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special tax incentive for E&E sector

special tax incentive for E&E sector
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Background

The main objective of this incentive is to further promote high-value added activities in the E&E industry to transition into 5G digital economy and Industry 4.0.

This Special Investment Tax Allowance is to encourage companies in the E&E sector that have exhausted the Reinvestment Allowance in Malaysia to further reinvest in Malaysia.

Type of Incentive:

Investment Tax Allowance of 50% on qualifying capital expenditure to be offset against 50% of Statutory Income.

The exemption period is valid for a period of 5 years starting from the date of the approval letter.

Eligibility Criteria:

1. Manufacturing company incorporated under the Companies Act, 1965/2016, and residents in Malaysia.

2. Possess valid Business License from the relevant Local Authority.

3. Possess Manufacturing License (ML) from MITI or Confirmation Letter of Exempted from Manufacturing License from MIDA (whichever is applicable).

4. The applicant company is engaged in manufacturing activities in the E&E sector and intend to reinvest for the purpose of expansion, automation, diversification and modernization.

5. The applicant company has fully exhausted the eligibility period of fifteen years to claim Reinvestment Allowance (RA) under Schedule 7A ITA 1967 by 31 December 2019 and is currently not enjoying any other tax incentives approved by the Government.

6. The applicant company will be subjected to the following conditions:

 a. The minimum investment in the related proposed projects shall be at least RM1.5 million in capital expenditure within a period of five (5) years as proposed

b. The company to incur the minimum yearly operational expenses (as proposed by company); and

c. The company to hire minimum number of Malaysian full time workers (as proposed by company)

Application Process:

1. Company submits application to MIDA through MIDA e-Incentive portal.

2. MIDA evaluates the non-technical eligibility.

3. MIDA issues a ‘Consideration Letter’ to the Applicant Company and Carbon Copies (c.c.) to the Minister of International Trade & Industry (MITI), Ministry of Finance (MoF), and Inland Revenue Board (IRB).

Effective Date of Application:

Applications received by MIDA from 1 January 2020 until 31 December 2021 are eligible to be considered for this incentive.

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  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP

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疫情当下, 国库空虚

疫情当下, 国库空虚
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疫情当下, 国库空虚
去年开始肆虐的冠病疫情冲击全球经济，让近年已经饱受各种沧桑，如国际油价波动、政局动荡的我国财政状况雪上加霜....

Source :
南洋商报 5/4/21: 探讨资本利得 古董买卖万字奖金或抽税

Full story in our blog
https://www.ktp.com.my/blog/captial-gain-tax/05april2021

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏

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We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Convert Enterprise (sole-proprietorship/partnership) to Sdn Bhd Explained ... Controlled Transfer

Convert Enterprise (sole-proprietorship/partnership) to Sdn Bhd Explained ... Controlled Transfer
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What is control transfer under income tax act for the conversion from sole proprietorship to Sdn Bhd?

As per refer to Public Ruling 1/2018 Public Ruling 1/2018 Disposal of Plant and Machinery Part II - Controlled Sales

Control transfer is transaction of asset between two parties.

  • The acquirer of the asset has control(at least 50%) over the disposer and; vice versa

  • Some other person has control over the disposer and acquirer of the asset

  • The disposal is effected in consequence of a scheme of reconstruction or amalgamation of companies

The disposal is effected by way of a settlement or gift or by devolution of the property in the asset on death

The conversion of sole proprietorship to Sdn Bhd will subject to control transfer.

 As the control right of sole proprietorship and Sdn Bhd come from one person.

Treatment in tax

  • The disposal of asset from sole proprietorship to Sdn Bhd.

  • The assets deemed transfer at residual expenditure instead of the transaction price.

  • Disposer would not subject to balancing charge or allowance.

  • Acquirer's can't claim the initial allowance and claim annual allowance based on disposer's acquisition price but restricted to the residual expenditure.

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𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

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We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Par

FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Par
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FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021) Part II

Continue from Part I

5. What is the format/form of verification by the external auditors?

Verification of the external auditors needs to be made through a special certificate.

Special certificates can be made in any appropriate format/ form.

6. Is the payment of certification by external auditor is deductible with my R&R expenses?

- No, the fee of certification by external auditor is not included and it is not deductible.

7. Are my expenses for R&R not allowed for special deduction if the cost is more than RM300,000?

- No, you are still entitled for the special deduction is your R&R expenses is more than RM300,000. The maximum to claim is RM300,000 and terms and conditions under P.U.(A) 381/2020 should be applied.

 For example:

a)    Mr Vincent incurred of RM350,000 for his homestay renovation on 01.06.2020. He is entitled to claim for special deduction for the renovation cost of RM300,000 in YA2020 under P.U.(A) 381/2020. The excess of RM50,000 is not allowed to carried forward.

