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Understanding Malaysia LHDN CP58

What is CP58?
CP58 is a tax form issued by Lembaga Hasil Dalam Negeri (LHDN), Malaysia’s Inland Revenue Board. It is used by businesses to declare commission payments made to agents, dealers, or distributors.

Who Needs to Issue CP58?
Any company that pays commissions exceeding RM5,000 annually to an agent, dealer, or distributor is required to issue a CP58 form. Even if the amount is below RM5,000, businesses may choose to issue it voluntarily.

Why is CP58 Important?

Tax Compliance – Ensures LHDN can track commission income.
Income Declaration – Helps recipients report income in their tax returns.

What Information Does CP58 Contain?

Payer details – Company name, tax reference, and address.
Recipient details – Name, NRIC/Company No., and address.
Commission details – Amount paid, including incentives, bonuses, or rewards.

When Should CP58 Be Issued?
Companies must issue CP58 by 31st March of the following year for commissions paid in the previous year.

Are Recipients Required to Pay Tax on CP58?
Yes, recipients must report the commission income in their personal or business tax filings.

Consequences of Not Issuing CP58
While there is no direct penalty for failing to issue CP58, businesses may face compliance risks under the Income Tax Act 1967, including:

Failure to Report Commission Payments – May result in additional taxes, penalties, or an audit.
Failure to Maintain Proper Records – Businesses must retain records for 7 years under Section 82A. Incomplete records may lead to fines.
Recipient’s Non-Declaration of Income – Agents, dealers, or distributors who fail to declare CP58 income may face penalties for under-reporting.

By ensuring proper issuance of CP58, businesses can remain compliant with tax regulations and avoid unnecessary risks. For any further assistance, feel free to contact us!

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3Rko5kN
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞
An internal community for our colleagues on work and leisure.
Tiktok http://bit.ly/3u9LR6Q
Youtube http://bit.ly/3ppmjyE
Facebook http://bit.ly/3ateoMz
Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫
An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.
Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

Limited Liability Partnerships (Amendment) Act 2024

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Aligned with the strategy and support for the reform agenda to strengthen government governance and the corporate sector ecosystem, the Companies Commission of Malaysia (SSM), has begun phased enforcement of the Limited Liability Partnerships (Amendment) Act 2024 effective from 31 January 2025.

The Act will be enforced in stages starting from 31/01/2025, by the SSM. It will be carried out in 3 phases.
What will be the Key Changes with the Amendment Act 2024?

Key Changes:

Beneficial Ownership: The Act sets out new requirements for reporting and disclosing information about the beneficial owners of Limited Liability Partnerships (LLPs). According to Sections 2, 3, 4, 5, Sub-Section 11(a), and Section 13, LLPs are required to identify and record their true owners.
Corporate Rescue Mechanisms: New frameworks and provisions related to procedures to support the implementation of sustainable LLP governance under Sections 8, 9, 10 and Sub-Section 11 (b).
Sustainable Governance: The amendment strengthens procedures to ensure better governance and sustainability within LLPs as stated in Sections 6, 7, and 12.

3 Phases Implementation:
Phase 1 – Following the implementation of the Limited Liability Partnerships (Amendment) Act 2024, all LLPs are granted a 3-month grace period from 01 February 2025 to 30 April 2025 to identify their beneficial owners and record the beneficiary ownership details at the LLP's registered office. From 01 May 2025 to 31 October 2025, LLPs must submit the beneficial ownership information to SSM. During this period, SSM will waive any late fees and correction charges, and no enforcement action will be taken.
Phase 2 – Aim to establish procedures that support sustainable LLP governance, with implementation expected by 31 March 2025.
Phase 3 - It involves provisions related to the corporate rescue mechanism, which is expected to be enforced by 31 December 2025
The implementation of the Limited Liability Partnerships (Amendment) Act 2024 aims to reduce liability for partners in traditional partnerships, while also enhancing transparency, governance, and support for businesses, and minimizing risks and liabilities for LLPs partners.

LLPs are required to identify and obtain information on beneficial owners, and if an individual is aware that they are a beneficial owner, they have the obligation to inform the LLP, and vice versa.

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3Rko5kN
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞
An internal community for our colleagues on work and leisure.
Tiktok http://bit.ly/3u9LR6Q
Youtube http://bit.ly/3ppmjyE
Facebook http://bit.ly/3ateoMz
Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫
An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.
Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

#KTP #Thk
#Myktp
#ktplifestyle
#ktpcareer
#24years

Tax Incentives Package from MIDA - JS-SEZ

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(Tax Update) Unlocking the Johor-Singapore Special Economic Zone (JS-SEZ): Tax Incentives Package from MIDA

What is JS-SEZ?

Johor is set to become a thriving economic hub with the newly established Johor-Singapore Special Economic Zone (JS-SEZ). This initiative, born out of a collaboration between Malaysia and Singapore, aims to attract businesses and investors by offering an attractive package of tax incentives and business-friendly policies.

With the Malaysian Government officially announcing the JS-SEZ tax incentive package on 8 January 2025, many businesses are keen to understand how they can benefit from these incentives. If you’re planning to invest in Johor, this is the perfect time to explore what JS-SEZ has to offer.

Who Can Apply?

The application period for tax incentives runs from 1 January 2025 to 31 December 2034, and companies must submit their applications to the Malaysian Investment Development Authority (MIDA) via MIDA's online platform.

But what exactly are these incentives? Let’s break them down into key categories.

Manufacturing Tax Incentives

Manufacturing companies investing in JS-SEZ will enjoy significant tax advantages, particularly in sectors like AI and Quantum Computing, Medical Devices, Pharmaceuticals, and Aerospace Manufacturing.

Here’s what’s in store for investors:

New Companies
- Companies investing more than RM1 billion: 5% tax rate for 15 years
- Companies investing between RM500 million to RM1 billion: 5% tax rate for 10 years
Existing Companies
- Companies investing above RM500 million in a new business segment (not an expansion) will receive an Investment Tax Allowance (ITA) of 100% on qualifying capital investment for 5 years, offset against 100% of statutory income.

Key Investment Zones:

Kulai-Sedenak (AI & Quantum Computing, Medical Devices, Pharmaceuticals)
Senai-Skudai (Aerospace Manufacturing & MRO Services)

Global Services Hub: A Tax-Friendly Base for Regional Expansion

Businesses engaged in strategic business planning, corporate development, regional P&L, and global treasury operations can benefit from a 5% special tax rate for up to 15 years.

Eligibility Criteria:

Annual operating expenditure of at least RM50 million
Business control over at least 10 network companies
Minimum annual sales turnover of RM500 million, with foreign exchange inflows into the Malaysian banking system
At least 50% of high-value positions (minimum RM10,000 salary) must be filled by Malaysians

Key Investment Zones:

Johor Bahru Waterfront (Flagship A)
Iskandar Puteri (Flagship B)

Integrated Tourism Projects: A Boost for Johor’s Hospitality & Attractions

For those venturing into tourism, the JS-SEZ provides an Investment Tax Allowance (ITA) of 100% for qualifying capital expenditure incurred within five years, which can be offset against 70% of statutory income each year.

Additionally, companies making cash or in-kind contributions to hallmark events within JS-SEZ can enjoy a tax deduction of up to RM1 million per year.

