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
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?
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
Most of us at some point in life would like to own a house(s). Most of us would also have moved house at some point in our life now. However, do you really know what are some of the tax implications of moving houses and selling off the previous residence? Real Property Gains Tax… Continue reading Understanding RPGT
My Civil Procedure lecturer would always say this: There are 2 things that are certain in this world– death and tax, even when you die, you still need to pay tax. Now, most of us would know that there are certain types of taxes we need to pay to the country i.e. Income tax, Goods… Continue reading Withholding tax 101