Crowe Chat Vol.4/2022
Tax
Welcome to our Crowe Chat Vol.4/2022. In this issue, we will cover the following topics:
- Updated Guideline for the Application of Tax Deduction for Contributions to a Charity or Community Project to Fight Against the COVID-19 Outbreak
- Updated Guideline for the Application for Approval of a COVID-19 Relief Fund
- An Article on “Capital vs Revenue – Disposal of Real Properties, Shares and Cryptocurrencies”
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Updated Guideline for the Application of Tax Deduction for Contributions to a Charity or Community Project to Fight Against the COVID-19 Outbreak
The Ministry of Finance (MOF) has recently published the updated Guideline for the Application of Tax Deduction for Contributions to a Charity or Community Project to Fight Against the COVID-19 Outbreak (available in Bahasa Malaysia only).
The updated Guideline will apply to any contributions made from 1 April 2022 until 31 December 2022.
Major updates made to the Guideline include:
- Qualifying charity or community projects are limited to Government projects directly related to the fight against the COVID-19 outbreak in the Transition to Endemic Phase.
- Qualifying contributions are restricted to equipment (i.e. ventilators, patients’ beds, air conditioners, air purifiers/filters) and disposable items (masks, hand sanitizers, gloves, test kits and personal protection equipment).
- Qualifying recipients of the contributions are limited to Government agencies, hospitals and schools.
Updated Guideline for the Application for Approval of a COVID-19 Relief Fund
The Ministry of Finance (MOF) has recently published the updated Guideline for the Application for Approval of a COVID-19 Relief Fund (available in Bahasa Malaysia only).
The updated Guideline is effective from 1 April 2022 until 31 December 2022.
Major updates made to the Guideline include:
- Contributions allowed to be received by a COVID-19 Relief Fund are restricted to cash, equipment (i.e. ventilators, patients’ beds, air conditioners, air purifiers/filters) and disposable items (masks, hand sanitizers, gloves, test kits and personal protection equipment).
- Private hospitals no longer fall under the category of eligible receiver of donations under the COVID-19 Relief Fund.
- The application period to set up the COVID-19 Relief Fund is extended to 31 December 2022 (previously 30 June 2022) or until the outbreak is declared over by the World Health Organisation (WHO), whichever is earlier.
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