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INTRODUCTION
This webinar covers areas relevant to the general taxation of property as a business source and passive investment source, and includes the sharing of practical insights on how rental source income is subjected to tax in Malaysia. Airbnb and other short-term rentals, is it business or passive source of income? How would the proposed Vacancy Tax act and the Residential Tenancy Act have an impact on real estate investments?
COURSE OUTLINE
• Tax treatment of domestic and foreign rental source
• Taxing of sole-ownership property and co-ownership property
• Tax treatment for sub-letting part of the whole building
• Gifting of property to others: what are the tax implications on the rental source of income?
• Anti-tax avoidance provision under section 65 ITA 1967
• Is there any way for the IRB will find out you did not report the rental income?
• Passive rental income vs business income: section 4(a) vs section 4(d) – PR 12 2018
• Grouping of rental income received as one source of income
• Taxing advance rental income – section 24(1A) ITA 1967
• Is sinking fund tax deductible?
• Can you claim industrial building allowance on a rental source of income?
• Case law: Tanah Sutera Development Sdn Bhd v DGIR – what is the impact of the decision of this case?
• Special Deduction for Reduction of Rent
• Taxation of rental income of an Investment Holding Company
• IRB’s Practice Note 3 2020
• Tax treatment of unsold units of property which is rented out by developers
• Rental of property to a related party
• Tourism Tax for Digital Platform Service Provider (DPSP)
• Taxation of Airbnb and other short-term rentals – is it active or passive source of income?
• Short-Term Residential Accommodation Guideline
• Strata Management Act 2013 – Act 757
• Federal Court case – Inna Salil & Ors v Verve Suites Mont Kiara (Federal Court)
• The Proposed Vacancy Tax
• The Proposed Residential Tenancy Act
PROFILE(s)
Yong Mei Sim has served over 35 years in the Inland Revenue Board of Malaysia (“IRB”) and held the last position as the Principal Assistant Director of the Penang branch, before retiring in 2016. She obtained a Bachelor of Science Degree majoring in Economics with a Second Class Upper from the University Science of Malaysia in Penang. She was later awarded the prestigious JPA scholarship to pursue and successfully completed her Master’s of Science in Taxation from the Golden Gate University in San Francisco, USA. During her tenure in office, she has been, inter alia, an audit manager in charge of the Payroll Taxes Unit, Field Audit and Desk Audit Unit. She had actively assisted the Federal Councils of the IRB in handling tax litigation cases. Among the landmark tax litigation cases which she was directly involved are ICTSB vs DGIR, PSSB vs DGIR and Marigold (M) Sdn Bhd vs DGIR. With her vast knowledge and experience in the field of Malaysian taxation, she has been invited by the IRB and other professional bodies to speak extensively around the country and to share her valuable experience and expertise on income tax updates and all other relevant taxation matters.