Chartered Secretaries Malaysia (MAICSA)

Updated: 28 Dec 2023

Federal Gazette - Income Tax Order & Rules and Insolvency (Amendment) Act 2023

Federal Government gazetted the following:

1.	Income Tax (Exemption) Order 2023
On 15 August 2023, the Income Tax (Exemption) Order 2023 (Order 2023) which is deemed to have taken effect from the year of assessment 2021. The Minister exempts a qualifying company in the basis period for a year of assessment from the payment of income tax in respect of statutory income derived from a qualifying activity, which is equivalent to the amount of the qualifying capital expenditure made by the qualifying company in the basis period for that year of assessment. An application for exemption shall: be made in writing by a qualifying company and received by the Minister through the Malaysian Investment Development Authority on or after 1 July 2020 but not later than 31 December 2024; and comply with the conditions imposed by the Minister Please click here for the Order.
2.	Income Tax (Relocation of Manufacturing Business Incentive Scheme) Rules 2023
On 15 August 2023, the Income Tax (Relocation of Manufacturing Business Incentive Scheme) Rules 2023 (Rules 2023) which are deemed to have taken effect from the year of assessment 2021 that shall apply to a qualifying company (as defined in the Rules 2023). An application for relocation of manufacturing business incentive scheme by a qualifying company shall be received by the Minister through the Malaysian Investment Development Authority on or after 1 July 2020 but not later than 31 December 2024. Please click here for the Rules 2023.
3.	Income Tax (For an Individual Resident Who is Not A Citizen and Holds C Suite Position in an Approved Company) Rules 2023
On 15 August 2023, the Income Tax (for an individual resident who is not a citizen and holds C Suite position in an Approved Company) Rules 2023 (Rules 2023) which are deemed to have taken effect from the year of assessment of 2021 that shall apply to a qualifying individual (as defined in the Rules 2023). A qualifying individual may apply for an incentive subject to: the application shall be made in writing by an approved company and received by the Minister through the Malaysian Investment Development Authority: in relation to an approved company under paragraph 3(a) and subparagraph 3(b)(i), on or after 7 November 2020 but not later than 31 December 2024; and in relation to an approved company under paragraph 3(b)(ii), on or after 7 November 2020 but not later than 31 December 2022; and the qualifying individual has never been granted an incentive under the Rules 2023. Please click here for the Rules 2023.
4.	Insolvency (Amendment) Act 2023
On 11 August 2023, the Insolvency (Amendment) Act 2023 which came into operation on a date to be appointed by the Minister by notification in the Gazette, had made amendments to the Insolvency Act 1967 [Act 360] (principal Act) on Section 2, Section 15, Section 17, Section 18, Section 25, Section 27, Section 33B, Section 33C, Section 48, Section 106, Section 107, Section 130, Schedule A, and the application of Paragraphs 33b(2a)(e) and (f) and Section 33c to person adjudged bankrupt before the coming into operation of the Insolvency (Amendment) Act 2023. Please click here for the Act.