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MCO Clients Update # 4

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LHDN FAQ on  TAX MATTERS DURING THE MCO ORDER PERIOD (18 MARCH 2020 TO 28 APRIL 2020 – Updated on 10 April 2020 )

 

IRBM premises and counters operations will continue to close until 28 APRIL 2020. 

the stamp duty counters at Branch Stamping Office will be open and Hasil Care Line in operation.

Returns for Company (form C) for the Year of Assessment 2019 – Two (2) months grace period from the due date of submission is allowed for those with accounting period ending 31 July 2019 until 31 December 2019

Institution or Organisation approved under section 44(6) of the ITA 1967

The submission date of the audited accounts be extended until 30 June 2020.

 

Submission of Country-by-Country Reporting (CbCR)

  • CbCR report by Entities in Malaysia due on 31 March 2020 & 30 April 2020; Extension of time until 31May 2020
  • CbCR notification by Constituent entities in Malaysia due on 31 March 2020 & 30 April 2020; Extension of time until 31 May 2020

Submission to LHDN to commence from 15 April 2020

  • Forms CP21, CP22, CP22A or CP22B
  • e-Residence
  • Tax Clearance Letter (TCL)

Income Tax Estimates (CP204)

  • Submission of the revised tax estimate in the third month instalment – An extension of time is given until 31 May 2020 for revision in the third month of instalment that falls in April 2020
  • Deferment of CP204 payment for :
  • All type of busiess due on 15 April 2020 and 15 May 2020 – Extension of time until 31 May 2020.
  • Small and Medium Enterprises (SMEs) status – 3 months beginning April 2020 until June 2020 for all types of businesses with .
  • tourism industry (including those with SME status). – 6 months beginning April 2020 until September 2020.

Deferment of CP204 payment will be given automatically by IRBM to all SMEs and tourism industry related taxpayers based on YA 2018 Return Form received by the them.

LHDN extension of time to taxpayers be given until 31 May 2020 where the due date falls within this period 18 March 2020 until 15 May 2020

  • Submission of documents for audit or investigation within the period of 18 March 2020 until 29 April 2020
  • Required to provide feedback to IRBM letters by taxpayer
  • Submission of Statement of Monetary and Non-Monetary Incentive Payment to An Agent, Dealer or Distributor (Form CP58)
  • Submission of Notice of Appeal to the Special Commissioners of Income Tax (SCIT) [Form Q]
  • Submission of Form CP204B
  • Submit all types of tax estimates including CP204
  • Revised tax estimate in the third month instalment
  • First payment of CP500 tax estimates
  • Payment of withholding tax.
  • Submission of data and payment of MTD / CP38 on remuneration from employment.
  • Submission of RPGT return forms and payment

Application Form of an Approved Research and Development (R&D) Project under section 34A ITA 1967 (Borang 1)

Extension of time will be given until 30 June 2020.

  • completed Borang 1 (New Project/Extension Project) which ends on 31 March 2020:
  • Borang 1 (New Project/Extension Project) which ends on 30 April 2020

What is the deferred payments for CP204 / CP500?

  • Taxpayers do not need to pay the deferred payments.
  • The balance of tax (if any) has to be settled upon the submission of the income tax return.
  • Taxpayer can reject and continue paying tax estimates based on the original payment schedule
  • The IRBM will notify taxpayers by e-mail registered with IRBM.

Income Tax Estimates for Other than Company (CP500)

  • The months eligible for deferment are March 2020 and May 2020.
  • Revise CP500 on or before the 30 June 2020.
  • SMEs entitled for deferment automatically based on payment records with IRBM.

 

 

 

 

 

 

 

MCO Clients Update #3

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IRBM premises and counters operations for the period of 18 March 2020 to 14 April 2020

W.e.f 3rd April 2020, the stamp duty counters at Branch Stamping Office will be open and Hasil Care Line in operation. Other IRBM premises will remain closed.

Country-by-Country Reporting (CbCR)

CbCR report by Entities in Malaysia due on 31 March 2020 & 30 April 2020; Extension of time until 15 May 2020

CbCR notification by Constituent entities in Malaysia due on 31 March 2020 & 30 April 2020; Extension of time until 15 May 2020

Payment for CP500 be deferred

Can be deferred starting from April 2020 to June 2020. The months eligible for deferment are March 2020 and May 2020.

