Special Deduction for Renovation & Refurbishment of Business Premise

Special Deduction for Renovation & Refurbishment of Business Premise
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Taxpayer can claim 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐑𝐞𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 & 𝐑𝐞𝐟𝐮𝐫𝐛𝐢𝐬𝐡𝐦𝐞𝐧𝐭 𝐨𝐟 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐫𝐞𝐦𝐢𝐬𝐞 as it was finally gazetted on 28/12/20.

Keynote on the PU order:

  • Gazetted on 28th December 2020
  • Effective from Year Assessment 2020
  • Incurred from 1st March 2020 to 31st December 2021
  • Maximum amount of RM300K
  • Certified by external auditor

Background story in our social media dated 30/11/20 as we voiced our concern on this special deduction.

''We, as approved tax agent, can not claim these two tax incentives namely

𝟏. 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐫𝐞𝐧𝐭𝐚𝐥 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐭𝐨 𝐒𝐌𝐄 𝐭𝐞𝐧𝐚𝐧𝐭𝐬

𝟐. 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐫𝐞𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐫𝐞𝐟𝐮𝐫𝐛𝐢𝐬𝐡𝐦𝐞𝐧𝐭

The above-said special tax deduction has not yet been gazetted. Claims on such incentive/deduction can only be allowed after legislation is gazetted....''

Click the gazette order PU (A) 381

INCOME TAX (COST OF RENOVATION AND REFURBISHMENT OF BUSINESS PREMISE) RULES 2020

PS #1 We still need to seek further clarification of IRB guideline especially on the involvement of external auditor on certification.

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