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aws全区号(www.2km.me)_Insight - A look at taxes to move Malaysia towards recovery

admin2022-01-0823

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IRB’s newly appointed chief executive officer Datuk Mohd Nizom Sairi had recently said in an interview that the IRB’s revenue collection target for 2022 has been revised to RM132bil. To achieve this target, Nizom has given some insights to the strategies IRB will be adopting in 2022:

THE debilitating financial impact and the countless loss of lives from the onslaught of the Covid-19 pandemic, coupled with the unforeseen floods and landslides that have caused widespread devastation, making 2021 the grimmest period for Malaysians since the turn of the millennium.

The recent catastrophes became a one-two punch that arrested our recovery momentum.

Without a doubt, we will be facing a long and challenging road towards full recovery in 2022.

Consequently, it is even more crucial now for taxpayers to execute their civic duty by paying their fair share of taxes in enabling the government to carry out its nation-building promises.As we transition into the new year, I’d like to cover several key areas that would have immediate and short-term impact to taxpayers in managing their tax affairs.

Exemption of Foreign Source Income (FSI)

The Finance Ministry, upon considering the feedback of professional bodies and relevant stakeholders, had on Dec 30, 2021 extended the tax exemption of FSI of individuals and foreign dividend income from corporates until Dec 31, 2026, subject to certain conditions.

This unexpected year-end “gift” would be a boon to our economy as it will encourage remittance of individuals’ FSI and corporates foreign-source dividends to enhance investments locally.

We can only patiently await the impending guidelines by the Inland Revenue Board (IRB) on the qualifying conditions of the FSI exemption to provide clarity, which will assist taxpayers in assessing their FSI taxability.Consequently, it is even more crucial now for taxpayers to execute their civic duty by paying their fair share of taxes in enabling the government to carry out its nation-building promises.

Deferment of tax payment

Similar to the advent of the Covid-19 pandemic, the IRB has also announced a series of extensions for taxpayers and employers affected by the recent floods, specifically:

> Extension of schedular tax deductions (PCB) or CP338 for December 2021 to Jan 31, 2022;> Extension of a one-month period to file Estimated Tax Payable (CP204) for those that are supposedly due by Dec 31, 2021;

> Extension of deadline for the payment of the December 2021 CP204 to Jan 31, 2022;

> Deferment of January payment arising from investigation, audit, collection, civil suit installments until February.

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