Welcome to our Crowe Chat Vol.5/2021. In this issue, we will cover the following topics:
Revised Grace Period
Individuals, Partnerships, Associations, Deceased Persons' Estate And Hindu Joint Families
Return for the Year of Assessment (YA) 2020
30 April 2021
30 June 2021
31 August 2021
Companies, Co-operative Societies, Limited Liability Partnerships And Trust Bodies
YA 2020 for accounting period ending 31 October 2020
31 May 2021
31 July 2021
30 November 2020
31 December 2020
30 September 2021
YA 2021 for accounting period ending 31 January 2021
31 October 2021
New Stamp Duty Exemption Orders
The following Orders were gazetted on 12 July 2021 to exempt the stamp duty payable on an instrument of transfer and a loan agreement:
These Orders are deemed to have come into operation on 1 June 2021.
Details of the New Stamp Duty Exemption Orders
Stamp duty shall be exempted for the purchase of residential property priced more than RM300,000 but not more than RM2.5 million under the HOC for the following instruments:
Instruments of transfer
Stamp duty exemption will be given, subject to the following conditions:
The IRBM issued PR 2/2021 - Tax Deduction for Sponsoring Arts, Cultural and Heritage Activities on 8 July 2021.
Details of new PR
The objective of this PR is to provide an explanation on the tax deduction available to a company that sponsors any approved local or foreign arts, cultural and heritage activities in Malaysia.
This new PR provides guidance on the following aspects:
b) the form of sponsorship (cash / payment of cost of organizing activities/ donation in kind, etc.);
c) the process of applying for a letter of sponsorship; and
d) the process of applying for a letter of approval for a tax deduction.
The new PR also explains the provision in the ITA which allows a tax deduction claim of up to RM1,000,000 per year in respect of expenditure incurred for sponsoring arts, cultural and heritage activities of which the amount deducted in respect of expenditure incurred in sponsoring foreign arts, cultural and heritage activities must not exceed RM300,000 per year.
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