The taxpayer is allowed to revise CP500 on or before the 30th of June 2020.

All the SMEs entitled for deferment of CP500 payment

Deferment of CP500 payment will be given automatically to eligible taxpayers based on payment records with IRBM.

Payment of Income Tax

paid payable during the period between 18 March 2020 to 14 April 2020 will not be imposed Tax increase if the payment is made on or before 30 April 2020.

Deferred payments for CP204 / CP500

Taxpayers do not need to pay the deferred payments. The balance of tax (if any) has to be settled upon the submission of the income tax return.

Deferment of CP204 / CP500 payment to the companies/businesses that qualify under this PRE will not be subject to the tax increase under 107C (9) / 107B (3) of the ITA 1967

Stamp Duty Counter

Stamp duty counters nationwide will be operational from 3 April 2020 to cater to individual duty payers. However, the services available will be limited to:

  1. Stamping for individuals and the public who do not have a STAMPS user ID.
  2. Payment of stamp duty on the notice of assessment which cannot be made online.

stamp duty falls in the period of 18 March 2020 to 14 April 2020, the payment can be made until 30 April 2020. No late payment penalty will be imposed.

The deadline for the submission of the revised tax estimate in the third-month instalment in 2020

All types of businesses with Small and Medium Enterprises (SMEs) status based on the company’s basis period. An extension of time is granted until 30th April 2020 for revision in the third month of instalment that falls in April 2020.

Companies related to the tourism industry (including those with SME status). eligible for deferment of CP204 payment for 6 months beginning April 2020 until September 2020.

Business criteria that qualify for SME status

  1. Have a paid-up capital of less than or equal to RM2.5 million ordinary shares at the beginning of the basis period for a year of assessment; and
  2. Have a gross business income of RM50 million and below.

Deferment of CP204 payment will be given automatically to all SMEs based on IRBM’s record.

 

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Notice of Appeal to the Special Commissioners of Income Tax (SCIT)

Extension of time be given for the submission of  [Form Q] where the due date falls within this period

Taxpayer is required to file Form N and state that the delay is due to the implementation of Movement Control Order

THE INFORMATIONS WAS COMPILED FROM FREQUENTLY ASKED QUESTIONS ON TAX MATTERS DURING THE MOVEMENT CONTROL ORDER PERIOD (18 MARCH 2020 TO 14 APRIL 2020) – update 3 April 2020

Client’s Update #2

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All IRBM premises (including e-Filing counters) nationwide will be closed from 18 March 2020 to the end of the MCO period.

Submission to LHDN to commence from 15 April 2020

  • Forms CP21, CP22, CP22A or CP22B
  • e-Residence
  • Tax Clearance Letter (TCL)

Donation to the TABUNG covid-19

IRBM would like to announce that tax deductions Incentives will be  given to donors  who  donate cash or items  to be used to address  The spread of Covid-19 outbreaks and to The People who are affected  by the outbreak.

The Incentives provided under the  income  Tax  Act  (ITA) 1967  are  to:

  1. Covid Fund-19 (Ministry of Health Malaysia)
  • Type of contribution: cash and goods
  1. Covid-19 Fund (National disaster Management, Prime Minister ‘s department )
  • Type of contribution: cash only
  1. Donations to institutions/organisations approved under subsection 44 (6) of the ITA 1967.

All contribution need to be supported by acknowledgement receipt with official chop prescribed by MOF. Supporting must be kept for verification by LHDN.

LHDN extension of time to taxpayers be given until 30 April 2020 where the due date falls within this period 18 March 2020 until 14 April 2020

  • Submission of documents for audit or investigation within the period of 18 March 2020 until 29 April 2020
  • Required to provide feedback to IRBM letters by taxpayer
  • Submission of Statement of Monetary and Non-Monetory Incentive Payment to An Agent, Dealer or Distributor (Form CP58)
  • Submission of Notice of Appeal to the Special Commissioners of Income Tax (SCIT) [Form Q]
  • Submission of Form CP204B
  • Submit CP204 tax estimates
  • First payment of CP500 tax estimates
  • Deferment and revision of tax estimate payment (CP204) in the 3rd month (for March 2020 cases) instalment in 2020 under the Economic Stimulus Package.
  • Payment of withholding tax.
  • Submission of data and payment of MTD / CP38 on remuneration from employment.
  • Submission of RPGT return forms and payment

