INSIGHTS Vol 6. 2017

Axcelasia is an integrated professional services group providing tax advisory, business consulting, enterprise management system applications and business process outsourcing services to public listed companies, private companies, multinational corporations and government-linked entities.

We are pleased to provide our Tax Insights for this month. We will continue to provide updates on areas within our expertise from time to time.

2018 Malaysian Budget Highlights

The 2018 Budget was announced by the Prime Minister on 27 October 2017. Themed “Prospering an Inclusive Economy”, measures were introduced to benefit targeted interest groups rather than the mainstream business sectors. A total of RM280.25bil has been allocated for Budget 2018, an increase of RM19.45bil over the 2017 budget allocation of RM260.8bil.

The 2018 Budget had eight main thrusts, namely: 

 Invigorating Investment, Trade and Industries 

 Towards TN50 Aspiration (the 2050 National Transformation) 

 Empowering Education, Skills and Trainings, and Talent Development 

 Driving Inclusive Development 

 Prioritising the Wellbeing of the Rakyat and Provide Opportunities to Generate Income 

 Fortifying the Fourth Industrial Revolution and Digital Economy 

 Enhancing Efficiency and Delivery of Government- Linked Companies and Public Service 

 Balancing between the Par Excellence of the Worldly and Hereafter 

How will Budget 2018 affect your business and you personally? 

Discover more: Key tax highlights arising from the 2018 Budget

Withholding Tax on Services Rendered Outside Malaysia

Further to INSIGHTS Vol 5. 2017, please note that the gazette order relating to the exemption of withholding tax for services which are rendered and performed outside Malaysia was issued on 24 October 2017 via the Income Tax (Exemption)(No.9) Order 2017. This exemption is applicable to services rendered from 6 September 2017 onwards.

However, where services were rendered outside Malaysia during the period 17 January 2017 to 5 September 2017, withholding tax will continue to apply.

Key Contacts:

Head of Business Entities Entity Email
Leow Mui Lee Axcelasia Taxand 
Derek Lee Axcelasia Columbus
Kenny Harris Wong Axcelasia Softnex
Sylvia Anita Rockey Axcelasia HR Consulting
Datin Chai Seow Lin Axcelasia Corporate Services &
Axcelasia Global Business Services
James C Wong Axcelasia Singapore 
Ranjit Singh Axcelasia Vietnam 
Ranjit Singh Axcelasia Laos 

Disclaimer: This newsletter contains general information only, all of which may be subject to change. Independent professional advice should be obtained where necessary. 
Axcelasia Inc.
A company incorporated in Malaysia and listed on the Singapore Stock Exchange.  
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