 Mr Vincent incurred for another renovation cost amounting RM150,000 for his homestay renovation in February 2021. Mr Vincent is not entitled to claim special deduction for RM150,000 renovation cost in YA2021 due to he has claimed for the maximum amount of RM300,000 in YA2020.

 b)    Encik Rahim incurred of RM120,000 for his restaurant renovation on 01.08.2020. He is entitled to claim for special deduction for the renovation cost of RM120,000 in YA2020 under P.U.(A) 381/2020.

 Encik Rahim incurred for another renovation cost amounting RM300,000 for his restaurant renovation in July 2021. But Encik Rahim is entitled to claim special deduction for RM180,000 in YA2021 due to he has reached the maximum amount (RM300,000) that he can claim within the period of 01.03.2020 to 31.12.2021.

8. Is the renovation cost cannot be absorbed when the company has adjusted losses?

- Yes, if the renovation cost is not entitled to claim under P.U. (A)381/2020 and cannot be utilised from adjusted income as it is an adjusted loss to the company. The losses can be carried forward and subject to a restricted period under Subsection 44(5F) of ITA 1967.

9. Can I claim the special deduction for the renovation cost if I have also entitled to claim under subsection 33(1) of ITA 1967 or capital allowance under Schedule 2 or Schedule 3?

- No, you are not entitled to claim the special deduction for the renovation cost if you have claimed under subsection 33(1) of ITA 1967 or capital allowance under Schedule 2 or Schedule 3.

 10. What supporting document is required?

- The supporting documents should be kept for the required period under ITA 1967 and due to the requirement by LHDN. Supporting documents to be provided including:

 i)              Business registration certificate

ii)             Ownership of the premises (eg: Tenancy agreement)

iii)            Invoice for the renovation cost, and

iv)           Invoice for the renovation cost which certified by external auditor

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  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

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Tax deduction on cash loss?

Tax deduction on cash loss?
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Tax deduction on cash loss?

Embezzlement is the act of someone wrongfully appropriating funds that have been entrusted to their care but which are owned by someone else. Many small businesses are victims of thefts perpetrated by employees.

From a tax perspective, can the cash loss eligible for tax deduction?

Let’s illustrate with a simple real case:

Scenario

 GGG Sdn Bhd (actual name of the company is conceived to protect confidentiality) has entrusted their account executive on the usage of company’s fund to smoothen the daily operation. However, they have recently found out he has been transferred funds to his accounts over the past 6 months.

 The account executive had run away and no way to be found. The total losses are approximately around RM100,000. Without hesitation, GGG had reported to the police.

 Struggles

  • Can the cash loss eligible for tax deduction?

  • Is a police report sufficient?

Solution:

 Yes, the cash loss is tax-deductible. However, sufficient documentation must be kept. A mere police report is arguably insufficient, as it was only proof that the incident happened.

 To avoid further disputes from IRB officer, KTP has advised GGG to prepare more documents as below: -

  • Bank receipts of cash transfer to the account executive current account, letter of employment termination, and bank statement as proof of the person involved.

  • Police report and minutes of the board of directors’ meeting as proof of the action taken.

Sources:

Public Ruling NO. 4/2012 - Deduction for Loss of Cash and Treatment of Recoveries

http://phl.hasil.gov.my/pdf/pdfam/PR_No_4_2012.pdf

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We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

FAQ (English version) on special deduction for the renovation cost under P.U. (A) 381/2020

FAQ (English version) on special deduction for the renovation cost under P.U. (A) 381/2020
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FAQ on special deduction for the renovation cost under P.U. (A) 381/2020 (Updated on 11.03.2021)

Expenses incurred (between 1 March 2020 to 31 December 2020) to renovate/refurbish (R&R) the business premises for business purpose are given tax deduction up to a limit of RM300,000.

1. Who is eligible?

To be eligible to claim for tax deduction, shall be subject to the following conditions:

- Any taxpayer who incurred an expense of R&R on business premises.

- The business premises are used for the purpose of its business.

- Deduction is given on the adjusted income under paragraph 4 (a) of the Act Income Tax 1967

2. What is meant with the premise business for this purpose?

All the business premises are either owned or rented by the taxpayer and the premises are used for the purpose of business is eligible.

Example:

(a) Mr. Vincent is the owner of a homestay in Bagan Lalang. During the Movement Control Order (PKP) 2020, Mr. Vincent has costs incurred of R&R on homestays. Expenses of R&R performed by Mr. Vincent for the period of 1 March until 31 December 2020 is eligible for a deduction under P.U. (A) 381/2020 in determining income adjustment of his homestay business for the year of assessment 2020 is subject to the conditions set.

