SE Lai CK Alerts #06-2016 (Public Rulings issued from 1 Jan-15 Aug 2016)

Important Circular

Dear Valued Clients and Associates

  1. We are pleased to compile a listing of Public Rulings issued by the IRB for the period from 1 Jan 2016 to 15 August 2016 for your kind reference and attention.
  2. The Public Rulings may be assessed on the IRB’s website at the hyperlinks provided below.
Public

Ruling

 Issued Covering PR Hyperlink on IRB’s Website
01-2016 20 Jan 2016 Agriculture Allowances

  1. The PR provides guidance and illustrations on tax treatment of qualifying agriculture expenditure.
  2. PR seeks to explain the following:
    • Types of Qualifying Agriculture Expenditure
    • Computation of Agriculture Allowances
    • Computation of Agriculture Charges
    • Tax Treatment of receipt of Agriculture Grants and Subsidies
 http://lampiran.hasil.gov.my/pdf/pdfam/PR_01_2016.pdf
02-2016 9 May 2016 Venture Capital Tax Incentives

  1. The PR provides guidance and illustrations on tax incentives granted to the venture capital industry in Malaysia.
  2. PR seeks to explain the following:
    • Tax Exemption Incentive for a Venture Capital company investing in a Venture Company
    • Tax Deduction Incentive for an Individual or a Company investing in a Venture Company
    • Tax Incentive for a Venture Capital Management Corporation
 http://lampiran.hasil.gov.my/pdf/pdfam/PR_2_2016.pdf
03-2016 16 May 2016 Tax Treatment on Interest Income Received by a Person Carrying on a Business

  1. The PR provides guidance and illustrations on tax treatment of interest income, from the perspective of a person with a business source.
  2. PR seeks to explain the following
    • Nature of financial products
    • Circumstance when interest income is chargeable under S4(a) [business income] and S4(c) [other income]
 http://lampiran.hasil.gov.my/pdf/pdfam/PR_3_2016_26052016.pdf
04-2016 9 Aug 2016 Tax Incentive for Child Care Centre and Kindergarten Operators

  1. The PR provides guidance and illustrations on tax incentives granted to child care centres and kindergarten operators.
  2. PR seeks to explain the following:
    • Qualifying child care centres and kindergarten operators
    • How the tax incentives are applied.
 http://lampiran.hasil.gov.my/pdf/pdfam/PR_04_2016.pdf

Please do not hesitate to contact our Tax Advisory Services Division if you have any queries on the above.

17 August 2016