Latest Updates

The webpage has been updated with the following changes:

• Added “Withholding Tax” as an upcoming area of focus for compliance.

• Updated “Claiming of Private or Non-Deductible Expenses” to incorporate information on expenses incurred by family-owned companies.

• Added “Digital Economy” and “Deductibility of Interest Expenses and Borrowing Costs” as ongoing areas of focus for compliance.

• Removed “Group Relief Claims” and “Tax Exemption for Foreign-Sourced Dividends” from ongoing areas of focus for compliance.

• Updated “Related Party Services Not Priced at Arm’s Length” to incorporate information on the costs which must be considered in computing service fees charged to related parties and section 34E surcharge which is applicable from Year of Assessment 2019 onwards. 

• Added “Investment Dealing Company” as a specific compliance-related mistake and issue.

The e-Tax Guide has been updated with the following changes: 

• Editorial changes to update the previous Section 14D / Section 14DA / Section 37B to Section 14C / Section 14D / Section 37A respectively arising from the renumbering and citation of the Income Tax Act 1947 (2020 Revised Edition)

• Extension of the R&D tax measures under Section 14C / Section 14D to YA 2028

• Added question 1.20
• Other editorial changes

• Added footnote 14 to clarify by when output tax is to be accounted where taxpayers require up to 31 Mar 2024 to issue credit notes and new tax invoices.
• Added paragraphs 6.6.3 to 6.6.8 (including examples 30 and 31) to clarify when an election for GST at 7% can be made (including the conditions that must be fulfilled) where a supply straddles two rate changes
• Other editorial changes