Income Tax Act 1967 (Act 53) [With Selected Regulations & Rules] [As At 10th April 2022]

RM56.88 RM65.00 you save RM8.12
 
 
 

Income Tax Act 1967 (Act 53)

[With Selected Regulations & Rules]
[As At 10th April 2022]

An Act for the imposition of income tax.

Detailed Contents of Income Tax Act 1967 (Act 53) : 

The Income Tax Act 1967 (Act 53) is the tax code that controls how individuals and businesses are taxed in Malaysia. The Act outlines the procedures for determining, collecting, and managing income tax in the nation.

Summary of the Act

There are 237 sections and 19 parts in the Income Tax Act of 1967. The Act stipulates that corporations, partnerships, and individuals must pay income tax. It also describes how tax returns are filed, how taxes are determined, and how taxes are collected.

The following are some of the Act's major provisions:
  1. Taxation: According to the Act, all income earned from Malaysia is subject to income tax. This includes both resident and non-resident income.
  2. Tax rates: The Act specifies the tax rates that apply to both people and businesses. Depending on the level of income earned, different tax rates apply.
  3. Tax exemptions: The Act offers a number of tax breaks to both individuals and businesses. For instance, some sorts of income, such those derived from agricultural activities, are exempt from taxation.
  4. The Act permits a limited number of deductions from taxable income. Deductions for costs incurred in the generation of revenue, such as company costs, are included in this.
  5. Tax assessment: According to the Act, the Director General of Inland Revenue is responsible for tax assessment. The amount of tax that taxpayers must pay is determined by the Director General.
  6. Tax collecting: The Act specifies the process for tax collection. This involves levying fines and interest on overdue tax payments.
Selected Rules and Regulations

The administration of income tax in Malaysia is governed by a number of regulations and guidelines in addition to the Income Tax Act of 1967. The following are a few of the important laws and rules:
  1. Regulations for Income Tax (Deduction from Compensation) from 1994: These regulations allow for the tax to be deducted from an employee's salary.
  2. Rules on Income Tax (Approved Gifts) of 1984: Donations made to recognized charitable organizations are exempt from taxes under these restrictions.
  3. Regulations on Income Tax (Investment Incentives) from 1987: These rules offer tax breaks for investments in particular sectors, such manufacturing and tourism.
  4. Rules for 2018's Income Tax (Country-by-Country Reporting): Multinational firms are required by these requirements to declare their earnings, taxes paid, and other data on a country-by-country basis.
Conclusion

The Income Tax Act 1967 (Act 53) is a thorough tax code that controls how individuals and businesses are taxed in Malaysia. The Act outlines the procedures for determining, collecting, and managing income tax in the nation. There are other laws and guidelines that cover particular facets of income tax administration in addition to the Act.

Income Tax Act 1967 (Act 53) Contains :

Income Tax Act 1967 (Act 53)
Income Tax (Qualifying Building Annual Allowances) Rules 1986
Income Tax (Deduction from Remuneration) Rules 1994
Income Tax (Qualifying Plant Allowances) (Computers and Information Technology Equipment) Rules 1998
Income Tax (Allowance for Increased Exports) Rules 1999
Income Tax (Deductions for Promotion of Export of Services) Rules 1999
Income Tax (Qualifying Plant Allowances) (Cost of Provision of Computer Software) Rules 1999
Income Tax (Deduction for Information Technology-Related Expenditure) Rules 2000
Income Tax (Accelerated Capital Allowances) (Recycling of Wastes) Rules 2000
Income Tax (Deductions for Promotion of Export of Higher Education) Rules 2001
Income Tax (Deduction for Corporate Debt Restructuring Expenditure) Rules 2001
Income Tax (Approved Agricultural Projects) Order 2002
Income Tax (Deduction for Cost of Acquisition of Proprietary Rights) Rules 2002
Income Tax (Transfer Pricing) Rules 2012
Income Tax (Advance Pricing Arrangement) Rules 2012
Income Tax (Determination of Approved Individual and Specified Year of Assessment under the Returning Expert Programme) Rules 2012
Income Tax (Industrial Building Allowance) (Child Care Centre) Rules 2013
Income Tax (Deduction for the Provision of Child Care Centre) Rules 2013
Income Tax (Deduction for Consultation and Training Costs for the Implementation of Flexible Work Arrangements) Rules 2015
Income Tax (Set-Off for Tax Charged on Actuarial Surplus under Takaful Business) Rules 2017
Income Tax (Accelerated Capital Allowance) (Information and Communication Technology Equipment) Rules 2018
Income Tax (Requirements for Insurer Carrying on Re-Insurance Business) Rules 2018
Income Tax (Requirements for Takaful Operator Carrying on Re-Takaful Business) Rules 2018
Income Tax (Deduction for Expenses in Relation to Secretarial Fee and Tax Filing Fee) Rules 2020
Income Tax (Special Treatment for Interest on Loan) Regulations 2020
Income Tax (Deduction for Value of Benefit Given to Employees) Rules 2021
Income Tax (Accelerated Capital Allowance) (Machinery and Equipment Including Information and Communication
Technology Equipment) Rules 2021
Income Tax (Deduction for Expenses in Relation to the Cost of Personal Protective Equipment) Rules 2021
Income Tax (Deduction for the Cost of Implementation of Flexible Work Arrangements) Rules 2021
Income Tax (Deduction for Expenses in Relation to the Cost of Detection Test of Coronavirus Disease 2019 (COVID-19)
for Employees) Rules 2021
Income Tax (Exchange of Information) Rules 2021
Income Tax (Deduction for Expenditure on Provision of Employees’ Accommodation) Rules 2021
Income Tax (Global Trading Centre Incentive Scheme) Rules 2022
Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 and many more

Find more books like Income Tax Act 1967 (Act 53): Statutes
ISBN: 9789678929387
 
 

Latest releases

Get your copy today!
Bowstead & Reynolds On Agency, 23rd Edition | 2023
Bowstead & Reynolds On Agency, 23rd Edition | 2023
Save RM370.80
De Smith's Judicial Review, 9th Ed | 2023
De Smith's Judicial Review, 9th Ed | 2023
Save RM256.68
Malaysia's Largest Authorised Premium Reseller