Malaysia | Updates on Income & Service Tax - November 2020

Income Tax

The following public rulings, guideline and tax audit framework have recently been published on the Inland Revenue Board Of Malaysia’s official website:

  • Taxation of Trusts (Public Ruling No. 9/2020) issued on 6 November 2020;
  • Reinvestment Allowance Part I — Manufacturing Activity (Public Ruling No. 10/2020) issued on 6 November 2020;
  • Reinvestment Allowance Part II — Agricultural and Integrated Activities (Public Ruling No. 11/2020) issued on 10 November 2020;
  • Tax Incentive for Angel Investor (Public Ruling No. 12/2020) issued on 17 November 2020;
  • Garis Panduan Operasi – Potongan Cukai Bulanan Di Bawah Kaedah-Kaedah Cukai Pendapatan (Potongan Daripada Saraan) 1994 (available in Malay language only) — issued on 17 November 2020; and
  • Tax Audit Framework on Finance and Insurance — issued on 18 November 2020.

Sales Tax & Service Tax

The following Specific Guides have recently been published on the Royal Malaysian Customs Department’s MySST website:

  • Guide on Return and Payment (as at 13 October 2020) – to replace the earlier version dated 29 September 2018; and
  • Guidelines on SST-02 and SST-02A Return (Manual Submission) (as at 13 October 2020).