(b) Mr. Rahim rented a shop house for running a restaurant business. During the period Movement Control Order (PKP), the restaurant business was temporarily closed and Mr. Rahim has costs incurred of R&R. Expenses of R&R done by Mr. Rahim is eligible for deduction in determining the income of its subject business to the conditions prescribed under P.U. (A)381/2020.

(c) Hijras Arkitek Sdn Bhd provides services of architectural consultant and has an office in Petaling Jaya. In March 2021, the office has costs incurred of R&R i.e. installing carpets in his office. Hijras Arkitek Sdn Bhd is eligible deductions in determining the income of his business subject to the conditions set out under P.U. (A) 381/2020.           

3. What are the eligible and not eligible cost of R&R?

Expenses eligible for tax deduction in the First Schedule P.U. (A) 381/2020:

- General electrical installation

- Lighting

- Gas system

- Water system

- Kitchen fittings

- Sanitary fittings

- Door, gate, window, grill and roller shutter

- Fixed partitions

- Flooring (including carpets)

- Wall covering (including paint work)- False ceiling and cornices

- Ornamental features or decorations excluding fine art

- Canopy or awning

- Fitting room or changing room- Recreational room for employee

- Air-conditioning system

- Children play area

- Reception area- Prayer Room

All the cost involved must be certified by external auditors.

Not eligible costs of R&R are in the Second Schedule P.U. (A) 381/2020:

- Designer fee

- Professional fee- Purchase of antique (purchase of an object or work of art which, represents a previous era in human society, is a collectable item due to its age, rarity, craftsmanship or other unique features and appreciates in value over time)

4. What is the external auditors?

External auditor means a qualified auditor who can confirm the cost incurred by the taxpayer on claims for renovation and renewal costs business premises under P.U. (A) 381/2020.   

To be continued…..

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租金收入-税税问与答 Part 2

租金收入-税税问与答 Part 2
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租金收入-税税问与答 Part 2

纳税人常问关于租金收入的tax问题 :

1.租金收入的税率%是多少?

2.为什么这么高 24%？

3.可以扣除assets?

4.亏损可以带到明年吗？

5.何时对租金收入征税?

Assets 资产

  • Business Income 4(a)

    资本津贴可以用于工厂和机器的费用。

    Capital allowances can be claimed on capital expenditure incurred on plant and machinery.

  • Investment Income 4(d)

    不可以获得资本津贴，但替换家具和空调等家具的费用可以从租赁的总收入中扣除。

    Capital allowance cannot be claimed, but cost of replacing furnishings such as furniture and air conditioner can be claimed as a deduction from gross income from that letting.

税收待遇 Tax Treatment

  • Business Income 4(a)

    在最初的RM600,000 是17%的税率, 剩下的是24%的税率

    First RM600,000 17% Remaining 24%,

  • Investment Income 4(d)

    根据PR10/2015第8.2段，投资控股公司可以获得允许的费用如工资、薪金和津贴、管理费等。

    Under paragraph 8.2 of PR10/2015, the permitted expenses are allowed by the investment holding company such as wages, salaries and allowances, management fees and etc

    参考所得税实践笔记3/2020, 控股公司税率为24%，由2020课税年度起生效

    Refer to Practice Note 3/2020, tax rate for investment holding company is 24% effective from year of assessment

    根据PR 12/2018第11段, 建筑的拥有人可以获得工业建筑津贴，即使租赁是非商业来源，但建筑用于工业建筑

    Under paragraph 11 of PR 12/2018, the owner of the building allowed to claim industrial building allowance even though the letting is a non-business source but the building use for industrial building

营业外收入4(a)变为营业收入4(d) Section 4(a) change to Section 4(d)

无权要求对不动产的设备和机器的资本免税额，因为它们在基本期结束时没有用于商业目的

Not entitled to claim capital allowance on the plant and machinery for the real property since they are not used for business purpose at the end of the basic period.

营业外收入4(d)变为营业收入4(a) Section 4(d) change to Section 4(a)

有权要求对不动产的设备和机器的获得资本津贴，因为它们在基本期结束时用于商业目的。合格费用是指在业务中使用的第一天的市场价值。

Entitled to claim capital allowance on the plant and machinery for the real property since they are used for business purpose at the end of the basic period.

The qualifying expenses is the market value on the first day used in the business.

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  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

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𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

Special Reinvestment Allowance 2020 - How/What to claim?

Special Reinvestment Allowance 2020 - How/What to claim?
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Overview of Special Reinvestment Allowance

An eligible manufacturing and agriculture company is entitled to claim Reinvestment Allowance (RA) and is to be deducted against the statutory income in the basic period for a year assessment.

