LHDN Key Tax Issue 2021 - Taxpayers with tax incentives under the purview of MIDA.

LHDN Key Tax Issue 2021 - Taxpayers with tax incentives under the purview of MIDA.

LHDN Key Tax Issue 2021 - Taxpayers with tax incentives under the purview of MIDA.

LHDN Key Tax Issue 2021 - Taxpayers with tax incentives under the purview of MIDA.

LHDN current tax trends

Taxpayers with tax incentives under the purview of MIDA.

The major tax incentives for companies from MIDA are Pioneer Status & Investment Tax Allowance.

The approved companies are required to comply with certain conditions and implement their approved projects within a specific period, as stipulated in the Approval Letters issued by MIDA.

LHDN check the compliance of conditions as imposed by MIDA.

𝐊𝐓𝐏 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐚𝐫𝐲

LHDN is very aggressive on taxpayers with tax incentives from MIDA recently.

Under the normal procedure, the approved companies are required to comply with certain conditions and implement their approved projects within a specific period, as stipulated in the Approval Letters issued by MIDA.

Many taxpayers fail on meeting the conditions as above. As such, additional taxes and hefty tax penalties become inevitable.

We also highlight the recent initiatives taken by MIDA to relax incentive conditions during the pandemic.

Source
https://www.mida.gov.my/media-release/relaxation-of-incentive-conditions-for-manufacturing-and-services-projects-approved-under-the-purview-of-mida/

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