ECONOMIC STIMULUS PACKAGE FOR THE PEOPLE 2020 – Objective No 2: Business Support

  • Moratorium loans – postponement of loans for a 6-month period
  • Danajamin – security facility for sector impacted by COVID-19
  • Small & Medium Enterprise.
  • SRF funds and other funds – Reduced interest from 3.75% to 3.5%.
  • Micro Credit: Additional funds of RM500 million at 2%.
  • Postponement of EPF and others
  • To postpone EPF contribution for 6 months for all employees
  • HRDF contribution for 6 months exemption for all sectors

Jabatan Kastam Diraja Malaysia (JKDM) operations

  • All operations of the Royal Malaysian Customs Department will be open as usual.
  • Application/renewal related to customs matters can be submitted online (online) and supporting documents must be enclosed together as appendix (attachments) in email.
  • Customers are advised to make phone calls to the nearest Customs office for any advice.
  • The period of submitting any statement and payment ended in 31/03/2020 is EXTENDED to 30/04/2020. Penalties incurred for payments made before or in 30/04/2020 will be given full remission.

COVID19 LOCKDOWN: OFFICE CLOSE OPERATION

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Refer to the subject as mentioned above, we would like to make an official announcement regarding the lockdown restriction made by the government on 16th March 2020, 10 pm

We regret to inform you that our office will be closed form 18th March to 14th April 2020.

All email messages will be responded during this period. However, action taken may be delayed due to the Order

We apologize for the inconvenience caused and appreciate your business.

For future assistance, please contact by WhatsApp at 013-632 0238, we will try our best to assist.

Thanks for your support and cooperation.

Monthly Tax Deduction (MTD) from employers

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In line with the government’s effort to increase the usage of online payment (e-payment), please be informed that effective from 1 SEPTEMBER 2019, Inland Revenue Board of Malaysia (IRBM) will no longer accepting manually submission of Form CP39, CD, Flash Drive and Diskette as well as cash and cheques payment of the Monthly Tax Deduction (MTD) from employers

IRBM Media Release 19 August 2019

Special Voluntary Disclosure Program (SVDP)

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The Inland Revenue Board (IRB) has released the Guidelines on SVDP (No. 1/2019) 26 April 2019. The program covers voluntary disclosure and payment within the stipulated period on:

  • income not previously declared / under-declared, expenses over claimed / not allowed and reliefs / deductions / rebates over claimed;
  • gains on disposal of assets (real properties and shares in real property companies); and
  • stamping of instruments not previously stamped.

The Guidelines have been updated pursuant to the Ministry of Finance’s press release on 7 April 2019, as follows:

  • Extension of the SVDP period from 30 June 2019 to 30 September 2019 with the following penalty rate:

 

Period of Voluntary Disclosure Payment to be made on or before Penalty Rate
03/11/2018 – 30/06/2019 01/07/2019 10%
01/07/2019 – 30/09/2019 01/10/2019 15%
  • Encourage taxpayers to make full disclosure of income/gains on disposal of assets
  • This Special Program does not apply to voluntary disclosures made involving:
    • non-taxable cases reduced assessment or repayment; or
    • cases where a criminal investigation has commenced or prosecution proceedings as a result of criminal investigation has been instituted in courts pursuant to the provisions of the ITA 1967, PITA 1967, RPGTA 1976, SA 1949 or Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
  • Caveat that the IRB will check tax computation submitted to ensure accuracy of voluntary disclosure, and
  • Audit or investigation will not be carried out on the years of assessment where voluntary disclosure has been made,

Kindly visit the IRB website for more information.

Source: IRB website, 22 April 2019

ACCA Approved Employer – Trainee Development, Platinum

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On 8 January 2018, IMRAN has received the award of ACCA Approved Employer – Trainee Development, Platinum in recognition of the support provided to ACCA trainees working towards the ACCA Qualification.

ACCA students, affiliates and members of our organisation get the support they need to qualify or stay qualified with simplified processes for demonstrating practical experience and meeting CPD requirements. This means that students and affiliates’ route to membership is as easy and fast as possible, and members can maintain their status with minimal effort.

Partners at IMRAN looks forward to working with Student and graduate of the ACCA.