Eligibility Criteria:

The company must not have an existing tourism-related entity in Malaysia
Minimum RM2.5 million paid-up capital
Minimum RM500 million investment (excluding land)
Development must include a hotel with at least 80 rooms and one major tourist attraction (e.g., water park, convention centre, outdoor sports facility)

Key Investment Zones:

Desaru-Penawar (Flagship G)

Smart Logistics: Investing in the Future of Supply Chains

Businesses investing in smart logistics—such as regional distribution hubs, integrated logistics services, cold chain facilities, and dangerous goods storage—will benefit from Investment Tax Allowance (ITA) of 100% on qualifying capital investment within five years, offset against 100% of statutory income.

Eligibility Criteria:

Minimum RM500 million investment (excluding land)
Smart warehouse complex of at least 50,000 m²
Compliance with Industrial Building System (IBS) standards set by CIDB
80% of the workforce must be Malaysians
30% of high-value positions (earning RM10,000+) must be filled by Malaysians

Key Investment Zones:

Tanjung Pelepas (Flagship C)

Downstream Specialty Chemicals: Special Tax Rates for High Capital Investments

Companies investing in specialty chemicals, polymers, fertilizers, and oleochemicals can benefit from a 5% or 10% tax rate for up to 10 years, depending on investment size.

Alternatively, they may opt for an ITA of 100% on qualifying capital investment within five years, offset against 100% of statutory income.

Eligibility Criteria:

Investment of at least RM500 million (excluding land)
Companies must be either new or diversifying into eligible activities
Minimum RM2.5 million paid-up capital

Key Investment Zones:

Tanjung Langsat-Kong Kong (Flagship D)

Expanded Renovation Cost Incentive

Qualifying businesses operating within JS-SEZ can claim Accelerated Capital Allowance (ACA) for renovation costs, covering:

Electrical, gas, and water systems
Kitchen and sanitary fittings
Flooring, partitions, and ceilings
Air-conditioning systems
Employee facilities (e.g., daycare centres, recreation rooms, surau)
Smart solutions and green elements

This incentive is applicable once throughout the business operation in JS-SEZ.

Conclusion: A Golden Opportunity for Investors

The Johor-Singapore Special Economic Zone (JS-SEZ) is an unprecedented opportunity for businesses looking to expand in Malaysia. With tax incentives spanning manufacturing, logistics, tourism, and global services, the region is set to become a premier investment hub.

Companies looking to capitalize on these incentives should act quickly and submit applications before the 31 December 2034 deadline.

For further assistance, visit MIDA’s website or contact Invest Malaysia Facilitation Centre Johor (IMFC-J) at IMFC-J’s website.

Stay tuned for more updates from KTP as we continue to guide businesses in navigating Malaysia’s tax landscape!

Bonus Share

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A bonus share, also known as a scrip issue or capitalization issue, is a free additional share given to existing shareholders in proportion to their current holdings. Instead of paying dividends in cash, the company issues additional shares. This process does not involve any new capital from shareholders; it merely capitalizes a portion of the company's retained earnings or reserves, converting them into share capital.

Key Characteristics of Bonus Shares:

Proportional Allocation:
- Bonus shares are allotted to existing shareholders based on a specific ratio (e.g., 1 bonus share for every 2 existing shares).
No Additional Cost:
Shareholders do not pay any extra money for the bonus shares. They receive them for free, proportionate to their current shareholding.
The issuance of bonus shares involves converting the company's reserves (such as retained earnings, share premium account, or capital redemption reserve) into share capital.
The total share capital of the company increases, but the overall value of the shareholders' investment remains the same because the market price of the shares typically adjusts downward to reflect the increased number of shares.
The increase in the number of shares can improve the liquidity of the company's shares in the stock market, making it easier for shareholders to buy and sell.
Capitalization of Reserves:
Increase in Share Capital:
Enhanced Liquidity:

Example
If a shareholder owns 100 shares of a company, and the company declares a 1:1 bonus issue, the shareholder will receive an additional 100 shares, resulting in a total holding of 200 shares. However, the market price of each share may be adjusted accordingly to reflect the increased number of shares in circulation.

Purpose of Issuing Bonus Shares

Reward Shareholders:
- Bonus shares serve as a reward to shareholders by giving them additional shares without cost, effectively increasing their investment.
Signal of Confidence:
Issuing bonus shares can signal the company's confidence in its future profitability and financial stability.
By increasing the number of shares outstanding, the company can enhance the marketability and trading volume of its shares.
For shareholders, receiving bonus shares can be more tax-efficient compared to receiving cash dividends, depending on the tax regulations in their jurisdiction.
Improving Market Liquidity:
Tax Efficiency:

In summary, bonus shares are an effective way for companies to reward shareholders, increase the equity base, and improve stock liquidity without affecting the shareholders' proportionate ownership.

𝐕𝐢𝐬𝐢𝐭 𝐮𝐬
Wisma 𝐓𝐇𝐊, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma 𝐊𝐓𝐏, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

𝐓𝐇𝐊 (𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥, 𝐀𝐜𝐜𝐨𝐮𝐧𝐭/𝐏𝐚𝐲𝐫𝐨𝐥𝐥, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsource booking, accounting and payroll services to clients
Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

𝐊𝐓𝐏 (𝐀𝐮𝐝𝐢𝐭,𝐓𝐚𝐱, 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐲)
An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients
Website www.ktp.com.my
Instagram https://bit.ly/3Rko5kN
Linkedin https://bit.ly/3sapf4l
Telegram http://bit.ly/3ptmlpn

𝐊𝐓𝐏 𝐋𝐢𝐟𝐞𝐬𝐭𝐲𝐥𝐞
An internal community for our colleagues on work and leisure.
Tiktok http://bit.ly/3u9LR6Q
Youtube http://bit.ly/3ppmjyE
Facebook http://bit.ly/3ateoMz
Instagram https://bit.ly/3jZpKLo

𝐊𝐓𝐏 𝐂𝐚𝐫𝐞𝐞𝐫
An external job community on vacancy in Johor Bahru for interns, graduates & experienced candidates.
Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

#KTP #Thk
#Myktp
#ktplifestyle
#ktpcareer
#24years

JS-SEZ对柔佛中小企业的影响

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JS-SEZ对柔佛中小企业的影响

最近柔佛的天气非常炎热，尽管过去一周有下过雨。

去年，我们见证了森林城市特别金融区的成立，以及几个大型数据中心的建立。今年，柔佛-新加坡特别经济区（JS-SEZ）已经启动。看起来柔佛正朝着成为下一个深圳迈进！

JS-SEZ的重点信息

JS-SEZ专注于11个经济领域，包括制造业、物流、食品安全、旅游业、能源、数字经济、绿色经济、金融服务、商业服务、教育和医疗。

其他优先领域还包括航空航天、医疗器械、电子电器、化学和制药行业。

✅ 特殊企业税率：对于从事高增长和高附加值活动的新投资公司，最高享受15年5%的企业税率。
✅ 特殊个人所得税率：符合条件的知识型员工在JS-SEZ可享受最高10年15%的个人所得税率。

JS-SEZ对柔佛中小企业的潜在益处

柔佛-新加坡特别经济区（JS-SEZ）是中小企业的“游戏规则改变者”，为企业加速增长提供了丰富的机会。以下是潜在益处的简要概述：

✅ 进入更大的市场
JS-SEZ将吸引跨国公司，为中小企业扩大客户群和增加销售量创造了新机会。中小企业还可以作为供应商或服务提供商融入更大的供应链，确保业务更加稳定。

✅ 改善的基础设施
借助更先进的物流和现代化设施，中小企业可享受运输成本降低、更快的交付，以及更方便获取市场和原材料的优势。

✅ 财务增长
JS-SEZ的外国投资将通过增加需求、建立合作伙伴关系和改善融资渠道为中小企业带来机会。

✅ 创新与技能发展
该区通过与大型公司的知识交流和技能发展计划，帮助中小企业创新，提高竞争力。

✅ 政府支持
税收优惠和专门的商业支持计划可以帮助中小企业提升运营能力，开拓新市场。

JS-SEZ对中小企业来说潜力巨大，但关键在于企业是否能够适应并抓住这些机遇。

JS-SEZ的潜在威胁

当然……JS-SEZ也为本地中小企业带来挑战，包括外国企业的激烈竞争、技能短缺、成本上升、供应链中断以及技术差距等问题。

本地中小企业必须适应不断变化的市场、新法规和消费者行为，才能在压力下茁壮成长，并充分利用这些新兴机遇。

What is the Johor-Singapore special economic zone?

