Discover the latest update on tax deductibility for secretarial and tax fee from IRB guideline

Tax deduction for tax and secretarial fee

Tax deduction for tax and secretarial fee

𝐍𝐞𝐰 𝐑𝐮𝐥𝐞𝐬 𝐟𝐨𝐫 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐨𝐟 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐟𝐨𝐫 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐢𝐚𝐥 𝐅𝐞𝐞 𝐚𝐧𝐝 𝐓𝐚𝐱 𝐅𝐢𝐥𝐢𝐧𝐠 𝐅𝐞𝐞

The Income Tax (Deduction for Expenses in Relation to Secretarial Fee and Tax Filing Fee) Rules 2020 (‘2020 Rules’) were gazetted on 19 May 2020 and have effect from year of assessment 2020.

The 2020 Rules replace the Income Tax (Deduction for Expenses in Relation to Secretarial Fee and Tax Filing Fee) Rules 2014 (‘2014 Rules’) which have been revoked pursuant to the 2020 Rules

The Rules provide a deduction, capped at RM15,000 per YA, to a resident person who has incurred and paid the following fees in the basis period for that YA:

(a) Secretarial fee charged in respect of secretarial services provided by a company secretary registered under the Companies Act 2016 (CA), to comply with the statutory requirements under the CA; and

(b) Tax filing fee charged by:

(i) A tax agent approved under the Income Tax Act 1967 (ITA) in respect of services provided for the:

  • Preparation and submission of income tax returns in the prescribed form for the purposes of Sections 77, 77A, 77B, 83 and 86 of the ITA for the basis period for the immediate-preceding YA; and

  • Preparation and submission of forms prescribed for the purpose of the estimate of tax payable under Section 107C of the ITA

(ii) A person in respect of services provided for the preparation and submission of returns in the prescribed form for the purposes of:

  • Section 26 of the Sales Tax Act 2018;

  • Section 26 of the Service Tax Act 2018;

  • Section 19 of the Departure Levy Act 2019; or

  • Section 19 of the Tourism Tax Act 2017

Read the 2020 Rule

http://www.federalgazette.agc.gov.my/.../pua_20200519_P.U...

Read IRB Guideline

GARIS PANDUAN POTONGAN BAGI PERBELANJAAN BERHUBUNG DENGAN YURAN KESETIAUSAHAAN DAN YURAN PEMFAILAN CUKAIMULAI TAHUN TAKSIRAN 2020

https://bit.ly/3cRj8eQ

 
 
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