I’ve received many inquiries as to when I’ll be conducting my next Property Taxation Intensive course. Especially with the changes in the Real Property Gains Tax (RPGT) rates and the imminent implementation of the Goods and Services Tax (GST), many property investors are unsure of the tax implications of their investment strategies, moving forward. I’ll be conducting a one-day Property Taxation Intensive course in Kuala Lumpur on 15th March 2014. Do take this opportunity to have all the above questions answered Continue reading
While presenting the recent Budget 2014, Prime Minister Datuk Seri Najib Razak announced the introduction of the Goods and Services Tax (GST) and when enacted, GST will be effective from 1 April 2015 and standard rated supplies will be subject to GST at a rate of 6%. With the introduction of GST, the current indirect taxation systems of sales tax and service tax will be abolished on the same date.
In this article, I will explain the strategy for the property investor in view of the Budget 2014 proposals. As explained in my earlier article ‘Budget 2014 and the Property Speculator‘, under certain situations, where the badges of trade test is fulfilled, a disposal of a property may be subject to Income Tax instead of RPGT.
Continuation from Income Tax Deadlines for Companies (Part 1) 4. Revision of estimates A revised estimate of tax payable may be furnished to the IRB in the sixth month of the basis period of a year of assessment (but not any earlier). An additional revision in the ninth month of the basis period is allowed from YA 2003. The revision must be made by submitting the Form CP204A. When there is a change in the company’s accounting period, Form CP204A Continue reading
On 25 October 2013, our Prime Minister cum Finance Minister, Datuk Seri Najib Tun Razak, tabled the much-anticipated Budget 2014 proposals. Much-anticipated by many due to the expected changes to the Real Property Gains Tax (RPGT) laws to curb property speculation and the announcement of the introduction of Goods and Services Tax (GST) in Malaysia.
Malaysia’s self-assessment system (SAS) began in 2001 for companies, and in 2004 for individuals. It is based on the concept of ‛self-assess, file and pay’. Under the SAS, taxpayers have the responsibility to calculate and then pay any taxes which are due to the government. It is an act that should be carried out voluntarily by everyone who is liable for tax. Nevertheless, to ensure compliance, the Inland Revenue Board (IRB) carries out tax audits on a selective basis to Continue reading