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(1)

THE POWER

OF BEING

UNDERSTOOD

AUDIT | TAX | CONSULTING

Speaker : Owen Wong

Date

: 21 April 2020

(2)
(3)

TAX RELATED MEASURES - DEFERMENT

No. Index

1 Revision of tax estimate in the third month of instalment

2 Deferment of CP204 payment for 3 months beginning April until June 2020 for SME status businesses

3 Deferment of tax instalment payments for 6 months beginning April until September 2020 for companies in tourism industry (including those with SME status)

4 Deferment of CP500 instalment payments for March 2020 and May 2020 5 Deferment of tax refund process

(4)

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

No. Index

6 Tax deduction for COVID-19 related donations

7 Accelerated capital allowance for machinery & equipment including Information & Communication Technology (ICT) equipment

8 Deduction for renovation & refurbishment expenses

9 Double deduction for establishment of regional office by international shipping companies

10 Additional tax deduction for waiver / discount on rent for private sector owned buildings & business premises rented to SMEs

(5)

TAX RELATED MEASURES - DEFERMENT

Revision of tax estimate in the third (3

rd

) month of instalment

• Companies will be allowed to revise their tax estimates earlier (i.e. in the 3rd month of the instalment payment schedule, if the 3rd month falls in year 2020)

• Revision of tax estimates in the 6th & 9th months of the basis period for a YA via Form e-CP 204A is still available

• Application form is available in IRB’s website and has to be submitted to IRB

• For the revision in the 3rd month of instalment falling in April 2020, extension of time is granted until 31 May 2020

(6)

TAX RELATED MEASURES - DEFERMENT

Revision of tax estimate in the third (3

rd

) month of instalment

Illustration – Financial year ended 31 December 2020 – YA 2020

Instalment Due Date Amount (RM) 1 15/02/2020 100,000 2 15/03/2020 100,000

3 15/04/2020 100,000

4 15/05/2020 100,000 5 15/06/2020 100,000 6 15/07/2020 100,000

Instalment Due Date Amount (RM) 7 15/08/2020 100,000 8 15/09/2020 100,000 9 15/10/2020 100,000 10 15/11/2020 100,000 11 15/12/2020 100,000 12 15/01/2021 100,000

(7)

TAX RELATED MEASURES - DEFERMENT

Deferment of CP204 payment for 3 months beginning April until

June 2020 for SME status businesses

No Criteria

1 Paid-up capital not exceeding RM2.5 million ordinary shares at the beginning of the basis period for a YA

(8)

TAX RELATED MEASURES - DEFERMENT

Deferment of CP204 payment for 3 months beginning April until

June 2020 for SME status businesses (Cont’d)

• No application is required. Deferment will be given automatically

• IRB’s source of data is based on YA 2018 Return Form (i.e. IRB’s records) • Qualifying taxpayers will be notified by e-mail registered with IRB in the near

future

• Qualifying taxpayers need not make the instalment payment which is due on

15 April 2020 if e-mail is not yet received from IRB

• Balance of tax (if any) has to be settled upon the submission of return form

(9)

TAX RELATED MEASURES - DEFERMENT

Deferment of CP204 payment for 3 months beginning April until

June 2020 for SME status businesses (Cont’d)

Illustration – Financial year ended 31 December 2020 – YA 2020

Instalment Due Date Amount (RM) 1 15/02/2020 100,000 2 15/03/2020 100,000

3 15/04/2020 0 4 15/05/2020 0 5 15/06/2020 0

6 15/07/2020 100,000

Instalment Due Date Amount (RM) 7 15/08/2020 100,000 8 15/09/2020 100,000 9 15/10/2020 100,000 10 15/11/2020 100,000 11 15/12/2020 100,000 12 15/01/2021 100,000

(10)

TAX RELATED MEASURES - DEFERMENT

Deferment of CP204 payment for 3 months beginning April until

June 2020 for SME status businesses (Cont’d)

• If not qualified based on YA 2018 records, but qualify based on its current situation, the company can appeal by letter / e-mail to Records Management & Taxation Information Division of IRB

• A notification e-mail will be issued if the appeal is approved Exception

Company can choose to reject the automatic deferment & continue paying tax estimates based on the original CP204 without informing IRB

(11)

TAX RELATED MEASURES - DEFERMENT

Deferment of tax instalment payments for 6 months beginning April

until September 2020 for companies in the tourism industry

(including those with SME status)

• Monthly tax instalment payments due from 1 April to 30 September 2020 may be deferred for travel agencies, hotel operators & airline companies

only

• Deferment will be given automatically based on IRB’s records

• Balance of tax (if any) has to be settled upon the submission of return form

(12)

TAX RELATED MEASURES - DEFERMENT

Deferment of CP500 instalment payments for March 2020 and May

2020 for SME

• Instalment payments can be deferred starting from April to June 2020 • Revision of tax estimates on / before 30 June 2020 via Form CP502 is

still available

• No application is required as it will be given automatically based on IRB’s payment records

(13)

Tax refund process

TAX RELATED MEASURES - DEFERMENT

• Tax refunds will be processed as usual without deferment

Except for ongoing audit case where taxpayers are required to submit the supporting documents as requested within MCO period for the purpose of tax refund.

