Tax and Covid-19 Part 1

As the Covid-19 pandemic’s effect on the global economy is predicted to last for another year, taxpayers may be forced to take extraordinary measures in handling their business affairs during these extraordinary times. When making any financial decisions, taxpayers should take note that there may be tax repercussions arising from these decisions. This article aims… Continue reading Tax and Covid-19 Part 1

Case update: IRB’s right to apportion expenses

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

Budget 2019 Malaysia for the Malaysian Millenials

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