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(Tax Update) An Overview of The Johor-Singapore Special Economic Zone (JS-SEZ)

The Johor-Singapore Special Economic Zone (JS-SEZ) has recently been established, marking a significant milestone in economic cooperation between Malaysia and Singapore. Here's an update on key aspects of the JS-SEZ that investors should be aware of :

Overview and Objectives

The JS-SEZ, spanning 3,505 sq. km in southern Johor, aims to strengthen economic ties between Malaysia and Singapore. The zone's primary objectives include:

Creating 20,000 skilled job opportunities within the first five years
Supporting the expansion of 50 projects in the initial five years and 100 projects in its first decade
Attracting high-value investments and promoting economic growth in both countries

Key Sectors and Incentives

The JS-SEZ focuses on 11 economic sectors, including manufacturing, logistics, food security, tourism, energy, digital economy, green economy, financial services, business services, education, and health. Additional priority sectors include aerospace, medical devices, electrical and electronics, chemicals, and pharmaceuticals.

Investors can benefit from the following incentives:

Special corporate tax rate of 5% for up to 15 years for companies undertaking new investments in high-growth and high value-added activities
Special tax rate of 15% for up to 10 years for eligible knowledge workers in the JS-SEZ
Additional tailor-made incentives for businesses operating in certain flagship zones

Infrastructure and Connectivity

The JS-SEZ aims to improve cross-border connectivity between Singapore and Johor through:
Passport-free QR code clearance at Singapore's land checkpoints with Malaysia (implemented since March 2024)
Development of the Rapid Transit System Link (RTS), a 4km light-rail link scheduled to commence operations by the end of 2026
Streamlined customs procedures for land intermodal transshipments

Investment Opportunities

For investors, the JS-SEZ presents opportunities in various sectors:

Construction and property development, with demand for industrial buildings, offices, and infrastructure
Renewable energy projects and cross-border energy trading
High-tech industries such as AI, quantum computing, aerospace, and medical devices manufacturing

Economic Impact

The JS-SEZ is projected to contribute significantly to Malaysia's economy :
Expected to add 117.1 billion ringgit (approximately US$28 billion) annually to Malaysia's economy by 2030
Potential to rival the Klang Valley as Malaysia's economic engine within the next decade.

Invest Malaysia Facilitation Centre – Johor (IMFC-J)

Invest Malaysia Facilitation Centre - Johor (IMFC-J) is a recently established one-stop center designed to streamline and expedite investment processes in the Johor-Singapore Special Economic Zone (JS-SEZ). Here are the key aspects of IMFC-J :

IMFC-J serves as the primary investment focal point in Johor, acting as an intermediary between investors and key government bodies and agencies. Its core objectives include:

Facilitating and coordinating end-to-end investment-related processes
Expediting various approval procedures
Offering a streamlined experience for investors interested in setting up businesses in Johor

IMFC-J offer

Consulting and advisory services tailored to Johor's unique challenges and opportunities
Handling of all investment matters in Johor
Coordination with various government agencies and departments

Contact IMFC-J

Interim Office :Level 3, Wisma Sunway Big Box,Persiaran Medini 5, Sunway City Iskandar Puteri,79250, Johor Bahru, Johor, Malaysia.
Tel : +607 233 3000 Fax : +607 233 3001
Email : imfcj@irda.com.my

As an investor, it's important to monitor the progress of the JS-SEZ, particularly regarding infrastructure development, regulatory clarity, and the achievement of investment and job creation targets. The success of this ambitious project will depend on effective implementation and the ability to address these challenges.

Let’s wait for full details on JS-SEZ from IMFC-J most likely after the Chinese New Year. Stay tune for any updates from KTP.

Visit Us

Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

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Facebook http://bit.ly/3rPxz9o

#Thk

#KTP

Malaysia Transfer Pricing Guidelines 2024 NEW

(Tax Update) Transfer Pricing Guidelines 2024

The Inland Revenue Board of Malaysia (IRBM) released the Malaysia Transfer Pricing Guidelines 2024 (MTPG 2024) on 24 December 2024, effective from the year of assessment 2023.

This new guideline expands upon the previous 2017 version, offering detailed clarifications and introducing new directives for taxpayers in preparing contemporaneous transfer pricing documentation (CTPD) in Malaysia.

Scope and Exemptions for CTPD Preparation

To alleviate compliance burdens, MTPG 2024 exempts certain individuals and entities from preparing CTPD:

Individuals not engaged in business activities.
Individuals conducting business (including partnerships) involved solely in domestic controlled transactions.
Entities engaged in controlled transactions totaling no more than MYR1 million.
Entities involved exclusively in domestic controlled transactions with another party, provided both parties:
- Do not benefit from tax incentives.
- Are subject to the same headline tax rate.
- Have not incurred losses for two consecutive years prior to the controlled transactions.

Despite these exemptions, all parties must adhere to the arm's length principle and maintain relevant documentation to substantiate their transfer pricing positions.

This requirement ensures readiness for potential audits, where proof of compliance may be necessary.

Revised Thresholds for Full and Minimum CTPD

MTPG 2024 updates the criteria for preparing full CTPD:

Full CTPD: Required for taxpayers with:
- Gross business income exceeding MYR30 million.
- Engaging in cross-border controlled transactions totaling MYR10 million or more annually.
- Receiving or providing controlled financial assistance exceeding MYR50 million annually.

Taxpayers below these thresholds may opt for a minimum CTPD, which includes:

Worldwide group structure.
Organizational structure.
Details of key controlled transactions related to principal activities or constituting 20% or more of operating revenue.
Pricing policy.

All CTPD must be prepared before the tax return filing deadline for the relevant assessment year.

Notably, while minimum CTPD does not explicitly require a comparability analysis, the IRBM may request one to justify transfer pricing, suggesting that preparing such an analysis proactively could be beneficial.

Safe Harbor Rule

The guidelines introduce a safe harbor rule for low value-adding intra-group services (LVAS), permitting a 5% mark-up without the need for a benchmarking study under the simplified approach. This rule aims to streamline compliance for specific transaction types.

To qualify as LVAS, the services must meet the following criteria: they should be supportive in nature, not integral to the core business of the MNE group, and should neither involve nor result in the creation of unique or valuable intangibles. Additionally, they must not involve the assumption or control of significant risks by the service provider or lead to the creation of such risks.

Arm’s Length Range

The guidelines redefine the arm's length range (ALR), narrowing it from the 37.5th to the 62.5th percentile. This change may increase the risk of financial deviations from the ALR, potentially triggering transfer pricing adjustments.

The two-step approach is outlined as follows:

Step 1: Determine the arm's length range
If the tested price falls within the arm's length range, it is deemed to comply with the arm's length principle. If it falls outside the range, proceed to Step 2.

Step 2: Calculate the median
The median is calculated as the midpoint between the lower quartile and the upper quartile.

