Malaysian Taxation – Principles and Practice (2018, 24th ed) is a complete and comprehensive tax reference source for the accounting and legal practitioners and tax students. This 24th edition is completely updated with the Finance (No.2) Act 2017, Income Tax (Amendment) Act 2017, landmark court cases together with the IRB Public Rulings and practice directions issued in 2017.
This book carefully examines and analyses the Income Tax Act 1967, Real Property Gains Tax Act 1976, Goods and Services Tax Act 2014, translating the concepts and methodologies, unlocking the theoretical frameworks, laying down the principles and illustrating their practical applications through 37 chapters with 458 examples, 15 flow charts and 36 tables.
The topics covered include:
Income taxation is an inevitable cost for anyone deriving Malaysian income. The concept, methodology and collection mechanism of the income tax are completely and comprehensively dealt with by the Income Tax Act 1967 (the Act). This Act is never an easy piece of legislation to understand, even for legal practitioners, let alone accountants or tax professionals. The challenge is further enhanced by the continuing tax changes and developments made via the annual Finance Acts, IRB Public Rulings and Practices, and the evolution of Court cases.
The computational methods and procedures to derive the income tax payable by the different business entities on the various categories of income are meticulously provided by the Act. Failure to comprehend the mechanism is fatal. It attracts monetary penalties or imprisonment. Nothing less than strict compliance to the Act will suffice.
Malaysian Taxation – Principles and Practices carefully explores and analyses the Act, translating and clarifying its principles and practical applications through the vast employment of illustrations, tables, charts and practical examples. With 37 chapters, providing a total of 458 examples, 15 flow charts and 36 tables, this 24th edition continues to be a leading tax reference for both the legal and accounting professions. Wherever appropriate, the author has offered his personal opinions and pragmatic solutions.
The Finance (No.2) Act 2017, Income Tax (Amendment) Act 2017 and PU(A) orders in 2017/2018 are comprehensively discussed and incorporated in this 24th edition. The IRB has issued a total of 12 Public Rulings in 2017 and numerous practice directions and concessions, all of which have been incorporated in this edition.
The Act requires the retention of records for 7 years, allowing the IRB to carry out tax audit within 5 YAs after the expiry of a particular year of assessment. The vast amount of updates and changes makes it impractical for this new edition to incorporate all the previous 5 YAs’ changes and amendments. Hence, it is decided that only pertinent changes of the past 2 years are retained in every edition, starting from the 2017, 23rd edition. It is important for tax practitioners to retain the previous editions of Malaysian Taxation for quick and easy reference on law and changes in that particular YA.
Malaysian Taxation has been published yearly since 1994. The rapid expansion of information technology in recent years has somewhat endangered the printed edition of books. The continued publication of this work requires the generous support of professional firms to acquire a few copies for their library. University students and those pursuing professional examinations are urged to acquire an original copy of the book. It remains the earnest prayer of the author that he can continue to share his practical knowledge, skills and experience with the readers in all the years to come.
The law is stated as at 15.3.2018.