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On 31 December 2024, Federal Government gazetted the following Acts which had received the Royal Assent on 24 December 2024: 1. Finance Act 2024 The Act provides amendments to the Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Stamp Act 1949, the Petroleum (Income Tax) Act 1967, the Finance Act 2012 and the Finance (No. 2) Act 2023. 2. Measures For The Collection, Administration And Enforcement Of Tax Act 2024 The Act provides measures relating to the implementation of the collection, administration and enforcement of tax by amending the Income Tax Act 1967, the Real Property Gains Tax Act 1976, the Stamp Act 1949, the Petroleum (Income Tax) Act 1967, the Windfall Profit Levy Act 1998, the Sales Tax Act 2018 and the Service Tax Act 2018. 3. Labuan Business Activity Tax (Amendment) (No. 2) Act 2024 The Labuan Business Activity Tax Act 1990 (principal Act) was amended in sections 2(a), (b), (c), (d), (e), 2B, 5, 6, 6A, 6B, 8A, 10, 14, 20, 21, 21B, 22DA, 24, 26, 27, and added new sections 21C, 22EB, 23A, 23B, 23C, 27A, 27B and 27C, substitution of sections 11 and 23, and deletion of sections 13, 13A, 25, application of sections 28 and 29 relating to year of assessment 2025, and saving and transitional provision. Refer to the Acts here: https://lnkd.in/g4X2nQ_h #MAICSA

On 1 January 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued the following Media Releases: 1. Return Forms (BN) Filing Program for 2025 The Return Forms (BN) Filing Program for the year 2025 has been uploaded to the HASiL official portal as a reference and guidance for taxpayers to submit their return forms in 2025. 2. Real Property Gains Tax Audit Framework Real Property Gains Tax (RPGT) Audit Framework has been uploaded to the HASiL official portal for the purposes of: a) ensuring the RPGT audits are conducted fairly, transparently, and equitably. The RPGT Audit Framework outlines the rights and responsibilities of RPGT audit officers, taxpayers, and tax agents/lawyers; b) assisting RPGT audit officers in performing their duties more efficiently and effectively; and c) helping taxpayers in fulfilling their responsibilities. Refer to the Media Releases here: https://lnkd.in/gbviSZg8 #MAICSA

On 31 December 2024, Suruhanjaya Syarikat Malaysia (SSM) issued the following Practice Notes (PN): 1. Practice Note No. 8/2024 Practice Note No. 8/2024 (PN8/2024) providing clarification on whether a society can be a member of a company. The Practice Note 11/2011 which was issued on 7 October 2011 under the Companies Act 1965 [Act 125] is revoked. 2. Practice Note No. 9/2024 Practice Note No. 9/ 2024 (PN9/2024) providing clarification on the procedures and requirements relating to the notification of appointment and removal of directors pursuant to section 58 of the Companies Act 2016 [Act 777] (“CA 2016”). The Practice Note 16/2013 which was issued on 15 November 2013 under the Companies Act 1965 [Act 125] is revoked. Refer to the PN No. 8 & 9/2024 here: https://lnkd.in/g7E97hJd #MAICSA

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Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued the following announcements: 1. Implementation of e-107D On 31 December 2024, LHDNM issued a media release stating that starting from 1 January 2025, taxpayers are required to submit the CP 107D Form online via e-107D. Payments for tax deductions under Section 107D must also be made electronically using the Bill Number as follows: ➢ ByrHASiL at https://lnkd.in/gT5scppP; or ➢ Financial Process Exchange (FPX) via the ByrHASiL link. 2. Tax Payments On 31 December 2024, LHDNM issued a media release stating that starting from 1 January 2025, the following manual tax payments services applicable to HASiL KL Revenue Management Centre: 3. Function of Tax Identification Number Search On 1 January 2025, LHDNM issued a media release stating that in line with the Budget 2025, LHDNM has introduced a Tax Identification Number (TIN) search service for purposes as stipulated under the Income Tax Act (ITA) 1967 inclusive other tax-related activities, such as implementation of e-Invoicing. The TIN search platform will be accessible starting from 1 January 2025 via MyTax Portal (https://mytax.hasil.gov.my) by clicking on the "TIN Search" menu. Taxpayers can perform a TIN search by entering information based on the following categories: a) Individuals: Identification Number (National ID or Passport Number); b) Non-Individuals: Business Registration Number (BRN) or the registered Taxpayer Name with HASiL for those without a BRN. Refer to the Announcements here: https://lnkd.in/g4RJaBdn #MAICSA

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On 27 December 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued the following Public Rulings (PR): 1. Public Ruling No. 5/2024 PR No. 5/2024 relating to the tax treatment in respect of tax incentive for investment in BioNexus status company. 2. Public Ruling No. 6/2024 PR No. 6/2024 relating to the tax treatment in respect of tax incentive for organizing arts, cultural, sports and recreational activities. Refer to the PR No. 5 & 6/2024 here: https://lnkd.in/gtRZQPE6 #MAICSA

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On 27 December 2024, Lembaga Hasil Dalam Negeri Malaysia (LHDNM) issued Public Ruling (PR) No. 4/2024 relating to the tax treatment in respect of taxation of a resident individual part I - gifts or contributions and allowable deductions. Refer to the PR No. 4/2024 here: https://lnkd.in/gr8Wq-YV #MAICSA