Penalties and Enforcement

The MTPG 2024 addresses penalties for non-compliance, which can be substantial:

Fines ranging from RM20,000 to RM100,000 per year of assessment
Potential imprisonment
Surcharges of up to 5% on transfer pricing adjustments made by the IRBM

Transfer Pricing Audit Framework 2024

Alongside MTPG 2024, the IRBM introduced the Transfer Pricing Audit Framework 2024 (TPAF 2024) on December 24, 2024, effective from January 1, 2025. This framework outlines the procedures and expectations for transfer pricing audits, emphasizing:

Audit Selection: Based on risk assessments considering factors like transaction value, complexity, and compliance history.
Audit Process: Involves information gathering, analysis, and discussions with taxpayers to assess compliance with the arm's length principle.
Documentation: Stresses the importance of maintaining comprehensive and accurate CTPD to facilitate efficient audits.
Penalties: Details consequences for non-compliance, including potential adjustments and penalties.

TPAF 2024 aims to enhance transparency and consistency in transfer pricing audits, encouraging voluntary compliance among taxpayers.

Implications for Taxpayers

Taxpayers should assess their transactions against the updated thresholds to determine the appropriate level of documentation required. Even if exempt from full CTPD, maintaining sufficient records to demonstrate compliance with the arm's length principle is crucial. Proactive preparation can mitigate risks during potential audits.

In summary, MTPG 2024 and TPAF 2024 represent significant advancements in Malaysia's transfer pricing landscape, promoting clarity, compliance, and alignment with international standards. Taxpayers are advised to familiarize themselves with these guidelines to ensure adherence and prepare for the enhanced audit framework.

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MFRS 15 vs MPERS 34: Recognition in Property Development and Construction

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MFRS 15 vs MPERS 34: Recognition in Property Development and Construction

The recognition of revenue in property development and construction industries has long been a critical accounting consideration. Two key frameworks—MPERS Section 34 and MFRS 15—offer distinct approaches, reflecting their unique underlying principles and objectives. Understanding the differences between these standards is crucial for entities navigating compliance and accurate financial reporting.

MPERS Section 34: Project-Specific Revenue Recognition

Focus: MPERS Section 34, designed for entities adopting the Malaysian Private Entities Reporting Standard (MPERS), emphasizes project-specific revenue recognition methods. This framework suits small to medium-sized enterprises (SMEs) with simpler reporting needs.
Recognition Basis: Revenue is recognized based on the progress of the construction or development project. This ensures that revenue aligns closely with the project’s completion stage.
Measurement: The percentage of completion (POC) method is applied to measure revenue. This involves estimating the stage of completion using inputs such as costs incurred to date versus total estimated costs.
Balance Sheet Presentation: Project-related balances are presented as “amount due from customers” (asset) or “amount due to customers” (liability), depending on the net position of project costs and billings.

MFRS 15: Revenue from Contracts with Customers

Key Principle: MFRS 15, applicable to public interest entities and entities requiring compliance with Malaysian Financial Reporting Standards (MFRS), revolves around the principle of performance obligations. The standard focuses on recognizing revenue when an entity satisfies performance obligations by transferring control of goods or services to the customer.
Recognition Basis: Revenue is recognized at the point when control of the asset or service is transferred to the customer, rather than solely based on project progress. This approach emphasizes the customer’s ability to direct the use and obtain the benefits of the transferred asset.
Measurement: Performance obligations may involve recognizing revenue over time if certain criteria are met (e.g., the customer simultaneously receives and consumes the benefits as the entity performs). Otherwise, revenue is recognized at a point in time when control is transferred.
Balance Sheet Presentation: MFRS 15 introduces the concepts of “contract assets” and “contract liabilities,” replacing traditional terms such as “amount due from customers.” These classifications are determined by the net position of revenue recognized and amounts billed.

Conclusion

Choosing between MPERS Section 34 and MFRS 15 depends on the nature of the entity and its reporting requirements. SMEs may find MPERS Section 34’s straightforward approach suitable for their needs, while larger or public interest entities must adopt MFRS 15’s more detailed and principle-based framework.

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(Tax Update) Mandatory Online Submission Form E-107D : 2% Tax Deduction For Commission to Agents, De

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(Tax Update) Mandatory Online Submission Form E-107D : 2% Tax Deduction For Commission to Agents, Dealers or Distributors

Tax Latest Development

The Inland Revenue Board (IRB) has announced that, starting 1st January 2025, the electronic submission of the Section 107D Payment Form (e-107D) .

In a statement today, the IRB said that the submission of payment information to agents, dealers, or distributors (resident individuals) under Section 107D of the Income Tax Act 1967 was previously conducted manually.

In view of this mandatory implementation, taxpayers are required to submit Form CP 107D online using the e-107D method provided,” it said.

According to the IRB, Section 107D tax deduction payments must be made electronically using a bill number.

Payments can be completed either through the ByrHASiL platform at https://byrhasil.hasil.gov.my/HITS_EP/ or via the Financial Process Exchange (FPX) through the ByrHASiL link.

Key Salient Points of E-107D

• The WHT is not applicable on payment by way of credit note, contra-transaction and discount given to an agent, dealer or distributor.

• The payer company is required to apply the WHT even though the agent, dealer or distributor is subject to CP500 tax instalment payment.

• The category of individual includes sole proprietor and individual partner in a partnership. However, it excludes payment made to a partnership or a Limited Liability Partnership.

• The threshold amount of RM100,000 in the preceding year is to be determined each year. In determining the applicability of section 107D, the residency status of the agents, dealer or distributor in the immediate preceding year is irrelevant

• The preceding year RM100,000 threshold value is to be tested each year (not on a one-off basis) in order to determine whether withholding tax will apply for payment made in the current year.

• The agent, dealer or distributor must have an income tax reference number.

• The 2% WHT amount is to be reported in Form CP58.

• The 2% WHT will be considered as part of the payment for the balance of tax to be paid, upon submission of the income tax return form for the relevant YA by the agent, dealer or distributor.

• The WHT shall be remitted to the IRBM within 30 days after paying or crediting such payments to the agent, dealer or distributor. Remittance is to be made together with Form CP107D.

• If there is a failure to make the WHT payment to the IRBM within the stipulated time, a penalty of 10% would be imposed on the unpaid withholding tax. In addition, the tax deduction for the gross amount of the payment made to agent, dealer or distributor will be disallowed.

• Where a company is making payments to several agents, the company may complete the details of payment for each agents in the appendix [Lampiran CP107D(1)], which is to be attached together with the WHT remittance form [CP107D]. Each appendix could cater up to 20 recipients.

• The amended Form CP58 will include section to report the WHT deducted.

• The WHT remittance form and appendix as well as the updated Form CP58 have yet been released by the IRBM.

• The WHT can be made at the IRBM Service/Payment Counters.

Penalty

• 10% penalty if the payer fails to remit 2% to IRB within 30 days

• Commission is not allowed for tax deduction

Source

IRBM has issued a Frequently Asked Questions (FAQ) dated 28 February 2022 (only available in Bahasa Malaysia) on the application of the above Section 107D.

https://phl.hasil.gov.my/pdf/pdfam/Soalan_Lazim_Seksyen_107D_ACP_1967.pdf

(Tax Update) Tax Identification Number (TIN) search service

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(Tax Update) Tax Identification Number (TIN) search service

With the rollout of e-invoicing in Malaysia, some business owners have faced challenges obtaining the Tax Identification Number (TIN) when issuing e-invoices. To address this, the Lembaga Hasil Dalam Negeri Malaysia (LHDNM) has introduced new initiatives to ensure a smooth transition for taxpayers.

