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10 Oct 24

Essential Guide to e-invoicing: FAQs and Exemptions in Malaysia

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Malaysia is moving towards implementing e-invoicing to streamline invoicing processes, enhance tax compliance, and support the digital economy. This article provides a comprehensive overview of e-invoicing FAQs, exemptions, and technical aspects, helping Small and Medium Enterprises (SMEs) and Multinational Corporations (MNCs) prepare for this significant transition. Table of Contents Key…

August 19, 2024
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Do I need to pay withholding tax for digital advertising fee? If I did not make payment for withholding tax, is the advertising fee tax deductible? If you are paying the digital advertising fee to a non-resident for the usage of an application, then the digital advertising fee is subject…

August 19, 2024
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Do I need to prepare Form CP58 for a one-time commission? It depends on the amount of commission. If the payee receives more than RM5,000 in a calendar year from the company, then the company must prepare Form CP58 for that payee.

August 19, 2024
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Should I prepare Form CP58 to employees who receive commission? No, if the person receiving the commission is your employee, the company should fill in the commission amount in the employee’s EA form instead of Form CP58.

August 19, 2024
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Are the professional fees charged by tax agent on tax audit consultation and preparation of transfer pricing documents tax deductible? They are not tax deductible because they are not classified as tax filing fees.

August 19, 2024
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During a tax audit, would the Inland Revenue Board (IRB) accept scanned invoices and receipts as supporting documents? Yes, IRB can accept scanned or photocopied supporting documents but also has the right to request for the original copy when necessary.

August 19, 2024
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If we take our employees on a local trip and our company’s financial year end is on 31 December 2022, do we need to make the payment and depart for the trip before end of December in order to qualify for tax deductions in Year of Assessment (YA) 2022? As…

August 19, 2024
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I have paid for a one-year newspaper subscription fee. The subscription period is from April 2021 to March 2022. Do I need to apportion the amount according to the year when claiming lifestyle relief? You can claim the full amount based on invoice date without needing to apportion the amount.

August 19, 2024
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If a property belongs to an individual, but the loan is under a company’s name. Would the rental income be reported under the individual’s income tax? Yes, the rental income should be reported as the individual’s income. However, the loan interest incurred cannot be used to deduct against the rental…

Essential Guide to e-invoicing: FAQs and Exemptions in Malaysia

Do I need to pay withholding tax for digital advertising fee?If I did not make payment for withholding tax, is the advertising fee tax deductible?

Do I need to prepare Form CP58 for a one-time commission?

Should I prepare Form CP58 to employees who receive commission?

Are the professional fees charged by tax agent on tax audit consultation and preparation of transfer pricing documents tax deductible?

During a tax audit, would the Inland Revenue Board (IRB) accept scanned invoices and receipts as supporting documents?

If we take our employees on a local trip and our company’s financial year end is on 31 December 2022, do we need to make the payment and depart for the trip before end of December in order to qualify for tax deductions in Year of Assessment (YA) 2022?

I have paid for a one-year newspaper subscription fee. The subscription period is from April 2021 to March 2022. Do I need to apportion the amount according to the year when claiming lifestyle relief?

If a property belongs to an individual, but the loan is under a company’s name. Would the rental income be reported under the individual’s income tax?

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