However, how much is the entitle amount of RA to an eligible company? Any restriction to be applied on RA?

Key takeaways:

You will understand: -

1.     The calculation of RA and deduction against statutory income.

2.     Basic understanding of non-Application rule.

3.     The documents to be prepared to claim RA.

 Summary of learning:

 1.Tax treatment of special reinvestment allowance

1.     An eligible company is entitled to claim RA of 60% on the capital expenditure incurred the year of assessment (YA).

 2.     But, it will be restricted against 70% of statutory income. Any unabsorbed RA can be carried forward to next YA.

 3.     With effective from YA 2019, the unabsorbed RA can only be carried forward for a maximum of 7 consecutive years of assessment upon expiry of the qualifying period.

 4.     Any balance of unabsorbed RA after the end of that seven (7) consecutive years of assessment will be disregarded.

 

Example:

In YA 2020, ABC Sdn Bhd incurred a total capital expenditure of RM450,000.00 to increase its production capacity. The statutory income (SI) for the year is RM300,000.

How much is the RA claim by the company in YA2020?

Solution:

The tax treatment and calculation is demonstrated as follow:

-       RA to be claimed by the company is RM270,000 (60% x RM450,000)

-       However, it will be restricted to RM210,000.00 (70% x RM300,000 (SI))

∴ Therefore, the chargeable income to tax of the company in YA 2020 is RM90,000.00 (RM300,000 – RM210,000). The unabsorbed RA of RM60,000 (RM270,000 – RM210,000) will be carried forward to next YA.

 2. Non-Application with Special reinvestment allowance

A company claiming RA is not able to enjoy the following tax incentives in the same year of assessment:

  1. Pioneer status under the Promotion of Investments Act 1986 (PIA).

  2. Investment tax allowances (ITA) under the PIA.

  3. Incentive under Investment Incentive Act 1968 (IIA).

  4. Industrial adjustment allowance under the PIA in respect of a manufacturing activity or a manufactured product (approval granted prior to the coming into operation of section 27 of the Promotion of Investments (Amendment) 2007 Act [Act A1318].

  5. Group Relief for companies under section 44A of the Income Tax Act 1967 (ITA).

  6. Deductions under any rules made under section 154 of the ITA.

  7. Exemption from tax on income under exemption orders made under paragraph 127(3)(b) or exemption under subsection 127(3A) of the ITA.

 3. Claim Procedures for Reinvestment Allowance

1.     The eligible company is not required to apply or get written approval from Inland Revenue Board Malaysia (IRBM).

 2.     However, the company must prepare the RA claim form which can be downloaded from IRBM’s Official Portal.

 3.     The original copy of the RA claim form shall be kept by the company together with all relevant documents.

 Sources:

  • Reinvestment Allowances Part 1 – Manufacturing activity:

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_10_2020.pdf

  • RA claim form:

http://phl.hasil.gov.my/pdf/pdfborang/BORANGTUNTUTANEPS_1.pdf

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  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP

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租金收入-税税问与答 Part 1

租金收入-税税问与答 Part 1
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  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏纳税人常问关于租金收入的tax问题 :

1.租金收入的税率%是多少?

2.为什么这么高 24%？

3.可以扣除assets?

4.亏损可以带到明年吗？

5.何时对租金收入征税?

根据 IRB 公共裁决 Public Ruling第10/2015和第12/2018

如果屋主亲自或委任代理主动提供全面的维修服务 maintenance & support services 在物业上, 那么这个物业租金的收入将归纳于商业收入 (Section 4a business income)。

根据IRB 公共裁决 Public Ruling 第12/2018

如果屋主没有主动或委任代理提供全面的维修服务 maintenance & support services 在物业上, 那么这个物业租赁的收入将归纳于投资收入 (section 4d investment income)

问您 as 房东是否提供主动主动提供全面的维修服务 maintenance & support services 在物业上

If yes… business income

If no … investment income

资本津贴 capital allowance

  • Business Income 4(a)

    本年度还没用完的的资本津贴可转至下一年课税年度

  • Investment Income 4(d)

    本年度还没用完的的资本津贴不可转至下一年课税年度

业务亏损 Business Loss

  • Business Income 4(a)

    允许使用未抵消的业务亏损在下一个课税年度的

  • Investment Income 4(d)

    不允许使用未抵消的业务亏损到下一个课税年度的

营业日期 Commencement Date

  • Business Income 4(a)

    这取决于房产第一次出租的日期 Depends on the date the real property is rented out for the first time

  • Investment Income 4(d)

    这取决于房屋出租的日期 Depends on the date the real property is made available for letting

 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.


