Here’s What You Need to Know About Special Allowances for Small Value Assets
The Inland Revenue Board of Malaysia (IRBM) has issued a new public ruling providing guidance on the 100% special allowance afforded to businesses for capital expenditure incurred on their purchase of small value assets. 💰Effective from 2020, the qualifying expenditure for small-value assets be increased from RM1,300 to RM2,000. 💰For non-SMEs, the maximum limit of […]
Tax Treatment for Entertainment Expenses | What Is Tax Deductible?
Remember the nice team lunch to celebrate the company’s milestone? 🎉 Oh, and the fancy dinner with your biggest client? 🍽️ Not to forget, the festive hampers for business partners and loyal clients 🎁 You must be wondering if all those business entertainment expenses qualify for tax deduction 🤔 Well, it actually depends on the […]
Are You a Tax Resident in Malaysia? Do You Need to Pay Tax?
Tax residency in Malaysia is a common dinner table discussions among those living or working in the country. 💭 Questions like “Am I a tax resident in Malaysia?” and “Do I need to pay the taxes here?” are often asked. 💰 In case you are wondering, here’s why it’s important to know. The status of […]
How to Be a Permanent Resident in Malaysia
For many foreigners who have already carved out a home or career here in rapidly developing and sunny Malaysia, getting a Permanent Residency (PR) is usually the next step. That being said, with multiple short-term and long-term residency options available, it’s understandable that there would be confusion as to what qualifies as a permanent residency […]
Key Differences Between a Company, Limited Liability Partnership (LLP) & Unincorporated Business
Just like how we can’t run from personal income tax, companies can’t run from corporate tax too! The companies in Malaysia are required to pay corporate tax which is a significant contributor to the country’s economic development 🏙️ But there are different types of companies, each with its own business structure and tax requirements. Here’s […]
Frequently Asked Questions on Tax Matters During MCO 3.0
How’s your MCO3.0 so far? 😷 With the closure of non-essential services and many others, we are left wondering what happens to the important deadlines and how to go about our formal affairs and business transactions – tax-related matters being one of the concerns. It’s as if the Inland Revenue Board (IRB) felt the rising […]
How Is the Government Spending RM40 Billion Stimulus Package?
Painful but necessary – that’s MCO3.0 in a nutshell 😪 The lockdown is needed to curb the spread of #Covid19 and to flatten the curve 📉 But it’s not going to be easy for everyone, with the possibility of affecting the livelihood of many. Thankfully, PM Muhyiddin had announced a RM40 BILLION PEMERKASA Plus Stimulus […]
What to Know About Income Tax as a Foreigner in Malaysia
🇲🇾 Malaysia is one of Asia’s biggest business hubs with over 100,000 expatriates (expats) in the capital city, Kuala Lumpur. Our country is even voted as the #2 city for expats by InterNations 👏🏻 With the influx of foreign workforce in the country, questions about the income tax system and regulations are very common. Our […]
FAQ: Real Property Gains Tax (RPGT) in Malaysia
We are back with another round of informative sharing session for you! 😉 Today, we are going to talk about Real Property Gains Tax (RPGT) 🏠 Do you know what RPGT is? Who needs to pay for it? How to pay it? What are the exemptions? Any special initiative under PENJANA? 😏 The questions itself […]
How to File Income Tax for Your Business
Covid-19 pandemic destroyed jobs, but it also created entrepreneurs and business owners. We read and heard so many inspiring stories about laid-off employees starting their own business 👍🏻 Personally, we have seen some of the people around us start a car wash, a home catering business, and online tuition classes. Do you know anyone who […]