YYC TaxPOD

The government on Friday announced an RM388.1 billion expansionary Budget for 2023. The national Budget comprises RM289.1 billion in operating expenditure and RM 99 billion in development expenditure. For Businesses  1）Electricity tariffs will be maintained for domestic users and SMEs, but tariffs for big companies – except those in the food and ag

As business owners, we want the best for our businesses. Therefore, sometimes we may enlist the services of foreign providers who are known to be the cream of the crop in their respective industries. When we make payments to these non-resident service providers, something called “withholding tax” applies.  The withholding tax (WHT) is an amount […]

When Covid-19 first started, businesses were impacted by the Movement Control Order (MCO) and standard operating procedure (SOP) right away. It was a tough time indeed as normal business operations could not be carried out like usual, resulting in immense and unforeseen financial losses. In some extreme cases, companies could not sustain themselves

While the recession hasn’t “officially” arrived, Malaysians are still feeling the heat with the rate of retrenchments and budget cuts due to the falling ringgit. If you are unfortunate enough to be laid off and receive the compensation, will this income be taxed?  In this article, we will be covering the tax treatments on compensation […]

According to the 2021 data in the Malaysia Statistical Business Register (MSBR) published by the Department of Statistics, Malaysia (DOSM), micro, small, and medium enterprises (MSMEs) account for 97.4% of the overall business establishments in Malaysia. That is why they are considered the backbone of the Malaysian economy.  Owing to that, the gove

On top of reporting obligations under the Income Tax Act 1967, employers are also responsible for informing the Malaysian Inland Revenue Board (IRB) of an employee’s cessation of employment, retirement, death, or departure from Malaysia for a period exceeding 3 months so that the tax clearance letter (TCL) can be issued. The TCL notifies the […]

The government on Friday announced an RM372.34 billion expansionary Budget for 2023. The national Budget comprises RM272.34 billion in operating expenditure and RM95 billion in development expenditure. Provided are the highlights of the speech this Friday: For Business 1）Reduce SME income tax rate from 17% to 15% for the first RM100,000 income rang

What determines whether the income earned is taxable or non-taxable?  In this article, we’ll be focusing on ITA section 4(a): gains or profits from a business.   For those who are unfamiliar with the Income Tax Act (ITA) 1967, it is a comprehensive law that encompasses all of Malaysia’s tax laws and regulations. It comprises a […]