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Section 138A of the Income Tax Act 1967 (ITA) provides that the Director General is empowered to make a Public Ruling in relation to the application of any provisions of ITA. A Public Ruling is published as a guide for the public and officers of the Inland Revenue Board of Malaysia.
Here are most common ALLOWABLE EXPENSES: Employment costs to employees such as salary, allowance, EPF, SOCSO. Business insurance. Rental of premises. Advertisement to promote sales. Lease rental on plant and machinery. Electricity, water, telephone and internet charges. Renewal of license.
Effective from YA 2014, the definition of entertainment has been amended to include entertainment provided “with or without any consideration paid whether in cash or in kind, in promoting or in connection with a trade or business”. Therefore, promotional expenses which have an entertainment element are
•Entertainment to potential customers •Entertainment to existing customers (50% allowable) •Entertainment to suppliers (50% allowable) UPDATED AS AT 11/05/2022
Director General Inland Revenue, Inland Revenue Board Malaysia. This ruling explains: the tax treatment of entertainment expense as a deduction against gross income of a business; and. steps to determine the amount of entertainment expense allowable as a deduction.
The definition of entertainment with effect from YA 2014 now reads as follows (words in bold denote the new insertion): The amended definition of entertainment
The medium of public entertainment for a non-resident public entertainer to carry out any activity in connection with any purpose could be through live, print, electronic, satellite, cable, fibre optic or other medium, for film or tape,
INLAND REVENUE BOARD OF MALAYSIA TAX DEDUCTION FOR SPONSORING ARTS, CULTURAL AND HERITAGE ACTIVITIES Public Ruling No. 2/2021 Date of Publication: 8 July 2021
Entertainment and travelling expenditure incurred in the production of gross employment income and discharge of official duties are allowable deductions. Deduction of entertainment expenditure is restricted to the amount of entertainment allowance included as gross income from employment.
Jun 23, 2021 · You must be wondering if all those business entertainment expenses qualify for tax deduction 🤔 Well, it actually depends on the purpose of the expenses and who benefits from it. That explains why some expenses are 100% deductible, some only 50% deductible, and the rest are nondeductible.