What’s New? Streamlined TIN Search Feature!

Starting 1 January 2025, searching for the TIN has never been easier, thanks to the new feature on the MyTax Portal!

📌 How to Search for TIN via MyTax Portal:

1. Log in to your MyTax account.

2. Use the ''Carian TIN'' function by scanning a QR code with the MyDigital ID App on your mobile device.

This new feature streamlines TIN retrieval for both individuals and businessess taxpayers:

For Individuals - Search using Identity Card (IC) number or passport number.
For Businesses - Search using Registration Number or company name.

📌 Integration with MyInvois and API

This new service integrates seamlessly with the MyInvois portal and Application Programming Interface (API), enabling businesses to prepare for the upcoming e-invoice implementation.

📌 Empowering Digital Identity:

Pair your tax management tools with MyDigital ID, Malaysia’s national digital identification platform. This secure and seamless system protects personal information while granting easy access to essential services, empowering users to transact confidently in the digital space.

Why It Matters:

These initiatives aim to:

Simplify tax compliance : Particularly with the e-invoice implementation, reducing administrative burdens for businesses and individuals.
Enhance security : Protect sensitive data with advanced digital identity verification.
Enable digital transformation : Support Malaysia’s transition to a digitally empowered economy with efficient and secure tools.

Let’s embrace a smarter, more secure way to manage our taxes and digital identity! Businesses should prepare to adapt to these changes by integrating their systems with LHDN’s platforms, ensuring they remain compliant and competitive in an increasingly digital economy.

These advancements are paving the way for a digitally empowered Malaysia, where convenience meets security. Together, we can confidently navigate the digital era with these innovative tools at our fingertips.

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How to Register for E-PCB Plus in MyTax—Employer, Representative, and PCB Administrator

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How to Register for E-PCB Plus in MyTax—Employer, Representative, and PCB Administrator

Employers must register for E-PCB Plus via the MyTax portal to manage their monthly tax deductions (PCB). Here’s a quick guide to get started:

1. Employer Role
1.1 Log in to MyTax Portal.
1.2 Go to Profile > Role Application.
1.3 Select New Application and choose your role (e.g., Employer or Business Owner).

2. Employer Representative Role
2.1 Log in as Employer.
2.2 Click Profile > Representative Appointment.
2.3 Enter the representative’s identification details and click Submit.

3. PCB Administrator Role
3.1 Log in as Employer/Representative.
3.2 Go to Profile > PCB Administrator.
3.3 Enter the PCB Administrator’s identification number and click Submit.

4. Appointing an Administrator Representative
4.1 Log in to MyTax and go to e-PCB Plus.
4.2 Click Employee > Administrator Representative List.
4.3 Define task scope, set access permissions, and save.
4.4 Select the representative from employees or external staff.

Read the full content with visual aids in our blog
https://www.ktp.com.my/blog/e-pcb-plus-registration-visual-aids/02jan2025

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Personal Tax Reliefs for YA 2025

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As the Year of Assessment (YA) 2025 approaches, it’s the perfect time to understand the available personal tax reliefs to help you reduce your taxable income. At KTP, we’ve broken down the key reliefs in a clear and simple way to help you maximise your savings.

1. Personal Relief

Self (Taxpayer): RM9,000

2. Medical Expenses

Medical Expenses for Parents: RM8,000 for medical treatments, check-ups, and vaccinations.
Own Medical Expenses: RM10,000 for serious diseases, full medical examinations, and mental health treatments.
Disabled Person’s Equipment: RM6,000 for supporting equipment for yourself, spouse, or children.

3. Relief for Disabled Individuals

Disabled Taxpayer: RM7,000
Disabled Spouse: RM6,000
Disabled Child (unmarried): RM6,000
Disabled Child Pursuing Higher Education: Additional RM8,000

4. Relief for Deduction for wife and payment of alimony or maintenance to former wife

Spouse (no income and combined assessment): RM4,000

5. Relief for Children

Child Below 18 Years: RM2,000
Child in Higher Education: RM8,000

6. Insurance and Education-Related Relief

Life Insurance RM3,000 and EPF Contributions RM4,000: Up to RM7,000.
Private Retirement Scheme (PRS): RM3,000
Insurance for Education or Medical Benefits: RM4,000
School/University Fees: RM7,000 for tertiary education, postgraduate studies, or professional courses.
SSPN (Skim Simpanan Pendidikan Nasional): RM8,000 for savings deposited for your child’s education.

7. Housing and Family Support

Interest on Housing Loans for first-time homeowners

House Price: No more than RM500,000: Tax Relief RM7,000
House price: Above RM500,000 to RM750,0000: Tax Relief RM5,000

Childcare Fees: RM3,000 for registered childcare centres or kindergartens.

8. Lifestyle Reliefs

Lifestyle Expenses: RM2,500 for purchases of books, magazines, broadband subscriptions, and self-skill enhancement courses.
Breastfeeding Equipment: RM1,000 for breastfeeding essentials (infants below two years old).
SOCSO Contribution: RM350
Sports Relief included parents: RM1,000 for purchasing sports equipment, rental or entry fees for sports facilities, and registration fees for sports competitions and gymnasium membership fee

9. Tax Incentives for EV Owners or food waste composting machine

Relief of up to RM2,500 for the use of electric vehicle (EV) charging facilities or purchasing food waste composting machines.

Plan Smart and Save More

Understanding these reliefs allows you to plan your finances and minimise your tax liabilities for YA 2025. Keep your receipts and proper records to ensure a smooth filing process.

Need help navigating your taxes?

The team at KTP is here to assist you. Contact us for personalised guidance and ensure you’re making the most of your tax reliefs.

(Tax Update) Tax Paid by Employers: Avoiding Costly Mistakes

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(Tax Update) Tax Paid by Employers: Avoiding Costly Mistakes

Many companies, particularly Sdn Bhds, include personal tax payments for directors or employees as part of their remuneration packages. While this may seem like a thoughtful benefit, it often leads to costly mistakes if not handled correctly.

Public Ruling No. 3/2024 by the Inland Revenue Board of Malaysia (IRBM) provides detailed guidance on the proper treatment of such arrangements and highlights common errors made by taxpayers. Understanding these nuances is essential to avoid penalties and ensure compliance.

Understanding Employer-Borne Tax as a Perquisite

When a company pays personal taxes on behalf of a director or employee, the payment is treated as a ''perquisite,'' becoming part of the employee's taxable income.

For example, if a director earns RM200,000 annually and the company pays RM40,000 in personal taxes, the director's total taxable income increases to RM240,000. This amount must be accurately reflected in the EA form.

Although employers may think paying these taxes eases the employee’s financial burden, failing to declare this benefit properly can create unintended tax liabilities for both parties.

Common Mistakes Made by Taxpayers

Mistake 1 : Assuming tax paid is tax deductibl ate the company level

One common error is treating personal taxes paid on behalf of directors or employees as a deductible business expense. This is not permitted under Malaysian tax law. IRBM considers these payments as non-deductible, and companies attempting to claim them may face significant tax liabilities and penalties during audits.

Mistake 2 : Failing to include tax borne as taxable benefits for employees

Another frequent mistake is not reporting taxes borne by the employer as part of the employee’s taxable benefits. This results in under-reporting the employee’s gross income, leading to penalties and additional taxes during IRBM reviews. This omission is especially prevalent among Sdn Bhds without proper tax policies.

How Mistakes Can Add Up

Scenario: XYZ Sdn Bhd pays RM20,000 in personal taxes for its director, whose annual salary is RM150,000.

