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(Extracted from 2012 Budget Commentary And Tax Information)

LIST OF PUBLIC RULINGS ISSUED BUDGET COMMENTARY 2011

Ruling No. Name and Content of Ruling Issued/ Updated Effective Date/Year of Assessment (Y/A)
7/2011 Notification of Change in Accounting Period of a
Company / Trust Body/ Co-operative Society
  • Introduction
  • Related provisions
  • Interpretation
  • Estimation of tax payable
  • Notification of change in accounting period
  • Increase under the instalment scheme
  • Effective date
23 August 2011 Y/A 2012 and
subsequent years of
assessment
6/2011 Residence Status of Individuals
  • Introduction
  • Related provisions
  • Interpretation
  • Significance of residence status
  • Determination of residence status
  • Circumstances determining residence status
  • Dual residence status and avoidance of double tax agreements
  • Effective date
16 May 2011 Y/A 2011 and
subsequent years of assessment
5/2011 Residence Status of Companies and Bodies of
Persons
  • Introduction
  • Related provisions
  • Interpretation
  • Significance of residence status
  • Determination of residence status of companies and bodies of persons
  • Residence status to continue once established
  • Dual residence and agreements for the avoidance of double taxation
  • Required documentation to determine residence status of a company
  • Effective date
16 May 2011 Y/A 2011 and
subsequent years of assessment
4/2011 Income from Letting of Real Property
  • Introduction
  • Related provisions
  • Interpretation
  • Letting of real property as a business source
  • Letting of real property as a non-business source
  • Commencement date of letting of property
  • All real properties grouped as a single source
  • Expense relating to income of letting of real property
  • Rental income received in advance
  • Capital allowance
  • Industrial building allowance
  • Replacement cost of furnishings
  • Letting of part of building used in the business
  • Effective date
10 Mar 2011 Y/A 2011 and
subsequent years of assessment
3/2011 Investment Holding Company
  • Introduction
  • Related provisions
  • Interpretation
  • Definition of an investment holding company
  • Definition of a business of holding of an investment
  • Determination of an investment holding company
  • Tax treatment for investment holding company not listed on the Bursa Malaysia
  • Tax treatment for investment holding company listed on the Bursa Malaysia
  • Capital allowance/ industrial building allowance
  • Effective date
10 Mar 2011 Y/A 2006 and
subsequent years of assessment
2/2011 Interest Expense and Interest Restriction
  • Introduction
  • Gains or profits in lieu of interest
  • Related provisions
  • Interpretation
  • Tax treatment of interest expense
  • Interest restriction under subsection 33(2) of the ITA
  • Non-application of subsection 33(2) interest restriction
  • Interest expense incurred on investments
  • Refinancing loan
  • Deferred payment credit
  • Treatment of interest expense attributable to dividend income received by a company
  • Effective date
7 Feb 2011 Y/A 2011 and
subsequent years of assessment
1/2011 Taxation of Malaysian Employees Seconded
Overseas
  • Introduction
  • Related provisions
  • Interpretation
  • The application of this Ruling
  • Basis of assessment of employment income
  • Employment income
  • Incidental duties
  • Determination of incidental duties
  • Case studies of overseas duties that are considered incidental to the exercise of employment in Malaysia
  • Case studies of overseas duties that are not considered incidental to the exercise of employment in Malaysia
  • Observation of case studies 1 to 4
  • Tax treatment of employees who are seconded overseas
  • Filing of the Income Tax Forms
  • Effective date
7 Feb 2011 Y/A 2011 and
subsequent years of assessment

The above public rulings can be downloaded from the Inland Revenue Board’s website at http://www.hasil.gov.my under the heading “Law & Regulation – Public Rulings”.