On the 15th of July 2022, the YAB Prime Minister Datuk Seri Ismail Sabri Yaakob (“YAB Prime Minister”) had announced that:[1] 2. Property priced between RM500K to RM 1 million There was an earlier House Ownership Campaign (“HOC”) initiative by the government that allows property owner to enjoy stamp duty exemption under the HOC 2020 which […]
Introduction to HOC House Ownership Campaign (HOC) is a government initiative/policy to allow the purchaser/borrower to enjoy tax exemption in the form of stamp duty exemption. It comes in two form – stamp duty exemption for the transfer of title (MOT) and also the stamp duty exemption for the stamping of loan. This means that […]
Authored by Dylan Chong. You may email him at dc@jc-law.my Stamp Duty for Memorandum of Transfer Stamp Duty is imposed on the instrument to transfer such as property and share. The instrument of transfer can be the share transfer form or Memorandum of Transfer. The stamp duty assessment will be based on the value of […]
Authored by Dylan Chong Income tax assessment In Malaysia, the tax system is run by the Inland Revenue Board. Individual practices self-assessment regime, this means that every year by the end of April, the individual has to submit their tax return to the Inland Revenue Board either manually or through the online system. The tax […]
Authored by Dylan Chong. You may email him at dc@jc-law.my The age of majority in Malaysia is 18 years old. Under section 2 of the Age of Majority Act 1971 (AOMA 1971), the minority of all males and females shall cease and every such male and female attaining that age shall be of the age […]
Applying for Letters of Administration (LA) In a situation where the deceased passed away without a wills or known as intestate, the administrator will have to apply to the court for an official documents called the “Letters of Administration” in Malaysia to allow the administrator to administer the deceased’s estate. This is also a situation […]
Position on the tax deductibility of Bumiputera Unit Release Fee The developer’s payment to the State Government for the release of the Bumiputera unit is allowed to be deducted from the developer’s gross income in arriving at its adjusted income. This is because the unit sold is part of the developer’s stock in trade which […]
Authored by Dylan Chong. You may email him at dc@jc-law.my Introduction ABC Sdn Bhd sells a product (raw material) to XYZ Sdn Bhd. A trade debt exists between both companies. When XYZ Sdn Bhd cannot make payment on the raw material supplied, a trade debt arises. The trade debts becomes bad debt. ABC Sdn Bhd […]
Authored by Dylan Chong. You can email him at dc@jc-law.my Jointly and Severally Liable A director of a company (Sdn Bhd) can be exposed to tax liability under section 75A of the Income Tax Act 1967 (ITA 1967) for the unpaid taxes of a company. This includes shadow director. A shadow director is someone who […]
Authored by Dylan Chong. You can email him at dc@jc-law.my Tax Incentive for Flower Grower Flower exporter may enjoy tax incentive if they have fulfilled the criteria under the increased export allowance 1999 Rules. A tax incentive allows for the business to claim for allowance for them to be able to export more produce to the oversea […]
