Industrial Building Allowance (IBA) is a form of capital allowance granted for qualifying industrial buildings. A building is an industrial building if it is used for the purposes of a business and: No. Types of industrial building (IB) Relevantparagraph in Schedule 3of the ITA % InitialAllowances Annual Allowances 1. Factory, dock, wharf, jetty, warehouse, buildings …
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Work Passes – Skilled and Semi Skilled Workers S Pass
Singapore Payroll – Work Passes What Are Singapore Work Passes? All foreigners who intend to work in Singapore must have a valid pass (commonly known as a work visa) before they start work. If you are engaging foreigners to work in Singapore, you must ensure that they hold a valid pass. Find out which pass …
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Transfer Pricing TP Guidelines
A. Malaysia Transfer Pricing TP Guidelines (TPG) The 2012 TPG superseded the Guidelines previously issued in year 2003, and was intended to provide detailed guidance to taxpayers on how to comply with the requirements of the law under Section140A of Income Tax Act 1967 and the Income Tax (Transfer Pricing) Rules 2012. The 2012 TPG …
Subsidiary Company – FAQ
1. What kind of a business entity can a foreigner register in Malaysia? Foreign investors are only allowed to set up private limited companies, also called Sendirian Berhad (Sdn Bhd) companies. Only resident Malaysians are allowed to set up sole proprietor or public liability companies. However, a foreigner can register a 100% foreign owned business with a …
Setting Up a Representative Office in Malaysia – FAQ
What is required for starting a representative office in Malaysia? A representative office incorporated with the approval from Malaysian Investment Development Authority (MIDA) when fulfilled the criteria of minimum RM300,000 per annum for operational expenditure. Other than that, the representative office should be financed by funds emanating from sources outside Malaysia. Is there any restriction …
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Closing Process of a Company in Malaysia – FAQ
What are the common methods for closure of a company? There are two ways to close a company which are striking off or winding up. Striking off a company requires you to make an application to Suruhanjaya Syarikat Malaysia (SSM) in which the company need to fulfil some criteria first. Striking off not an easy …
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Incorporation Process of a Company in Malaysia – FAQ
Can a company incorporate with paid up capital of more than RM1,000? Yes. Clients are advised to incorporate the Company with minimum statutory paid up capital – RM1 per share and subsequently increase the paid-up capital to the desired account after bank account opened so that shareholders could provide the payment proof into the corporate …
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Maintenance Process for a Company in Malaysia – FAQ
What happens to existing companies with memorandum & articles of association which were incorporated under Companies Act 1965? Under section 619(3) of the Companies Act 2016, for existing companies already registered under the previous law, their M&A remains valid and enforceable under the Companies Act 2016, unless otherwise resolved by the company. The company may …
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International Withholding Tax Studies
Withholding tax is an amount withheld by the party making payment (payer) on income earned by a non-resident (payee) and paid to the Inland Revenue Board of Malaysia.
Singapore Taxation
Prior to 2019, Singapore taxpayers were not legally required to prepare and maintain Transfer Pricing documentation. The change is due to the strengthening of legislative requirements concerning Transfer Pricing which added Section 34F in the Singapore Income Tax Act (“SITA”) in October 2017.