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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.

The long-awaited Sales Tax and Service Tax (“SST”) frameworks have finally been released by the Royal Malaysian Customs Department (“RMCD”) on 19 July 2018. The effective date of the SST implementation will be on 1 September 2018.

The long-awaited Sales Tax and Service Tax (“SST”) frameworks have finally been released by the Royal Malaysian Customs Department (“RMCD”) on 19 July 2018. The effective date of the SST implementation will be on 1 September 2018.

Malaysia’s Participation in Forum of Harmful Tax Practices (FHTP) under the Organization for Economic Cooperation and Development (OECD) Inclusive Framework (IF) – Base Erosion and Profit Shifting (BEPS) Action Plan 5

GST will be zero-rated with effect from 1 June 2018

Issuance of Practice Note No. 1/2018 by the Inland Revenue Board of Malaysia

Recap of Relief Reviewed / New Tax Reliefs for Individuals for the Year of Assessment 2017

Heartiest congratulations to our leaders on their leadership roles in their respective prestigious institutes. We wish our leaders every success and may they bring their institutes to greater success.

Further to the Finance Act 2017 being gazetted on 16 January 2017, The Inland Revenue Board of Malaysia has issued two Practice Notes to clarify issues pertaining to the amended Section 15A of the Income Tax Act 1967 specifically relating to issues on effective date and on existing Double Taxation Avoidance Agreement.

This issue reflects the requirements of MFRS 139 Financial Instruments: Recognition and Measurement on trade receivables and the related impairment model.