Exclusion of service duties implemented to maintain Malaysia’s competitiveness in industry

Duo transporting nearly 30,000 cartons of illicit cigarettes caught at toll plaza

KUALA LUMPUR, Feb 7 — The Royal Malaysian Customs Department foiled 7,215 smuggling cases last year, with a total seizure and tax value amounting to RM1.644 billion, an increase of 85.92 per cent compared to RM884.27 million in 2023, according to Customs director-general Datuk Anis Rizana Mohd Zainudin.

PUTRAJAYA, Oct 23 — Following the availability of the MyInvois Portal for taxpayers in June, they can now issue e-invoices through the ‘MyInvois’ application on their smartphones at any time, according to the Inland Revenue Board (IRB).

KUALA LUMPUR, Oct 22 — The government is urged to assist small and medium enterprises (SMEs) by raising the taxable income threshold for the 15 per cent tax rate from RM150,000 to RM300,000, following the introduction of the new RM1,700 minimum wage.

KUALA LUMPUR, July 16 — The Inland Revenue Board (LHDN) has collected RM512.6 million out of the total assessment of RM1.29 billion during the duration of the Special Voluntary Disclosure Programme (SVDP) 2.0, from June 6, 2023, to May 31, 2024.

PUTRAJAYA, June 29 — The Inland Revenue Board’s (IRB) portal, MyInvois, can now be accessed to issue and send e-invoices.

KUALA LUMPUR, June 3 — Malaysia’s latest tax reforms, outlined in the Budget 2024 to stimulate domestic startups, drive clean energy investment, and modernise tax administration, are set to benefit innovative startup businesses, green technology sectors, and service-oriented companies.

KUALA LUMPUR, March 5 — The Technical and Vocational Education and Training (TVET) direction, water and electricity supply issues in Labuan and the government’s willingness to introduce more progressive taxation alternatives will be among the focus of the Dewan Rakyat sitting today.

KUALA LUMPUR, March 4 — The government will prioritise improving the current tax system before assessing the need to reintroduce new tax such as the Goods and Services Tax (GST), said Finance Minister II Datuk Seri Amir Hamzah Azizan.

UALA LUMPUR, Feb 15 — The Inland Revenue Board (LHDN) will monitor information of individuals with offshore accounts and ensure that they pay their taxes.

KUALA LUMPUR, Jan 23 — Prime Minister Datuk Seri Anwar Ibrahim has reminded all parties not to deceive or evade paying tax to the government.

KUALA TERENGGANU, Dec 20 — A construction company director was fined RM9,000 and imposed a special penalty of RM536,549.13 by the Magistrates Court here today after she pleaded guilty to failing to submit tax returns to the Inland Revenue Board (IRB) for two years.

KUALA LUMPUR, Dec 17 — The 10 per cent sales tax on online purchases only applies to imported goods valued under RM500, said Communications Minister Fahmi Fadzil.

KUALA LUMPUR, Nov 28 — The low salary and lack of exposure are seen as among the factors which led to a lack of talents in the profession in Malaysia.

KUALA LUMPUR, Nov 27 — The government is now looking at further narrowing its fiscal deficit, which eased to 5.6 per cent last year after hitting 6.4 per cent in 2021, amid a much-needed pandemic-induced spending to boost the economy and safeguard Malaysian’s livelihood at large.

KUALA LUMPUR, Nov 2 — Malaysia will implement a tax on high-value goods from May 1, 2024, its finance ministry said.

KUALA LUMPUR, Oct 31 — Malaysia will be able to maintain its competitiveness as an attractive foreign direct investments (FDIs) destination in the region through better tax policies, including environment-friendly regulations for all investors, said an economist.

KUALA LUMPUR, Oct 8 — Chartered Tax Institute of Malaysia (CTIM) does not expect tax cuts for individuals or corporates, but more details on the luxury goods tax (LGT) and the mechanism for capital gains tax in the upcoming Budget 2024.

KUALA LUMPUR, Sept 29 – Government policies and incentives will play a crucial role in supporting electric vehicle (EV) demand growth in the transition away from internal combustion engine vehicles (ICE) in Asia, said Sustainable Fitch Inc.