Budget 2024 Insights
The Malaysian 2024 Budget, which is themed “Madani Economy: Empowering the People”, was announced on...
The Inland Revenue Board of Malaysia has issued concessionary procedures with regard to compliance with the relevant withholding tax (WHT) provisions under the Income Tax Act, 1967 (ITA) in respect of small value WHT for recurring transactions. The aim of the concession is to make it administratively easier and reduce the cost of compliance for taxpayers.
Effective from August 2022, taxpayers may choose to defer the payment of small value WHT in respect of recurring transactions, instead of remitting the WHT to the IRB within one month after the underlying payment has been made to the non-resident (as is currently provided in the ITA).
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