 

特别自愿报税计划 U trun

特别自愿报税计划 U trun
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特别自特别自愿报税计划愿报税计划

马来西亚税收局 - 罚款

马来西亚税收局 - 罚款
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马来西亚税收局 - 操作准则3/2020

1.  目的

为了说明当纳税人无法依照《1967年所得税法令》第112(3) 条，《1967 年石油所得税法令》第51(3)条和《1976年不动产利得税法令》第29(3)条里所规定的时限内呈报税务报表，将被处以的罚款处分。

准则里的处分包括了：

  • 逾期提交的罚款

  • 如果未在期限内呈报税务报表，将被施以额外的税务

 

2.       税务申报的截止日期

以下是纳税人需要提交税务报表的截止日期：

  • 就业或其他收入但不包含商业收入 - BE, B, P, BT, M, MT, TF, TP, TJ

    4月30日 （无经营生意者）

  • 商业收入 （独资企业、合伙企业）- BE, B, P, BT, M, MT, TF, TP, TJ

    6月30日 （经营生意者）

  • 公司（有限、有限责任合伙人（PLT）、信托机构、合作社）- C, PT, TA, TC, TR, TN, C1

    公司财政年度结束后的7个月内

  • 1976年不动产利得税法 - CKHT 1A, CKHT 1B, CKHT 2A

    转让后的60天内

  3.       逾期提交的罚款率

罚款率是根据逾期的时长来决定的

以下的罚款率是根据《1967年所得税法令》第112(3) 条:-

逾期时长

  • 少于12个月 - 15 % 罚款率

  • 12 - 24个月- 30 % 罚款率

  • 超过12个月- 45 % 罚款率

以下的罚款率是根据《1976年不动产利得税法令》第29(3)条:-

逾期时长

  • 少于12个月 - 15 % 罚款率

  • 12 - 24个月 - 20 % 罚款率

  • 超过12个月 - 25 % 罚款率 

4.       税务局施予的额外税务

  • 税务局有权对未提交税务申报的纳税人予以估计评估并给予处分

  • 当之后实际申报表的税收大于税收局所给予的评估，税务局将会对额外的税务进行额外的税收罚款。

 5.       估计评估的罚款率

法规

  • 1967年《所得税法令》 - 45 % 罚款率

  • 1976年《不动产利得税法令》- 25 % 罚款率

 𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Special Reinvestment Allowance 2020

Special Reinvestment Allowance 2020
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Overview of Special Reinvestment Allowance 2020

Manufacturing and agricultural company are eligible for Reinvestment Allowance(RA) as long as the companies incurred qualifying costs for qualifying projects.

So what is “qualifying cost” and “qualifying project”?


Key takeaways:

You will understand: -

1. Qualifying projects

2. Qualifying costs


Summary of learnings:

A) Qualifying Projects:

Qualifying projects are Expansion, Modernization, Automation and, Diversification. Let me explain by simple illustration as below: -

1. Expansion - Increase of a production capacity

Illustration:

i) Company A increased production from 12,000 units to 20,000 units per month.

ii) Company B is a manufacturer of rubber gloves, which goes into the manufacturing of cotton gloves. [similar products but different materials]
 

2. Modernization - Upgrading of manufacturing equipment and processes

Illustration:

i) Company C acquire new machines to cut down the number of processes, production time, and manpower.


3. Automation - Change manual operation into mechanical operation

Illustration:

i) Company D invested in a robotic arm for packaging which was done manually previously.


4. Diversification - Produce additional or new related products relating to the same industry

Illustration:

i) Company B, a rubber gloves manufacturer goes into rubber shoes.

[same materials but different products]
 

B) What is the Qualifying Cost?

Capital investment incurred for the “qualifying activity” is eligible for reinvestment allowance.


Two types of Qualifying Cost:

i) Factory: New / Extension of factory

ii) Plant and Machinery: New machines use in the production (replacement are not allowed)

Exemptions

  • Capital cost incurred by the director, staff, or third-party usage is exempted.
  • Capital cost which is not incurred for production purpose
  • The company already enjoys other tax incentives. (Such as tax incentives from Promotion on Investment Act 1986, Investment Incentive Act 1968, Group relief or others)

Sources: - Reinvestment Allowances Part 1 – Manufacturing activity:

http://lampiran1.hasil.gov.my/pdf/pdfam/PR_10_2020.pdf

Stay tuned to our next ektp on “Requirements on documentations” and “Tax treatment” on Reinvestment allowance.


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)


We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Real Property Gain Tax vs Income Tax on Gain on disposal of property/land

Real Property Gain Tax vs Income Tax on Gain on disposal of property/land
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Gain on disposal of land – RPGT or Income Tax??

