Property Taxation Intensive Course

Property Taxation Intensive Seminar by Richard Oon

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

Goods and Services Tax (GST)

GST Mechanism

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. 

Monthly Tax Deduction as Final Tax

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Under the Budget 2014 proposals, taxpayers who are under employment may not need to file their personal tax returns from the Year of Assessment (YA) 2014 onwards, rendering the amount of monthly tax deduction as the final tax.

Budget 2014: Strategy For The Property Speculator

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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.

Budget 2014 And The Property Speculator

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

In view that the Real Property Gains Tax rates will be increased substantially due to the Budget 2014 proposals, perhaps it’s time for the property speculator to rethink his strategy.

Income Tax Deadlines For Companies (Part 2)

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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

Budget 2014 Proposals

Image courtesy of www.treasury.gov.my

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.

Tax Defaulters Barred From Leaving The Country

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

In a move to intensify  efforts to target taxpayers who fail to pay their outstanding tax debt, the Inland Revenue Board (IRB) on 2 October, 2013, issued a press release on tax defaulters barred from leaving the country.

Income Tax Deadlines For Companies (Part 1)

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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

My Budget 2014 Wishlist

Image courtesy of NST RED

I was asked by NST RED to give my Budget 2014 wishlist relating to the property industry, for their issue of ‘Budget 2014 – big impact on property market?‘ which has been published today.