Error 1: The company claims the RM20,000 as a deductible expense in its corporate tax filing. The IRBM disallows this claim, resulting in additional tax liabilities and penalties.
Error 2: The RM20,000 is not included in the director’s taxable income on the EA form, leading to under-reported income and personal tax penalties for the director.

What Does ''Tax Borne by Employer'' Mean?

When an employer covers an employee's income tax, the amount paid is added to the employee’s taxable income.

Example:
Hendrik, a foreign employee earning RM20,000 per month, has RM25,650 in taxes paid by his employer for 2023. This RM25,650 is treated as part of Hendrik’s 2024 taxable income and taxed accordingly. Accurate reporting is critical to avoid IRB penalties.

Why Is This Important?

Employers and employees must recognize that tax benefits come with obligations:

For Employers: Properly calculate, declare, and pay the tax liability to the IRB.
For Employees: Understand that such benefits increase taxable income and tax payable in the following year.

Your Next Steps

Keep detailed records of all employee benefits, including taxes paid.
Communicate transparently with employees about the tax implications of employer-borne taxes.
Seek professional advice to ensure compliance and avoid unnecessary penalties.

Final Thoughts

Managing employer-borne taxes correctly is essential for avoiding penalties and maintaining good standing with the IRBM. Mistakes in reporting or deductions can result in hefty fines and damage to your company’s reputation.

To learn more about managing these benefits effectively, contact our team at www.ktp.com.my. Together, we’ll help you navigate the complexities of Malaysian tax regulations.

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(HR Update) The Latest Flexible Working Arrangements (FWA) in Malaysia

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(HR Update) The Latest Flexible Working Arrangements (FWA) in Malaysia

Effective January 1, 2023, Sections 60P and 60Q of the Act pave the way for more adaptable work conditions to meet modern demands. Here’s what every employer and employee should know.

In today’s fast-paced world, work-life balance isn’t just a buzzword; it’s a necessity. Recognizing this, the 2023 amendment to Malaysia’s Employment Act 1955 introduced Flexible Working Arrangements (FWA), giving employees the power to reshape their work lives.

What is FWA?

Flexible Working Arrangements allow employees to request changes in:

Hours of Work: Adjust starting and ending times.
Days of Work: Shift to a 4-day workweek, for example.
Place of Work: Opt for remote or hybrid setups.

This provision doesn’t just benefit employees; it empowers businesses to enhance productivity and attract top talent by embracing flexibility.

How to Apply for FWA

The process is straightforward:

Employees must submit a written application with justifications, such as health needs or caregiving responsibilities.
Employers are required to respond within 60 days. If rejected, employers must provide written reasons.

What Employers Should Consider

While FWA applications aren’t automatically approved, businesses must exercise fairness and diligence. Key considerations include:

Establishing performance evaluation systems for employees under FWA.
Maintaining effective communication with remote or hybrid teams.
Clearly defining the duration of the FWA in the approval process.
Ensuring compliance with safety regulations for remote work setups.

Employers can withdraw FWA if business or operational needs demand, but proper documentation and transparent communication are crucial.

Why FWA Matters

The amendments aim to foster better work-life balance, reduce stress, and improve overall employee satisfaction. With the reduction of the workweek to 45 hours, Malaysian labor law aligns more closely with international standards, ensuring both employee welfare and productivity.

By understanding and implementing FWA effectively, businesses can stay ahead in a competitive landscape while meeting the evolving expectations of a modern workforce.

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(Tax Update) Attention Employers: Prepare for the Transition to e-PCB Plus!

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(Tax Update) Attention Employers: Prepare for the Transition to e-PCB Plus!

The Inland Revenue Board of Malaysia (IRBM) is introducing a new e-PCB Plus system starting from the assessment year 2025. This system will replace the existing e-CP39, e-PCB, and e-Data PCB systems for the submission of PCB (Potongan Cukai Bulanan) statements and payments, including CP38 deductions.

To ensure a smooth transition, Phase 1 of the e-PCB Plus system has been available since 24 September 2024. Employers are strongly advised to complete the necessary registration steps on the MyTax Portal as soon as possible to avoid disruptions to their payroll compliance.

Key Actions You Must Take Now:

Register Key Roles on MyTax Portal
Employers must register roles such as Employer, Employer Representative, PCB Administrator, and Administrator Representative. This step is critical to gain access to the new e-PCB Plus system.
Update Employer and Employee Information
Once registered, you will need to update your details in the e-PCB Plus system itself. This ensures accurate calculations and compliance.
Act Now to Avoid Access Issues
Failure to complete the registration on the MyTax Portal will prevent you from using the e-PCB Plus system. This could lead to delays or errors in calculating PCB, submitting statements, and making payments for PCB or CP38 deductions.

We highly recommend completing the registration process without delay. The new e-PCB Plus system is designed to streamline payroll tax compliance, but preparation is key to leveraging its benefits effectively.

If you need assistance, feel free to contact our team at KTP for guidance. Stay ahead, stay compliant!

Past Blog on E-PCB Plus

5/9/24 LHDN’s New E-PCB PLUS System Part 1 https://www.ktp.com.my/blog/lhdns-new-e-pcb-plus-system/05sept2024
26/9/24 LHDN’s New E-PCB PLUS System Part 2 https://www.ktp.com.my/blog/lhdns-new-e-pcb-plus-system/26sept2024
5/9/24 LHDN 推出的新 E-PCB PLUS 系统

https://www.ktp.com.my/chineseblog/irb-epcb-plus-system/05sept2024

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An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

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(Tax Update) Dividend Income in Malaysia: What Changed and What It Means for You (Part 2)

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(Tax Update) Dividend Income in Malaysia: What Changed and What It Means for You (Part 2)

The Malaysian government introduced notable changes to the taxation of dividend income in Budget 2025, presented on October 18, 2024. Let’s break down these changes and explore how they impact individual taxpayers and entrepreneurs.

New Dividend Tax Structure

Starting from the 2025 assessment year, a 2% tax will apply to annual dividend income exceeding RM100,000. Importantly, this tax will only apply to the amount above the RM100,000 threshold (see the example for illustration)

Example:

Employment Income is RM300,000.
Dividend Income from companies in Malaysia is RM250,000. From this, RM100,000 is exempted from tax, leaving RM150,000 as the Statutory Dividend Income.
Aggregate Income is the total of Employment Income and Statutory Dividend Income, resulting in RM450,000.
After deducting Relief of RM9,000, the Total Chargeable Income is RM441,000.
To calculate the Chargeable Dividend Income, they take the Statutory Dividend Income (RM150,000), divide it by the Aggregate Income (RM450,000), and then multiply by the Total Chargeable Income (RM441,000). This results in a Chargeable Dividend Income of RM147,000.
Finally, the tax on this Chargeable Dividend Income is calculated at a 2% rate, giving a tax amount of RM2,940.

Exemption

The exemptions listed for taxation on dividend income for individuals are as follows:

Dividend income from sources outside Malaysia (Foreign Source Income) until the Year of Assessment (YA) 2036.
Dividends from the profits of companies with pioneer status (under the Promotion of Investments Act) and reinvestment allowance.
Dividends from the profits of shipping companies (under Section 54A of the Income Tax Act 1967).
Dividend income distributed by cooperatives (under Paragraph 12A, Schedule 6 of the Income Tax Act 1967).
Dividends distributed by closed-end funds (under Section 60H of the Income Tax Act 1967).
Dividends from domestic companies paid from dividends of Labuan entities.
Profit distribution by EPF (Employees Provident Fund), KWAP (Retirement Fund), LTAT (Armed Forces Fund Board), ASNB (Amanah Saham Nasional Berhad), or unit trusts.
Any exemption granted on dividend income in the hands of individuals as determined by the Minister.

