Page 130 - Malaysia Baharu 2018
P. 130
MALAYSIAN ECONOMY Reviewing taxation
The provision of specific taxable services of a business to another business
(B2B), registered for the same service will be exempted from service taxes.
Introduce credit system for Sales Tax deduction to assist the problems faced
by small manufacturers who purchase their input materials and components
from importers instead of other registered manufacturers.
Imported services will be subjected to Service Tax.
~ To ensure local service providers such as architecture, graphic design,
Information Technologies (IT) and engineering design services are not unfairly
disadvantaged against their foreign competitors.
For online services imported by consumers, the foreign service providers will
be required to be registered with the Royal Malaysian Customs, charge and
remit the relevant Service Tax on the transaction.
~ Examples of this services include downloaded software, music, video or digital
advertising.
The Government will launch a Special Voluntary Disclosure Program.
~ To offer an opportunity for tax payers to voluntarily declare any unreported
income for Malaysian tax purposes.
~ Malaysia has implemented the Automatic Exchange of Information (AEOI) with
other tax authorities for audit and investigation purposes.
~ Tax payers will receive reduced penalty rates:
Disclosure date of unreported income Penalty rates
3 November 2018 – 31 March 2019 10%
1 April 2019 – 30 June 2019 15%
After the program ends on 30 June 2019 80% to 300%
Royal Malaysian Customs will step up enforcement against cigarette smuggling.
The Government proposes to impose a departure levy for all outbound
travellers by air.
~ RM20 for travelllers to ASEAN countries.
~ RM40 for travellers to countries other than ASEAN.
The Real Property Gains Tax rates will be revised for disposals of properties
or shares in real property company in the sixth and subsequent years.
~ For companies, non-citizens and non-permanent residents, the rate shall be
increased from 5% to 10%.
~ For Malaysian citizens and permanent residents, the rate shall be increased from
0% to 5%.
~ Low cost, low-medium cost and affordable houses with prices below RM200,000
will be exempted.
The stamp duty on the transfer of property valued at more than RM1 million
will be increased from 3% to 4%.
The taxes, fees and levy on the gaming industry will be increased.
~ Casino license to be increased from RM120 million to RM150 million per annum.
~ Casino duties to be increased up to 35% on net collection.
~ Machine dealer’s license to be increased from RM10,000 to RM50,000 per
annum.
~ Gaming machine duties to be increased from 20% to 30% on gross collection.
~ Number of special draws will be reduced by 50%.
128
The provision of specific taxable services of a business to another business
(B2B), registered for the same service will be exempted from service taxes.
Introduce credit system for Sales Tax deduction to assist the problems faced
by small manufacturers who purchase their input materials and components
from importers instead of other registered manufacturers.
Imported services will be subjected to Service Tax.
~ To ensure local service providers such as architecture, graphic design,
Information Technologies (IT) and engineering design services are not unfairly
disadvantaged against their foreign competitors.
For online services imported by consumers, the foreign service providers will
be required to be registered with the Royal Malaysian Customs, charge and
remit the relevant Service Tax on the transaction.
~ Examples of this services include downloaded software, music, video or digital
advertising.
The Government will launch a Special Voluntary Disclosure Program.
~ To offer an opportunity for tax payers to voluntarily declare any unreported
income for Malaysian tax purposes.
~ Malaysia has implemented the Automatic Exchange of Information (AEOI) with
other tax authorities for audit and investigation purposes.
~ Tax payers will receive reduced penalty rates:
Disclosure date of unreported income Penalty rates
3 November 2018 – 31 March 2019 10%
1 April 2019 – 30 June 2019 15%
After the program ends on 30 June 2019 80% to 300%
Royal Malaysian Customs will step up enforcement against cigarette smuggling.
The Government proposes to impose a departure levy for all outbound
travellers by air.
~ RM20 for travelllers to ASEAN countries.
~ RM40 for travellers to countries other than ASEAN.
The Real Property Gains Tax rates will be revised for disposals of properties
or shares in real property company in the sixth and subsequent years.
~ For companies, non-citizens and non-permanent residents, the rate shall be
increased from 5% to 10%.
~ For Malaysian citizens and permanent residents, the rate shall be increased from
0% to 5%.
~ Low cost, low-medium cost and affordable houses with prices below RM200,000
will be exempted.
The stamp duty on the transfer of property valued at more than RM1 million
will be increased from 3% to 4%.
The taxes, fees and levy on the gaming industry will be increased.
~ Casino license to be increased from RM120 million to RM150 million per annum.
~ Casino duties to be increased up to 35% on net collection.
~ Machine dealer’s license to be increased from RM10,000 to RM50,000 per
annum.
~ Gaming machine duties to be increased from 20% to 30% on gross collection.
~ Number of special draws will be reduced by 50%.
128