Let’s understand from a Real tax case: KST vs KETUA PENGARAH HASIL DALAM NEGERI

What is this case study?

KST sold a land to a developer company, amounting to RM1,520,000.00.  IRB argued the disposal of land is subject to Income Tax Act 1967 (ITA).

 
KST did not agree

  • Initial intention is to distribute land to 9 siblings and no intention for trade purpose.
  • After that, KST dispose the land when KST received an offer from developer.

So, the gain from disposal of land is not subject to ITA1967.


What is IRB argument?

  • The initial intention has changed.
  • The holding period is short.
  • KST is one of the director of land acquired company.
  • Improvement on land is done before the disposal.

So, the gain from disposal of land is subject to Income Tax Act 1967 (ITA1967).


Decision by Special Commissioners of Income Tax:

Special Commissioner agreed with IRB tax treatment. Gain from disposal of land is subject to Section 4(a) ITA 1967.


What is the difference between RPGT and ITA?

The main difference is the “tax rate”. Let’s see the comparison as follows (tax rate for year of assessment 2020):


For individual (resident):

Income tax : Graduated rate from 0% to 30%

RPGT

  • Disposal within 3 years from date of acquisition - 30%
  • Disposal in the 4th years from date of acquisition - 20%
  • Disposal in the 5th years from date of acquisition - 15%
  • Disposal in the 6th years from date of acquisition - 5%

For company (resident)

Income tax

  • 17% on the first RM600,000.00 of chargeable income*
  • 24% on the subsequent balance of chargeable income

 *Resident company with paid up capital of RM2.5 million and below at the beginning of the basis period and having gross income from source or sources consisting of a business not more than RM50 million for the basis period for a year of assessment.

RPGT

  • Disposal within 3 years from date of acquisition - 30%
  • Disposal in the 4th years from date of acquisition - 20%
  • Disposal in the 5th years from date of acquisition- 15%
  • Disposal in the 6th years from date of acquisition - 10%


How to determine the disposal is subject to RPGT or ITA?

The badges of trade should be considered:

  1. Method of acquisition of real property - How was the property acquired? For example, inheritance, through open market or auction.
  2. Nature of the real property - Whether the property is generating rental income or left for vacant?
  3. Number of transactions - Frequent transaction is likely to indicate trading of properties and subject to income tax.
  4. Profit seeking motive - Intention of making profit will be subject to income tax.
  5. The period of ownership - How long was the property held before disposal?
  6. Alteration, modification or improvement made to the real property - Renovation or improvement of property before disposal may be viewed as effort to enhance the value of the property, it may subject to income tax.
  7. Source of financing - How was the purchase of property financed? Short-term or long term borrowing?
  8. Circumstances surrounding the sale - What were the circumstances leading to the sales of property?  Was the property sold because of realise profit or emergency need of funds?


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

 

𝐊𝐓𝐏


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)


We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Latest development on filing CP 21 & CP 22A online.

Latest development on filing CP 21 & CP 22A online.
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Latest development on filing CP 21 & CP 22A online.

Following our first sharing of E-SPC on CP forms on 19/1/2021, it appear some LHDN's branches in Malaysia

1️⃣Stop submission via E-SPC online

2️⃣Stop submission via email.

What is your current practice in your location? Care to share?


Look like LHDN mandatory choice of CP form submission over the counter physically.


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Tax incentive to cut taxpayer tax - Reinvestment Allowance Part 1

Tax incentive to cut taxpayer tax - Reinvestment Allowance Part 1
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Reinvestment Allowance (RA) - Part 1

What is reinvestment allowance?

Reinvestment allowance (RA), as the name suggests, is an incentive to encourage companies to reinvest and expand their businesses. It is only granted after the company has been in business for a certain period of time, and only to companies resident in Malaysia.

How good is reinvestment allowance?

The allowance is given for 15 years from the first year of claim. The allowance is computed at 60% of QCE incurred and can be utilised against 70% of statutory income

Latest development in reinvestment allowance

Budget 2021 has announced that a special Reinvestment Allowance (RA) will be given for eligible manufacturing and agricultural projects in Years of assessment (YA) 2020 to YA 2022.

This means that eligible companies that have fully utilized their 15-years RA can enjoy additional RA claims for 3 years (YA2020 to YA2022).

Key takeaways:

  1. What is Reinvestment Allowance (RA)?

  2. Period of Eligibility

  3. Conditions of Eligibility

What is Reinvestment Allowance (RA) for manufacturing?

Reinvestment Allowance (RA) is an incentive for manufacturing companies to encourage reinvestment or continued investment by foreign and domestic investors. 

Period of Eligibility

The eligible company is entitled to claim RA for 15 continuous years.

