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Understanding Entertainment Expenses for Tax Purposes in Malaysia
Only certain entertainment expenses that meet specific criteria under provisions (i) to (viii) of paragraph 39 (1) (l)Â are 100% deductible.
Sirinjivi Venkat
Dec 12, 20244 min read
206
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Important Update for Employers - Starting from the year 2024.
Changes to tax form submissions starting from 1 January 2024.
GSK & Associates
May 28, 20242 min read
296
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How will the increase in the Service Tax (SST) rate from 6% to 8% impact businesses and consumers?
We wish to draw your attention to the recent revision in the Service Tax rate, which has been increased from 6% to 8%, effective from 1...
GSK & Associates
Mar 1, 20241 min read
143
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Waiver of debts - taxable or not?
Waiver of debts - taxable or not?. While it may seem like a tremendous relief, the IRB might still consider it as taxable income.
GSK & Associates
Oct 9, 20232 min read
2,701
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Budget 2023 - Corporate and Individual tax in Malaysia
Explore the Impact of Malaysia's Budget 2023 Key Tax Changes on Corporate and Individual Tax in Malaysia.
GSK & Associates
Sep 22, 20236 min read
300
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Special Voluntary Disclosure Programme 2.0 in Malaysia
SVDP 2.0 targets taxpayers who have either not paid or underpaid their taxes to voluntarily report their income.
GSK & Associates
Aug 21, 20234 min read
186


e-Invoice Malaysia
e-Invoice is the exchange of information in an invoice between a supplier and a buyer in a controlled electronic mechanism.
GSK & Associates
Aug 12, 20232 min read
385
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Key differences between MPERS, IFRS for SMEs and MFRS
An overview of the key differences between MPERS, IFRS for SMEs and MFRS in Malaysia.
GSK & Associates
Jul 2, 20232 min read
10,528
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Individual income tax in Malaysia
Individual income tax in Malaysia with details of tax due dates, residence status, reliefs and rebates for the year of assessment 2022.
GSK & Associates
Mar 12, 20232 min read
2,122


Reduced rates for tax penalties
Effective 1 May 2022, tax penalties imposed under Section 113 (2) of the Income Tax Act, 1967 (ITA) are at a new, reduced graduated scale.
GSK & Associates
Jul 20, 20224 min read
3,398
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Redeemable Preference Shares (RPS) - Liability or Equity
Classification of Redeemable Preference Shares (RPS) as Liability or Equity as prescribed by IAS 32 or MFRS 132.
GSK & Associates
Feb 20, 20223 min read
15,614
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Budget 2022 - Key Tax Changes in Malaysia
Budget 2022 and Finance Act 2021, changes in tax rules for foreign-sourced income, introduction of new withholding tax of 2%, power to call
GSK & Associates
Feb 14, 20227 min read
2,256
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Foreign Exchange Gains and Losses - Accounting and Tax treatment
Tax and accounting treatment on foreign exchange gains and losses - based on MFRS 121, IAS 21, LHDN Guidelines and Public Rulings 12/2019.
GSK & Associates
Feb 1, 20224 min read
50,850
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Late filing of Income Tax Returns (ITRF) - New Penalty Rates
New penalty rates for Late filing of Income Tax Returns in Malaysia effective from 1 October 2019.
GSK & Associates
May 26, 20212 min read
26,065
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Bad Debts Written Off - Tax Deductible?
Malaysian Income Tax Act, 1967 allows a deduction for bad debts / irrecoverable debts under Section 34 (2).
GSK & Associates
Apr 24, 20214 min read
12,658
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Income Tax, SST, RPGT and Stamp Duty - Exemptions Malaysia - COVID-19 Measures, includes Budget 2022
Income tax rebate of RM20,000 per year for first 3 years will be given for SMEs under the PENJANA initiatives by Malaysian Government.
GSK & Associates
Feb 7, 20216 min read
9,729
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Restriction on Deductibility of Interest - Section 140C
Section 140C is a new section in Malaysian Income Tax Act, 1967 (ITA), introduced via Finance Act 2018, effective from 1 July 2019. 1....
GSK & Associates
Nov 22, 20203 min read
2,706
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Changes in Tax for the Year of Assessment 2020 - Highlights
Highlights on changes in tax matters in Malaysia, effective from the year of assessment (YA) 2020 based on Finance Act 2019.
GSK & Associates
Nov 16, 20204 min read
562
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ACCOUNTING STANDARDS - CHRONOLOGY
A brief history of accounting standards developed by IASC, IASB, MASB, change of names, number and locally developed standard in Malaysia.
GSK & Associates
Oct 4, 20203 min read
1,348
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Withholding tax exemptions for MSC-status Companies in Malaysia - Withdrawn
Withholding tax exemptions for MSC-status Companies in Malaysia has been withdrawn effective from 1 January 2020.
GSK & Associates
Aug 23, 20201 min read
440
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