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MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.

What a trade war means for Asia Pacific businesses

The Service Tax (Amendment) Act 2019 has been gazetted recently on 9 July 2019. The main highlight of the amendment act is the introduction of Digital Service Tax which is expected to take effect from 1 January 2020.

Following the 2019 Budget announcement, the Income Tax (Deduction for Employment of Senior Citizen, Ex-Convict, Parolee, Supervised Person and Ex-Drug Dependant) Rules 2019 has been gazetted to provide for further deduction to employer on remuneration paid to employee who is a senior citizen, ex-convict, parolee, supervised person and ex-drug dependant.

The Royal Malaysian Customs Department (RMCD) has issued guidance on reporting for sales tax exemption under Item 57 Schedule A, Sales Tax (Person Exempted from Payment of Tax) Order 2018.

MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.

Further to the Income Tax (Restriction on Deductibility of Interest) Rules 2019 covered in our Tax Alert dated 3 July 2019 to restrict the deduction of interest expense in connection with or on any financial assistance in a controlled transaction, also known as “ESR”, the Inland Revenue Board of Malaysia (“IRBM”) has recently issued Guidelines on Restriction on Deductibility of Interest to provide further guidance and clarification on the application of the abovementioned Rules and Section 140C of the Act.

Following the 2018 Budget announcement and pursuant to Section 140C of the Income Tax Act 1967 [“the Act”], the Income Tax (Restriction on Deductibility of Interest) Rules 2019 has recently been gazetted to restrict the deduction of interest expense in connection with or on any financial assistance in a controlled transaction, also known as “ESR”.

Global business is facing a wave of disruptive influences that look set to spark the Fourth Industrial Revolution. We explore how the way professionals work is evolving, the leadership skills that will be needed within the dynamic mid-market to thrive, and how organisations can stay competitive in the war for talent and customers in 2030.

MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.

GST Updates

MFRS News is your monthly update on all things relating to Malaysian Financial Reporting Standards. We’ll bring you up to speed on topical issues, provide comment and points of view and give you a summary of any significant developments.

Updates on GST and Sales Tax Exemption

Updates on Sales Tax and Service Tax

The Inland Revenue Board of Malaysia (“IRB”) has recently issued media releases.

Recap of the changes affecting individual tax for the Year of Assessment 2018.