(Note: this blog post discusses the movement of law on deposits pursuant to Cubic Electronics Sdn Bhd (in liquidation) v Mars Telecommunications Sdn Bhd and also Liquidated Agreed Damages under Cubic Electronics, Macvilla Sdn Bhd v Mervyn Peter Guan Yin Hui and Golden Approach v Lau Seng Leong) Previously, the law provides that for… Continue reading Development of the law in Malaysia on deposits and Liquidated Agreed Damages clauses
Ever since I have started working in KPMG Tax back in September 2018, I’ve gotten quite a fair bit of questions from my learned friends of legal background about working how is it like working in a professional service firm as opposed to working in a law firm. Joined with me in this write-up for… Continue reading Working as a tax consultant in a Big 4
The general rule governing the deductibility of expenses is encapsulated under section 33(1) of the Income Tax Act 1967 (“the Act”) which reads (emphasis as highlighted): Therefore, the below conditions must be fulfilled (unless otherwise provided in the Act) to allow a deduction for an expense: The expenses must be wholly and exclusively incurred in… Continue reading Case update: IRB’s right to apportion expenses
Following the previous post on Real Property Gains Tax (RPGT), this post aims to shed a spotlight on another field of transaction which will also attract RPGT- sale of shares in a Real Property Company (RPC). Generally, Malaysia does not charge any capital gains tax (neither does Malaysia have a CGT regime) on sale of… Continue reading Understanding RPGT 2: Real Property Companies
Companies write off bad debts for a multitude of reason: the debtor has gone bankrupt or is under liquidation, disproportional effort to recover the money owed or just simply to recover as much as possible and get on with life. For the debtor, there are 2 ways that this write off might affect… Continue reading Is waiver of debts taxable?
Unknown to most, the Income Tax Act 1967 is not the only piece of document that has the force of law. When determining the deductibility of expenses and whether income from a certain source is subject to tax, tax consultants (me) would refer to several places and with reference to various other documents to make… Continue reading The differences between Income Tax Act, Public Rulings and PU order
Last Friday, 2 November 2018, marks the first national Budget by the new government ever since the independence of Malaysia. As much as this is a historic and monumental event it is, it is also a day which would affect 32 million people coupled with a balancing act to solve the growing national debt hence… Continue reading Budget 2019 Malaysia for the Malaysian Millenials