Review and Update on Selected Public Rulings Issued in the Recent Years

INTRODUCTION

Section 138A of the Income Tax Act, 1967 (the Act) provides the Director General of Inland Revenue (DGIR) the power to make a Public Ruling in relation to the application of any provisions of the Act. Public Rulings set out the interpretation of the DGIR in relation to the relevant tax law and the procedural matters applicable. In the Self- Assessment system, taxpayers have the responsibility to ensure that the tax returns are files in accordance with the Act, Public Rulings and Guidelines issued by the DGIR. There have been many Public Rulings issued by the DGIR and its important for taxpayers / consultants to know the Public Rulings well. In this workshop, the speaker will go through selected Public Rulings (as below) that have been issued in the last two years with the participants and highlight the salient points and issues.

COURSE OUTLINE

Public Rulings

1. Public Ruling No. 10/2023 – Pioneer Status Incentive

2. Public Ruling No. 9/2023 – The Deceased Part 1 – Introduction

3. Public Ruling No. 9/2022 – Property Development

4. Public Ruling No. 6/2022 – Accelerated Capital Allowances

5. Public Ruling No. 1/2022 – Time Limit for Unabsorbed Adjusted Business Losses Carried Forward

6. Public Ruling No.4 /2021 – Taxation of income rising from Settlements

7. Public Ruling No.3 /2021 – Special allowance for Small Value Assets

8. Public Ruling No.1 /2021 – Taxation of unit holders of REITS / Property Trust Funds

9. Public Ruling No.9 /2020 – Taxation of Trusts

10. Public Ruling No.7 /2020 – Appeal Against an Assessment and Application for Relief

11. Public Ruling No.4 /2020 – Tax Treatment of any sum received and a debt owing that arises in respect of services to be rendered

12. Public Ruling No.3 /2020 – Tax Treatment of stock in trade Part II – Withdrawal of Stock

13. Public Ruling No.2 /2020 – Tax Treatment of stock in trade Part I – Valuation of Stock

14. Public Ruling No.10 /2019 – Withholding Tax on Special Classes of Income

15. Public Ruling No.4 / 2019 – Tax treatment of wholly & partly irrecoverable debts and debt recoveries

PROFILE(s)

Harvindar Singh is a Fellow of Chartered Association of Certified Accountants and is a member of the Malaysian Institute of Accountants (MIA) as well as the Chartered Tax Institute of Malaysia (CTIM). Harvindar was attached to the firms of PWC and E&Y as a tax consultant and is currently the Managing Partner of Harvey & Associates, a boutique firm that specialises in taxation consulting services as well as the Tax Partner in SCS Global Consulting (M) Sdn Bhd. Harvindar has more than 29 years of extensive experience in taxation advisory, transfer pricing documentation preparation, tax planning as well as tax audits and investigations and he serves as a Tax Specialist to numerous corporate entities such as SK International (M) Sdn Bhd and other MNEs and organisations. He is currently serving as the Chairman of the Editorial Board of the Budget Commentary and Tax Information Booklet which is produced jointly by MIA, CTIM and MICPA. Mr Harvindar is a Council Member of CTIM.