Malaysia | Income tax (1)

The following Regulations and Rules have recently been gazetted:

(i) Income Tax (Special Treatment for Bank or Development Financial Institution which Adopt Malaysian Financial Reporting Standard 9: Financial Instruments) Regulations 2021 — gazetted on 14 October 2021 and deemed to have effect from (a) year of assessment 2018 for banks/development financial institutions with accounting period ending 31 December; and (b) year of assessment 2019 for banks/development financial institutions with accounting period ending on a day other than 31 December; and

(ii) Income Tax (Deduction for Expenses in relation to the Cost of Detection Test of Coronavirus Disease 2019 (COVID-19) for Employees) Rules 2021 — gazetted on 20 October 2021 and have effect from year of assessment 2021.

The revised versions of the following general and industry guides have recently been published on the Royal Malaysian Customs Department’s MySST website: 

• General Guide on Service Tax (as at 11 October 2021);
• Industry Guide on Consultancy, Training Or Coaching Services (as at 11 October 2021); and
• Industry Guide on Transmission and Distribution of Electricity Services (as at 13 October 2021).