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1. |
USE OF MyCoID IN INCOME TAX MATTERS WITH THE INLAND REVENUE BOARD (IRB) |
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Members are hereby informed that the IRB has on 19 June 2012
released a press statement informing that with effect from 1
July 2012, companies registered with the Companies Commission of
Malaysia (SSM) are allowed to use MyCoID (Malaysia Corporate
Identity) number when dealing with the IRB pertaining to income
tax matters.
MyCoID refers to a company number that will be used as series of
single reference number for various registrations and
transactions with the related government agencies.
For further information, please visit
www.ssm-mycoid.com.my.
The related press release can be viewed at the IRB’s website at
the following link:
http://www.hasil.gov.my/pdf/pdfam/PENGGUNAANMyCoIDDALAMURUSANCUKAIPENDAPATANDENGANLHDNM.pdf. |
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2. |
INCOME TAX (EXEMPTION) (NO. 3) ORDER 2012 [P.U. (A) 184/2012] |
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The Order prescribes that with effect from year of assessment 2012,
a non-citizen individual is exempted from income tax in respect of
income derived from an employment with treasury management centre.
The amount of exempt income in respect of the employment exercised
outside Malaysia is determined as specified by a formula in the
Order.
In this Order,
“treasury management centre” refers to
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a. |
Incorporated under the Companies Act 1965 and resident in
Malaysia; |
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b. |
carrying on a business of providing qualifying financial and fund
management services in Malaysia as specified by the Minister; and |
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approved by the Minister upon fulfilling the conditions specified
by him. |
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The Order is attached for members’ attention. |
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3. |
STAMP DUTY (EXEMPTION) (NO. 2) ORDER 2012 [P.U. (A) 185/2012] |
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This Order exempts stamp duty on all instruments of loan agreements and service agreements by a treasury management centre executed on or after 8 October 2011 but no later than 31 December 2016 for the provision of qualifying financial and fund management services in Malaysia which would otherwise be chargeable under the Stamp Act 1949.
The Order is deemed to have come into operation on 8 October 2011 and shall continue to be in operation until 31 December 2016.
The relevant Order is attached for members’ attention. |
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4. |
TECHNICAL GUIDELINES BY THE IRB |
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The IRB has on 15 June 2012 updated the list of Certification Bodies under Subparagraph 34(6)(ma) Income Tax Act 1976, which can be downloaded from the IRB's website at the following link:
http://www.hasil.gov.my/pdf/pdfam/CERTIFICATIONBODIES.pdf. |
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Please be guided accordingly.