Scope of Taxation

The scope of taxation for dividend income includes the following categories:

Resident and non-resident individuals – This means that both Malaysian residents and foreigners receiving dividends in Malaysia are subject to this tax.
Individuals holding shares through a nominee – Individuals who hold shares via a nominee (another person or entity holding the shares on behalf of the actual owner) are included in the scope.
Dividend income distributed by companies in Malaysia – Only dividends distributed by Malaysian companies fall within this scope, making locally-sourced dividend income taxable.

Key Unresolved Questions

Key issues requiring clarification by the Inland Revenue Board (IRB) regarding the taxation of dividend income include:

Taxable Individuals: Are both resident and non-resident shareholders, including those holding shares through nominees, liable to this tax?
Timing of Taxation: Should the tax be imposed when the dividend is declared, or only when it is paid or credited?
Non-Resident Exemptions: Are non-resident individuals eligible for the RM100,000 exemption on dividend income?
Withholding Tax: Will a withholding tax system be introduced for dividend income?
Deductions and Reliefs: Will shareholders be allowed deductions or reliefs, such as those related to interest on loans for acquiring shares or approved donations?
Application to LLPs and Partnerships: Will limited liability partnerships (LLPs) and partnership income distributions fall under the scope of this tax?
Dividend Voucher Details: Are companies and company secretaries required to specify dividends derived from tax-incentivized profits, like those from pioneer status or reinvestment allowances, on dividend vouchers?

Past blog on 2% Dividend Tax

17 Oct 2024 https://www.ktp.com.my/blog/2percent-tax-dividend-income-above-rm100k/17oct2024

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KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

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Facebook http://bit.ly/3rPxz9o

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(Tax Update) Malaysia Budget 2025: Key Tax Updates for Corporate | KTP Tax Advisory

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(Tax Update) Malaysia Budget 2025: Key Tax Updates for Corporate | KTP Tax Advisory

Stay informed with KTP as we break down Budget 2025 and the major changes impacting Malaysian companies, employers, and taxpayers.

This comprehensive video covers the latest tax deductions, incentives, and allowances available to support businesses in Malaysia.

We focus on practical tax benefits designed to encourage flexible working, childcare, eldercare, and the hiring of returning women workers, plus accelerated allowances on tech investments.

Dive into the new tax incentives, including Smart Logistics Complex (SLC) qualifications, export benefits, and upcoming carbon taxes.

Key Highlights Include:

A) Companies & Business Deductions

Childcare & Eldercare Allowances: Employers can claim deductions for both childcare and eldercare expenses from YA 2025.
Flexible Working Arrangements (FWA): Companies implementing FWA may claim a 50% additional deduction on costs up to RM500,000.
Care Leave Provisions: 50% extra deduction for paid leave to employees caring for sick family members.
Support for Women Returning to Work: 50% additional deduction for employment expenses on hiring women back to the workforce.
ICT Equipment Allowance: Accelerated Capital Allowance (ACA) now reduced to two years with 20% Initial and 40% Annual Allowances for ICT-related investments.

B) Tax Incentives

Smart Logistics Complex (SLC): Investment Tax Allowance (ITA) up to 60% on CAPEX, aiming to boost Industry 4.0 integration in logistics with automation, AI, IoT, and blockchain.
Increased Exports: Enhanced scope for Integrated Circuit (IC) Design services, aligning with Malaysia’s goal to become an advanced tech hub.

C) Indirect Tax Updates

Sales & Service Tax: Adjusted exemptions and increased rates for non-essential goods starting May 2025.
Excise Duty on Sugary Drinks: Increased phased rates effective January 2025.
Carbon Tax: Introducing Malaysia's first Carbon Tax targeting energy, iron, and steel sectors by 2026.

YouTube Video
Watch our Budget 2025 Webinar for Individuals on YouTube : https://youtu.be/t2rFOCnrVLI

📌 Watch now to get the details and learn how these changes can impact your business!
📌 Visit www.ktp.com.my for more accounting insights and updates.
📌 Subscribe to KTP for more tax, finance, and business strategies tailored for Malaysia.

Past Update on Budget 2025

Dividend Income : https://www.ktp.com.my/blog/2percent-tax-dividend-income-above-rm100k/17oct2024
HR : https://www.ktp.com.my/blog/malaysia-budget-2025-hr/23oct2024
Companies : https://www.ktp.com.my/blog/malaysia-budget-2025-companies/24oct2024
Individual : https://www.ktp.com.my/blog/malaysia-budget-2025-individual/25oct2024
Tax Incentives : https://www.ktp.com.my/blog/malaysia-budget-2025-new-tax-incentives/30oct2024
Indirect Tax : https://www.ktp.com.my/blog/malaysia-budget-2025-indirect-tax/1nov2024

Visit Us

Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

#Thk

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(Tax Update) Malaysia Budget 2025: Key Tax Updates & Reliefs for Individuals | KTP Tax Advisory

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(Tax Update) Malaysia Budget 2025: Key Tax Updates & Reliefs for Individuals | KTP Tax Advisory

In this video, KTP (www.ktp.com.my) dives into the major highlights of Malaysia's Budget 2025, especially focusing on updates that will impact individual taxpayers.

From new dividend tax regulations and foreign income exemptions to expanded reliefs for child and elderly care, we break down everything you need to know in simple terms.

Key Highlights Covered :

1. Dividend Tax on Individual Shareholders

A 2% tax rate on annual dividend income above RM100,000, with exemptions for certain funds like KWSP and LTAT.

2. Foreign Source Income (FSI)

Extended tax exemption on FSI received in Malaysia, as long as it’s taxed at the source country, valid until December 2036.

3. Expanded Child and Elderly Care Allowances

Up to RM3,000 exemption for child and elderly care, providing additional support for taxpayers.

4. Medical Expenses Reliefs

Expanded coverage for mental health consultations, self-test kits, diagnostic tests, and rehabilitation treatments for children with learning disabilities, with increased limits.

5. Disability Benefits

Higher relief amounts for disabled individuals and their families.

6. Reliefs on Elderly Care and Sports Activities

Expanded to include elderly care expenses and sports activities for parents and grandparents.

7. Deferred Annuity and PRS

Extended relief for deferred annuities and Private Retirement Schemes until YA 2030.

8. Education and Medical Insurance

Increased limit from RM3,000 to RM4,000 for education and medical insurance.

9. Housing Loan Interest Relief

Tiered relief for first-time home buyers, with specific conditions based on home value.

10. Electric Vehicle and Eco-Friendly Expenses

Relief for EV charging facilities and food waste composting machines to promote sustainable living.

These updates are effective from YA 2025, helping individuals and families optimize tax reliefs in areas like healthcare, elderly care, education, and environmental sustainability. Watch to stay informed and understand how Budget 2025 can impact you.

YouTube Video
Watch our Budget 2025 Webinar for Individuals on YouTube : https://youtu.be/MY9NtYHgOMU

Past Update on Budget 2025

Dividend Income : https://www.ktp.com.my/blog/2percent-tax-dividend-income-above-rm100k/17oct2024
HR : https://www.ktp.com.my/blog/malaysia-budget-2025-hr/23oct2024
Companies : https://www.ktp.com.my/blog/malaysia-budget-2025-companies/24oct2024
Individual : https://www.ktp.com.my/blog/malaysia-budget-2025-individual/25oct2024
Tax Incentives : https://www.ktp.com.my/blog/malaysia-budget-2025-new-tax-incentives/30oct2024
Indirect Tax : https://www.ktp.com.my/blog/malaysia-budget-2025-indirect-tax/1nov2024

Visit Us

Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

#Thk

#KTP

(Tax Update) Malaysia Budget 2025 - Indirect Tax

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(Tax Update) Malaysia Budget 2025 - Indirect Tax

The recent Tax Budget 2025 introduces several key changes to indirect taxes, directly impacting businesses in Malaysia. From expanded service tax coverage to phased excise duty hikes, these updates are designed to balance economic growth with public well-being.

