GST Tax Incentives and Deductions
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The document discusses several tax incentives and changes in Malaysia, including: 1) Double tax deductions for GST training expenses and expanded capital allowances for information and communication technology purchases between 2014-2016; 2) Increased deductions for secretarial and tax professional fees up to RM5,000 and RM10,000 respectively from YA2015; 3) Reduced tax rates for resident companies to 19% for income up to RM500,000 and 24% for remaining income from 2016.
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GST Tax Incentives and Deductions
- 1. www.company.com Income Tax Incentive for Implementation Of Goods And Services Tax (GST) Loh Boon How Chartered Accountant Updated on 5/12/2014 Updated on 5/12/2014
- 2. www.company.com Training expenses of GST • The expenses incurred for GST and accounting related training and ICT will be given double deduction. • The training expenses reimburse by training grant shall be disregarded. • Effective YA 2014 to 2015 (Gazetted by way of statutory order) B. H. Loh & Associates Budget 2014 Budget 2014
- 3. www.company.com The capital allowance on ICT • The accelerated capital allowances for ICT on initial allowance of 20% and an annual allowances of 80% incurred on ICT. • The ICT included software, communications and network and computer. • Effective w.e.f YA 2014 – YA 2016. B. H. Loh & Associates Budget 2014 Budget 2014
- 4. www.company.com The capital allowance on ICT • Widened the non-application rule to the persons who have been granted investment allowance or exemption under Sec 127. • If the ICT equipment is disposed of with or without consideration within 2 years from the date of purchase, the allowance will be withdrawn. • PU(A) 217/2014 B. H. Loh & Associates Budget 2014 Budget 2014
- 5. www.company.com The Secretarial fee and tax fee • The tax deductions allowed in the income tax liability of taxpayers : • Effective YA 2015 (Gazetted by way of statutory order) No. Professional fee Max (RM) 1 Secretarial fee 5,000.00 2 Tax fee (Income tax and GST) 10,000.00 B. H. Loh & Associates Budget 2014 Budget 2014
- 6. www.company.com Tax rate for company (Resident) • For a resident company with a paid-up capital of up to RM2.5 million, the rates will be reduced to : • Above rate are applicable to companies and limited liability partnership. • Schedule 1 (Income Tax Act 1967) No. Chargeable income 2016 2015 1 Chargeable income up to RM500,000 19% 20% 2 The remaining chargeable income 24% 25% B. H. Loh & Associates Budget 2015 Budget 2015
- 7. www.company.com Tax rate for company (Non Resident) • The non-resident company or branch the income tax rate would be 24%(YA 2016) and 25% (YA 2015). • Schedule 1 (Income Tax Act 1967) B. H. Loh & Associates Budget 2015 Budget 2015
- 8. www.company.com Personal tax rate (Resident) Chargeable income YA 2015(%) Income Taxes 1 – 5,000 0 0 5,001 – 10,000 1 50.00 10,001 – 20,000 1 100.00 20,001 – 35,000 5 750.00 35,001 – 50,000 10 1,500.00 50.001 – 70,000 16 3,200.00 B. H. Loh & Associates Budget 2015 Budget 2015
- 9. www.company.com Personal tax rate (Resident) Chargeable income YA 2015(%) Income Taxes 70,001 – 100,000 21 6,300.00 100,001 – 150,000 24 12,000.00 150,001 – 250,000 24 24,000.00 250,001 – 400,000 24.5 36,750.00 Above 400,000 25 B. H. Loh & Associates 9 Budget 2015 Budget 2015
- 10. www.company.com Tax rate for individual (Non Resident) • Non-resident individuals’ income tax rate would be reduced to 25% (YA 2016) and 26% (YA 2015) • Schedule 1 (Income Tax Act 1967) B. H. Loh & Associates Budget 2015 Budget 2015
- 11. www.company.com Thank you B. H. Loh & Associates Address : No. 1-3-15, Goldhill Complex, Tingkat Paya Terubong 1, 11060 Penang. H/P No. : 016-4893382 Email : bhlohass@gmail.com Web-site / facebook : bhloh.com.my B. H. Loh & Associates