Welcome to our Crowe Chat Vol.5/2022. In this issue, we will cover the following topics:
Income Tax (Exemption) (No.53) Order 2000 provides tax exemption to a resident company, association or organisation whose main activities are promoting and organising conferences in Malaysia. This exemption was effective from the year of assessment (YA) 1997. In the Budget 2020, the government extended this income tax exemption to a qualifying person whose main activity does not include promoting and organising conferences in Malaysia from YA 2020 to YA 2025.
Details of new PR
The objective of this PR is to provide an explanation on the tax incentive available to:
Income Tax (Exemption) (No.53) Order 2000
Income Tax (Exemption) (No.4) Order 2021
Tax exemption granted is on 100% of the statutory income derived from organising conferences held in Malaysia and attended by at least 500 foreign participants.
Period of exemption
YA 1997 onwards
YA 2020 – YA 2025
Resident company, association or organisation whose main activities are promoting and organising conferences in Malaysia
Resident company, association or organisation which carries on a business or activity other than the business or activity of promoting and organising conferences
A foreign fund management company is a company incorporated in Malaysia and licensed under the Capital Markets and Services Act 2007 to provide fund management services to its clients.
The previous PR 7/2019 - Taxation Of Foreign Fund Management Company was issued on 3 December 2019.
The IRBM issued PR 3/2022 - Taxation Of Foreign Fund Management Company on 29 July 2022.
Details of new PR
The objective of this PR is to explain the tax treatment of income received by a foreign fund management company that provides fund management services to foreign and local investors.
This new PR incorporates the gazette orders on the income tax exemptions on income from the business of providing fund management services to local and foreign investors in Malaysia. The gazette orders have been updated as follows:
The salient points highlighted in this new Guideline are:
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