If you run a business or are involved in tax planning, understanding these changes is crucial for smooth compliance. Here’s a breakdown of the major changes that will come into effect in 2024 and 2025, especially those relevant to Malaysia SMEs.

1. Sales and Service Tax (SST)

Sales Tax Updates

Exemption for Basic Food Items : The government reaffirms its commitment to ensure that essential food items remain free from sales tax, minimizing the impact on the rakyat.
Higher Sales Tax for Non-Essentials : Non-essential and luxury imported items will face increased sales tax rates to curb excessive consumption.

Service Tax Expansion

New B2B Transactions Under Service Tax : A broader range of business-to-business (B2B) services will now be taxed. This change ensures better coverage of commercial activities and encourages fairness across industries.
Effective Date: 1 May 2025

2. Sales Tax Exemption for Mastectomy Bras

Supporting breast cancer patients, the government has announced a sales tax exemption for mastectomy bras.
Applicable Tax: Current 10% sales tax waived.
Application Period: Exemption applications open from 1 November 2024 to 31 December 2027, administered through the Ministry of Finance (MoF).

3. Phased Excise Duty Increase on Sugary Beverages

New Rate: RM0.40 per liter
Purpose: To promote healthier choices and curb excessive sugar consumption.
Effective Date: 1 January 2025

4. Export Duty Changes for Crude Palm Oil (CPO)

Expanded Duty Rate: From 8% to 10%
Condition: Applies when CPO market price exceeds RM3,451 per metric tonne.
Effective Date: 1 November 2024

5. Windfall Profit Levy (WPL) Threshold Increase

The government has revised the threshold price for Crude Palm Oil (CPO), aligning it with market realities.
Peninsular Malaysia: RM3,000 → RM3,150
Sabah and Sarawak: RM3,500 → RM3,650
Effective Date: 1 November 2024

6. Carbon Tax Coming in 2026

In a move toward environmental sustainability, the government has announced the introduction of a Carbon Tax targeting high-emission industries.
Industries Impacted: Iron, steel, and energy sectors.
Implementation Timeline: By 2026

Conclusion

The changes outlined in the Tax Budget 2025 are aimed at fostering sustainable growth while addressing public health and environmental concerns. As some of these measures come into effect in early 2025, businesses must act promptly to adjust their operations and tax planning strategies.

At KTP, we are committed to keeping you informed and ready for these updates. Stay ahead of these changes by visiting our blog regularly and reaching out to us for personalized tax planning services. Let’s ensure compliance and optimize your tax strategy together!

Past Update on Budget 2025

Dividend Income : https://www.ktp.com.my/blog/2percent-tax-dividend-income-above-rm100k/17oct2024
HR : https://www.ktp.com.my/blog/malaysia-budget-2025-hr/23oct2024
Companies : https://www.ktp.com.my/blog/malaysia-budget-2025-companies/24oct2024
Individual : https://www.ktp.com.my/blog/malaysia-budget-2025-individual/25oct2024
Tax Incentives : https://www.ktp.com.my/blog/malaysia-budget-2025-new-tax-incentives/30oct2024

PS : Authored by Ms Lim Nguan Lian, our head of client relationship, on her personal LinkedIn.

Visit Us

Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru
Wisma THK, 41, Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

KTP (Audit, Tax, Advisory)

An approved audit firm and licensed tax firm operating under the KTP group based in Johor Bahru providing audit, tax planning, advisory and compliance services to clients

THK (Secretarial, Bookkeeping, Payroll, Advisory)

A licensed secretarial firm in Johor Bahru providing fast reliable incorporation, secretarial services, corporate compliance services, outsourcing bookkeeping, and payroll services to clients

Website www.thks.com.my
Facebook https://bit.ly/3nQ98rs

KTP Lifestyle

An internal community for our colleagues on work and leisure.

KTP Career

An external job community on vacancies in Johor Bahru for interns, graduates & experienced candidates.

Instagram https://bit.ly/3u2PxHg
Facebook http://bit.ly/3rPxz9o

#Thk

#KTP

【税务】2025年马来西亚预算案：新的税务激励措施

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【税务】2025年马来西亚预算案：新的税务激励措施

如何利用马来西亚的新税务激励来帮助您实现现代化和扩展

您准备好利用马来西亚2025年预算中的新税务激励措施吗？政府正在推出一些计划，可以让准备采用最新技术和扩大市场的投资者和企业受益。这些措施包括为智慧物流综合体 (SLC) 提供的激励以及对提升出口能力，尤其是在集成电路 (IC) 设计方面的新福利。如果您的公司准备在物流效率上进行投资或扩大出口，这些激励措施可能就是您下一个重大的机会。

1. 智慧物流综合体 (SLC) 激励：提升供应链效率

物流激励范围从单纯的综合物流服务 (ILS) 扩展到智慧物流综合体 (SLC)，目的是通过采用先进技术来提高供应链效率。对于希望将运营带入工业4.0 (IR4.0) 时代的物流投资者和运营商来说，这是一个绝佳的机会。

根据智慧物流综合体 (SLC) 激励，符合条件的公司可以在5年内对符合条件的资本开支 (CAPEX) 申请60%的投资税务减免 (ITA)。此减免可用于抵扣每个评估年度 (YA) 高达公司法定收入 (SI) 的70%。

谁可以享受这项激励？

要符合SLC的ITA资格，以下标准适用：

SLC公司：包括参与建设智慧仓库的投资者和运营商，或那些长期租赁（至少10年）智慧仓库的运营商。
合格的物流服务：涵盖区域配送中心、综合物流服务、危险品储存和冷链物流。
仓库要求：仓库的面积至少要有30,000平方米。
工业4.0采用：公司必须采用至少三种工业4.0 (IR4.0) 技术，例如人工智能 (AI)、物联网 (IoT) 或区块链。

此激励措施适用于2025年1月1日至2027年12月31日期间马来西亚投资发展局 (MIDA) 接受的申请。对于想要将先进技术引入物流运营的企业来说，这是获得巨大税务优惠的绝好机会。

2. 提升出口激励：让马来西亚成为IC设计中心

根据新的工业主计划2030 (NIMP)，提升出口激励的范围现在扩展到覆盖集成电路 (IC) 设计服务。这旨在将马来西亚打造成为先进IC设计技术和解决方案的中心。从评估年度 (YA) 2025起生效，这项激励旨在吸引更多高科技领域的投资，与国家成为IC设计领导者的愿景相一致。

如果您的企业涉及IC设计或计划扩展到该领域，这项激励就是您加入马来西亚推动先进技术和提高全球竞争力的好机会。

准备好利用这些激励措施了吗？

这些新的税务激励不仅仅是省钱；它们是关于将您的业务定位于马来西亚技术和工业发展的前沿。如果您有兴趣充分利用这些机会，请联系KTP团队。我们随时准备帮助您处理申请流程，并最大限度地提高您的利益。

PS: 由我们客户关系总监Ms Lim Nguan Lian于其个人LinkedIn撰写。

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