Conditions of Eligibility 

Manufacturing company has to meet the following criteria to be eligible for this allowance:

  1. Operates in manufacturing business for at least 36 months.

  2. Definition of manufacturing for the purpose of RA as follows:-

              i.      Conversion of organic or inorganic materials into a new product;

             ii.      Assembly parts into pieces of machine or products; or

            iii.      Mixing of materials by chemical reaction processes

This means that activities such as installation of machinery or simple operations that does not requires special skills or equipment are not considered as manufacturing in the context RA.

3.     Company is a Malaysia resident (at least held one meeting of Board of Directors in Malaysia in the year).

  1. Company has incurred capital expenditure on a factory, plant or machinery used in Malaysia for the purposes of a qualifying project in the year of tax claim.

So what are the projects that are qualified for this allowance?

Stay tuned to next week e-KTP for Reinvestment Allowance Part 2

Source LHDN Public Ruling 10/20 Reinvestment Allowance : PR10/2020

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏


𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)


𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )


𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)


We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

#KTP

#thk

#reinvestmentallowance

#RA

#IRB

#LHDN

Form EA 有什么?

Form EA 有什么?
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Form EA 有什么?

Part A - 雇员的资料

  • 姓名

  • 工作职位

  • 工作编号

  • IC号码

  • EPF 号码

  • 加入日期和辞职日期（如果少于一年）

Part B - 就业收入，福利，住宿

  • 收入

  • 拖欠收入 (payment in arrears)

  • 福利价值

  • 住宿价值

  • 未经’批准’的EPF或退休金退款

  • 失业赔偿

Part C - 退休金

  • 退休金

  • 年金 (annuity)

Part D - 扣除总额

  • 预扣税金

  • 年金 (annuity)

  • CP 38 扣款 (税收局向积欠税款的纳税人雇主，发出“扣除工资令)

  • 伊斯兰援助金 (Zakat)

  • 员工通过表格TP1扣除的回扣金额

  • 孩子回扣金额

Part E ：Approved 退休金或公积金、基金或社团的缴纳总额

  • EPF

  • Sosco

Visit US

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP

KTP Lifestyle (Our internal community for our colleagues)

KTP Career (Our job platform for interns, graduates & experienced candidates )

THK (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Medical Fee on director is a tax exempted BIK?

Medical Fee on director is a tax exempted BIK?
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General ruling on BIK
Under section 13(1) b Income Tax 1967, medical and dental benefits are exempted from income tax for employee?
 
But
 
Questions :
  1. Director of the control company = an employee of company for tax purpose?
  2. Does the exemption extend to directors of a controlled company like for any other employees of the company?
In Public Ruling No. 11/2019 - Benefits In Kinds.
Under paragraph 8.3.1 , if the employee receiving BIK from the employer has control over his employer (company) is no exemption.

What is control?

For a company, the power of an employee to control is through :
  1. The holding of shares or
  2. The possession of voting power in or
  3. By  virtue  of  powers conferred  by  the  articles  of  association  or  other  document.

What is control?

For a partnership, the employee is a partner of the employer.

For a sole proprietor, the employee and the employer is the same person


𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)


We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.

Latest update on CP 500

Latest update on CP 500
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Overview of CP 500:

Every February or March of the year, the taxpayer shall receive the CP500 from LHDNM through post or email notification.

CP500 is a tax instalment scheme issued by LHDNM to individual taxpayer who carrying business income. For example, sole-proprietor, self-employed, partnership, person who received rental income or royalties.

Key takeaway:

You will understand:

a)    What is CP500?

b)    What is the due date for CP500?

c)    What is the penalty for late payment on CP500?

d)    Can taxpayer do revision for CP500?

e)    Any penalty for revising CP500?

Summary of Learning

 a)    What is CP500?

This is the tax instalment issued by LHDNM for individual taxpayer who has income other than employment income such as business income, rental income and royalties.

 If you not yet receive the letter by end of March, you may visit the tax office or contact LHDNM for more details.

 However, taxpayer may not receive the CP500 if the taxpayer is making losses in last two years or just commenced the business.

b)    What is the due date for CP500?

The tax estimate has to be paid bi-monthly in 6 instalments and the payment for each instalment should be made within 30 days from the date of payable (March, May, July, September, November and January).

c)    What is the penalty for late payment?

If the taxpayer fail to make the tax instalment on time, LHDNM will impose a 10% penalty on the outstanding balance. The penalty is to be self-assessed and paid to the LHDNM.

 d)    Can taxpayer do revision for CP500?

Taxpayer is allowed to revise the CP500 by submitting Form CP502 to respective LHDNM Branch if they have any valid reason.

