EY Tax Alert No. 23/2021
EY has released its latest tax alert, issue No. 23/2021. This issue covers:
Malaysian developments
- Update to prescribed employee and annual operating expenditure requirements for Labuan companies
- Exemption from non-deductibility rules on payments to certain types of Labuan entities
- Frequently Asked Questions (FAQs) on the revision of estimate of tax payable in the 11th month of the basis period and the deferment of payment of estimated tax payable (CP204) and instalment scheme (CP500), as announced in Budget 2022
- Guidelines on the income tax treatment for banks or development financial institutions (FIs) which adopt the Malaysian Financial Reporting Standard 9 – Financial Instruments
- Stamp duty remission on service agreements
Overseas developments
- Indonesia passes wide-ranging tax law amendments
- Philippines proposes law imposing VAT on non-resident digital service providers
