standard on Review Engagements (ISREs)
AI 2400 Engagements to Review Financial AI 910
Statements
International Standards on Assurance Engagements (ISAEs)
AI 3000 Assurance Engagements AI 100
AI 3400 The Examination of Prospective AI 810
Financial Information
International Standards on Related Services
AI 4400 Engagements to Perform Agreed Upon AI 920
Procedures Regarding Financial
Information
AI 4410 Engagements to Compile Financial AI 930
Information
International Standard on Quality Control
ISQC 1* Quality Control for Firms that Perform Audits and
Reviews of Historical Financial Information, and Other
Assurance and Related Service Engagements
* The above Standards are to be effective for audit of financial statements
for periods beginning on or after 1 January 2006 except for ISQC 1
where the systems of quality control in compliance with the ISQC are
required to be established by 1 July 2006
TAX_NEW_A 14/10/2005 3:35 PM Page 88
RECOMMENDED PRACTICE GUIDES (RPG) MIA BY-LAWS
89
23 RECOMMENDED PRACTICE GUIDES (RPG)
RPG 1 Appointment and Change of Auditors Companies Act 1965
RPG 2 Solicitors Account Programme
RPG 3 Auditors Report Companies Act 1965
RPG 4 Reports and Qualifications
RPG 5 Guidance for Auditors on the Review of Directors Statement of
Internal Control
RPG 6 Update on Auditors Report on Financial Statements
24 MIA BY-LAWS
24.1 Part A Applicable to All Members
By-Law A-1 Fundamental Principles
By-Law A-2 Integrity and Objectivity
By-Law A-3 Professional Competence and Due Care
By-Law A-4 Continuing Professional Education
By-Law A-5 Confidentiality
By-Law A-6 Description and Designatory Letters
By-Law A-7 Attention to Correspondence and Enquiries
By-Law A-8 Acts Discreditable to the Profession
By-Law A-9 Advertising, Publicity and Solicitation
By-Law A-10 Induction Course
TAX_NEW_A 14/10/2005 3:35 PM Page 89
MIA BY-LAWS
90
24.2 Part B Applicable to Members in Public Practice
By-Law B-1 Professional Independence
By-Law B-2 Method of Practice
By-Law B-3 Advertising, Publicity and Solicitation
By-Law B-4 Clients Monies
By-Law B-5 Loans to and from Clients
By-Law B-6 Fees and Commission
By-Law B-7 Referrals
By-Law B-8 Changes in Professional Appointments
By-Law B-9 Incapacity or Death of Sole Practitioner
By-Law B-10 Professional Indemnity Insurance
By-Law B-11 Quality Assurance and Practice Review
24.3 Part C Applicable to Members in Specific Type of Public Practice
By-Law C-1 Professional Conduct of Members in Specific Types
of Public Practice
TAX_NEW_A 14/10/2005 3:35 PM Page 90
91
This page is intentionally left blank
TAX_NEW_A 14/10/2005 3:35 PM Page 91
92
ACCA (the Association of Chartered Certified Accountants) is
the largest and fastest-growing international accountancy
body with 240,000 students and 105,000 members in 170
countries. Our mission is to be the leading global
professional accountancy body by reputation, influence and
size, offering the first choice qualifications to people of
application, ability and ambition around the world who seek a
rewarding career in accountancy, finance and management.
TAX_NEW_A 14/10/2005 3:35 PM Page 92
TAX_NEW_A 14/10/2005 3:35 PM Page 93
94
ACCA Malaysia Sdn Bhd (473007 P)
27th Floor Wisma Denmark No 86 Jalan Ampang 50450 Kuala Lumpur
tel: + (603) 2713 5051 fax: + (603) 2713 5052
e-mail: info@my.accaglobal.com http://malaysia.accaglobal.com
Kuching Branch
Unit #8.01 8th Floor Gateway Kuching
No 9 Jalan Bukit Mata 93100 Kuching
tel: + (6082) 42 5051 fax: + (6082) 42 6061
TAX_NEW_A 14/10/2005 3:35 PM Page 94

Tax Booklet YA 2005

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Tax Booklet YA 2005

Transféré par

Droits d'auteur :

Formats disponibles

Easy Guide to Malaysian

Tax and Accounting Information 2005/2006

Vous aimerez peut-être aussi