However, the revision must be submitted on or before 30 June of current year of assessment. LHDNM will issue the CP503X once they have approved for the revision.

 e)    Any penalty imposed for the revision?

If the revised tax payable (CP502) is 30% lower than actual tax payable, the difference will subject to a 10% penalty.

[(Actual tax payable – Estimated tax payable) – (30% x Actual tax payable)] x 10%

Sources:

CP502 Explanation Notes:

http://phl.hasil.gov.my/pdf/pdfam/CP502_NOTA_PENERANGAN_2.pdf
 

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬 :

  • Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

  • Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐊𝐓𝐏

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firm which commit to help and grow our clients business.


 

1分钟学习“如何在BIK / Perquisites计算PCB”

1分钟学习“如何在BIK / Perquisites计算PCB”
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How to compute PCB on BIK or perquisites?

实物利益和额外津贴如何计算PCB?

Situation 1: Benefit-In-Kind (情况1：实物利益)
 

  • ABC Sdn Bhd provided motorcar with petrol to his employee – Mr X.
    ABC Sdn Bhd 提供一辆汽车和汽油给员工- Mr X.
     
  • The motorcar cost is RM 120,000.00.
    那辆汽车价值是RM 120,000.00.
     
  • According to prescribed value method the BIK value is RM 5,000.00 (motorcar) + RM 1,500.00 (petrol) = RM 6,500.00 per annum.
    根据规定的价值方法，实物利益的价值是RM6,500一年 （RM 5,000.00 – 汽车 + RM 1,500.00 – 汽油）
     
  • Therefore, we must include the BIK value in monthly PCB calculation. The monthly BIK value is RM 6,500.00 / 12 months = RM 541.67. Then the BIK value of RM 541.67 required to fill under “benefit-in-kind” during the monthly PCB calculation
    因此，我们必须在计算每月的预扣税中填写实物利益的价值。每月实物利益的价值是RM541.67 (RM6,500.00除12个月)

 Situation 2: Perquisites 情况2：额外津贴

  • Ms Y received gift from her employer on her birthday.
    Y小姐在生日当天收到老板送的一份礼物。
     
  • The gift is LV handbag.
    那份礼物是LV包包。
     
  • LV handbag cost RM 6,550.00
    LV包包价值 RM 6,550.00。

     
  • In this situation, the LV handbag value – RM 6,550.00 should include in the monthly PCB calculation (please refer to diagram 2).
    在这种情况下，LV包包的价值- RM 6,550.00需要填写在每月计算的预扣税中。
𝐊𝐓𝐏

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞 (Our internal community for our colleagues)

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫 (Our job platform for interns, graduates & experienced candidates )

𝐓𝐇𝐊 (Our associate in secretarial & accounting services)

We are one-stop (20 years+ history) audit, tax, secretarial, accounting and payroll firms which commit to help and grow our clients business.
  •  

When to declare bonus into Form EA? 花红几时需要报进Form EA?

When to declare bonus into Form EA? 花红几时需要报进Form EA?
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𝐁𝐨𝐧𝐮𝐬 𝐄𝐱𝐚𝐦𝐩𝐥𝐞 : 𝐖𝐡𝐞𝐧 𝐭𝐨 𝐝𝐞𝐜𝐥𝐚𝐫𝐞 𝐛𝐨𝐧𝐮𝐬 𝐢𝐧𝐭𝐨 𝐅𝐨𝐫𝐦 𝐄𝐀? 花红几时需要报进Form EA?

Situation 1: 情况 1：

• ABC Sdn Bhd financial year ended is 31/12/2020.

ABC Sdn Bhd 年度财务报表截至于31/12/2020。

• Ms Account had accrued the bonus dated 31/12/2020 and paid out on 20/01/2021.

Account小姐姐应计花红在31/12/2020然后支出于20/01/2021。

• EPF and PCB submit under the month of January 2021.

公积金和每月预扣税申报于1月2021年。

In this case, the bonus should be filled under Form EA 2021.

在这情况下这笔花红需填写进2021年的Form EA。

Situation 2: 情况2：

• ABC Sdn Bhd financial year ended is 31/12/2020.

ABC Sdn Bhd 年度财务报表截至于31/12/2020。

• Ms Account had accrued bonus dated 31/12/2020 and paid out on 05/01/2021.

Account小姐姐应计花红在31/12/2020然后支出于05/01/2021。

• EPF and PCB submit under the month of December 2020.

公积金和每月预扣税申报于12月2020年。

Conclusion (结论)

  • The declaration of bonus is according to the payment date.

  • 花红申报是根据付款日期。

  • In this case, the bonus should be filled under Form EA 2020.

  • 在这情况下这笔花红需填写进2020年的Form EA。

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