New to Synergy TAS ?
Renovation and Refurbishment
“Renovation & Refurbishment is one of the most exciting tax deduction available in 2020/2021. We are looking at RM 300,000. That’s a big sum to claim . There are many many speculations on how liberal it would be?
No more guessing required. the gazette order has been published [PU(A) 381/2020] just before the new year. There is some bad news to this:
- Auditor need to certify;
- List of expenditure not allowed for deduction (eg. Design Fee ) – The list of item in Second Schedule of the gazette Order
- List of expenditure can be included for deduction (eg. surau, children play area, recreational area for staff) – listed in First Schedule of the gazette order.
The gazette order is now available with all the details required. During last Budget 2021 seminar, Dr Choong reminded participants the best practice is to create a new account code specifically for this special tax deduction : ease claiming and identification. Also do remember his advice on the timing component. Happy tax deducting (the more the merrier) !
If you are new to this, you will find the course on Budget 2021 online learning very helpful for your tax planning.
There is a new section being added to Income Tax Act 1967 especially on “Failure to Furnish Comtemporaneous Transfer Pricing Documentation”
The Finance Act 2020 was gazette just before the new year (31 December 2020), with effective date of 1 January 2021. 😅
There are two very important power tax authority now has. They make transfer pricing so important effective from 1 January 2021.
Knowing how IRB will conduct their Transfer Pricing is important. It is like a student sitting for the exam, this audit framework is akin to the exam syllabus 😁. Knowing the syllabus you will be well prepared and ready when the audit letter arrived. 😇
“Renovation & Refurnishment is one of the most exciting tax deduction available in 2020/2021. We are looking at RM 300,000. That’s a big sum to claim 🥰. No more guessing required. the gazette order has been published [PU(A) 381/2020] just before the new year. There is some bad news to this.