(14)

Tax deduction for COVID-19 related donations

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

No Criteria to claim tax deduction

1 Cash contributions / contributions in-kind to Tabung COVID-19 under Ministry of Health

2 Cash contributions to Tabung COVID-19 under National Disaster Management Agency of Prime Minister’s Office

3 Cash contributions to institutions / organizations approved under Section 44(6) of ITA 1967

(15)

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

Accelerated capital allowance (ACA) for machinery & equipment

including Information & Communication Technology (ICT) equipment

Condition Description

Eligibility Capital expenditure on machinery & equipment including ICT equipment

Qualifying period 1 March to 31 December 2020

Tax treatment ACA given at initial allowance – 20% & annual allowance – 40%

(16)

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

Deduction for renovation & refurbishment expenses

Condition Description

Eligibility Qualifying expenditure on renovation & refurbishment of its business premises

Qualifying period 1 March to 31 December 2020 Tax treatment Tax deduction up to RM300,000

Non-application Claiming capital allowance under Schedule 2 / 3 of ITA 1967

(17)

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

Double deduction for establishment of regional office by

international shipping companies

Condition Description

Purpose To encourage set-up of regional office by international shipping companies in Malaysia

Tax treatment Double deduction on pre-commencement expenditure incurred

Qualifying period Application to be received by MIDA by 31 December 2021

(18)

TAX RELATED MEASURES – DEDUCTION / ALLOWANCE

Additional tax deduction for waiver / discount on rent for private

sector owned buildings & business premises rented to SMEs

Condition Description

Persons eligible Owners of buildings / business premises

Tax treatment Additional tax deduction equivalent to the amount of reduction in rent that is given to SME tenants

Qualifying period April to June 2020

(19)

EOT GRANTED DUE TO MCO

Submission of income tax return forms for YA 2019

Form type

(Category of taxpayer)

Grace period for submission of RF and payment of

balance of tax

Extended deadline for submission of RF and payment of balance of tax e-C

(Company)

2 months from due date of submission for accounting period ended:

-• 31 July 2019 • 31 August 2019 • 30 September 2019 • 31 October 2019 • 30 November 2019 • 31 December 2019

➢ 30 April 2020 ➢ 31 May 2020 ➢ 30 June 2020 ➢ 31 July 2020 ➢ 31 August 2020 ➢ 30 September 2020

(20)

EOT GRANTED DUE TO MCO

Submission of income tax return forms for YA 2019 (Cont’d)

Form type

(Category of taxpayer)

Grace period for

submission of RF and payment of balance of tax

Extended deadline for submission of RF and payment of balance of tax e-E / E

(Employer)

2 months from due date of submission (for company & non-company)

31 May 2020

e-BE / BE / m-BE (Resident individuals not carrying on

business)

2 months from the due date of submission

30 June 2020

e-B / B

(Resident individuals carrying on business)

2 months from the due date of submission

(21)

EOT GRANTED DUE TO MCO

Submission of income tax return forms for YA 2019 (Cont’d)

Form type

(Category of taxpayer)

Grace period for

submission of RF and payment of balance of tax

Extended deadline for submission of RF and payment of balance of tax e-P / P

(Partnerships)

2 months from the due date of submission

31 August 2020 e-M / M

(Non-resident individuals)

2 months from the due date of submission for: -• Not carrying on

business

• Carrying on business

➢ 30 June 2020 ➢ 31 August 2020

(22)

EOT GRANTED DUE TO MCO

Submission of income tax return forms for YA 2019 (Cont’d)

Form type

(Category of taxpayer)

Grace period for

submission of RF and payment of balance of tax

Extended deadline for submission of RF and payment of balance of tax e-TF / TF

(Associations) e-TP / TP

(Deceased Person’s Estate)

TJ

(Hindu Joint Family)

2 months from the due date of submission for: -• Not carrying on

business

• Carrying on business

➢ 30 June 2020 ➢ 31 August 2020

(23)

EOT GRANTED DUE TO MCO

Submission of return forms and payment for Labuan entities

• EOT granted until 31 May 2020 for Labuan entities to submit tax

returns & make tax payments

• EOT also applicable to Labuan entities that opt to submit irrevocable election form (Form LE3) to be taxed under ITA 1967 where the due date is within MCO period

(24)

EOT GRANTED DUE TO MCO

Submission of CbCR

Roles of entities CbCR report / notification for submission due on

Extended deadline for submission

Malaysian entity filing the CbCR

• 31 March 2020 • 30 April 2020

➢ 15 May 2020

➢ 31 May 2020 Constituent entity

filing the notification for CbCR

• 31 March 2020 • 30 April 2020

➢ 15 May 2020

(25)

No Type of forms/ documents

1 CP204 tax estimate payments which are due on 15 April 2020 & 15 May 2020

2 Form CP58 (i.e. Payment made to an Agent, Dealer / Distributor) 3 Tax audit / investigation / feedback to IRB’s letters within 18

March to 15 May 2020

4 Notice of Appeal to SCIT (Form Q) where due date falls within MCO period.

Taxpayers are required to file Form N & state delay is due to MCO

Submissions granted EOT until 31 May 2020

(26)

No Type of forms/ documents

5 Submitting MTD data & make MTD / CP38 payment for March & April 2020 remuneration

(including MTD compound which should be paid during MCO period)

6 RPGT return forms & payment (e.g. retention sum by acquirers / payment of notice of assessment) where due date falls within 18 March to 31 May 2020

EOT GRANTED DUE TO MCO

(27)

No Type of forms/ documents Submission period 1 Withholding tax payment

due within MCO period

beginning 29 April until 31 May 2020

2 Tax clearance letter (SPC) to be applied within MCO

period

Anytime through e-SPC / visit IRB’s premises beginning 29 April 2020 (IRB to start processing beginning 29 April 2020)

3 Forms CP21, CP22, CP22A / CP22B due within MCO period

beginning 29 April 2020

Submissions can be made beginning from specific period

(28)

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