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TITLE: Notification of Income Tax Related Matters - Week 1, December 2018

DATE: 05/12/2018

5 December 2018
Circular No. 97/2018

TO ALL ACCOUNTANTS

1. AMENDED OPERATIONAL GUIDELINES NO.1/2018 SPECIAL PROGRAM FOR VOLUNTARY DISCLOSURE
  The Inland Revenue Board of Malaysia (IRBM) has, on 30 November 2018, released amended Operational Guidelines No.1/2018 Special Program for Voluntary Disclosure which outlines the implementation procedures of the Program. It replaces the guidelines that was issued on 3 November 2018.

The guidelines can be downloaded from the IRBM’s website at the link below:
http://lampiran1.hasil.gov.my/pdf/pdfam/GO_012018_02.pdf
   
2. INCOME TAX (DEDUCTION FOR PAYMENT OF PREMIUM TO MALAYSIA DEPOSIT INSURANCE CORPORATION) (AMENDMENT) RULES 2018
  Income Tax (Deduction for Payment of Premium to Malaysia Deposit Insurance Corporation) (Amendment) Rules 2018 was issued on 29 November 2018.

The rules amend Income Tax (Deduction for Payment of Premium to Malaysia Deposit Insurance Corporation) Rules 2013 to exclude takaful operators or insurance company provided under s36(2) of the Malaysia Deposit Insurance Corporation (MDIC) Act 2011 from claiming the first/annual premium paid to MDIC as a deduction.

The Rules can be downloaded from the link below:
http://www.federalgazette.agc.gov.my/outputp/pua_20181129_PUA311.pdf
   
3. INCOME TAX (EXEMPTION) (NO.4) ORDER 2018
  Income Tax (Exemption) (No.4) Order 2018 was issued on 29 November 2018. The Order provides that takaful operators or insurance companies provided under s36(2) of the MDIC Act 2011 are exempted from income tax in respect of statutory income from a shareholders’ fund derived from a business in relation to:
 
a) a life fund;
b) a family fund;
c) a general fund;
d) any composite insurance business which consists of a life fund and a general fund; or
e) any composite takaful business which consists of a family fund and a general fund;
  which is equivalent to the first levy or annual levy paid from the shareholders’ fund to the MIDC for the year of assessment.

The Order can be downloaded from the link below:
http://www.federalgazette.agc.gov.my/outputp/pua_20181129_PUA310.pdf

Please be guided accordingly.

DR. NURMAZILAH DATO' MAHZAN
Chief Executive Officer

Description: GO_012018_02
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Description: pua_20181129_PUA311
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Description: pua_20181129_PUA310
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