Malaysia Statutory Update
Update on TP 1 Tax Form
Updated TP 1 form to the latest template from LHDN.
Update on TP 3 Tax Form
Updated TP 3 form to the latest template from LHDN.
Breakdown on Additional Lifestyle Reliefs
Breakdown on additional lifestyle reliefs to comply with the latest TP 1 and TP 3 form templates.
As per the latest template of TP1 Tax Form YA2023, the system needs to capture and show the breakdown relief amount of additional Lifestyle relief to：
• Item C6 a) Lifestyle (sport equipment)
• Item C6 b) Lifestyle (rental/entrance fees of sport facility)
• Item C6 c) Lifestyle (registration fees for approved sport competition)
Thus, in Settings > Payroll Settings > Statutory / Tax Tables Maintenance Setting > Tax Relief Table:
• The description of TR0040 changed from ‘Lifestyle - Sport’ to 'Lifestyle (sport equipment)'.
• Added new tax relief TR0048 Lifestyle (rental/entrance fees of sport facility).
• Added new tax relief TR0049 Lifestyle (registration fees for approved sport competition).
• The sum of TR0040, TR0048 & TR0049 relief amounts should be capped at RM 500.
As per the latest template of TP1 Tax Form YA2023, the system needs to capture and show the breakdown relief amount of additional Lifestyle relief to：
• Item C6 a) Lifestyle (sport equipment)
• Item C6 b) Lifestyle (rental/entrance fees of sport facility)
• Item C6 c) Lifestyle (registration fees for approved sport competition)
Thus, in Settings > Payroll Settings > Statutory / Tax Tables Maintenance Setting > Tax Relief Table:
• The description of TR0040 changed from ‘Lifestyle - Sport’ to 'Lifestyle (sport equipment)'.
• Added new tax relief TR0048 Lifestyle (rental/entrance fees of sport facility).
• Added new tax relief TR0049 Lifestyle (registration fees for approved sport competition).
• The sum of TR0040, TR0048 & TR0049 relief amounts should be capped at RM 500.
New Tax Type for C-Suite Position
Added a new tax type and tax calculation mechanism for the position of C-Suite.
To encourage high value employees to work at Malaysia, a flat tax rate of 15% is given to non-individual citizens who reside in Malaysia and hold the position of C-Suite in companies that have approved the placement incentive scheme manufacturing operations back to Malaysia.
Encouragement for a flat tax rate of 15% to the C-Suite serving in eligible Electrical and Electronic (E&E) companies is also extended for another 2 years. This incentive extension proposal is effective for applications accepted by MIDA from 1 January 2023 to 31 December 2024.
To encourage high value employees to work at Malaysia, a flat tax rate of 15% is given to non-individual citizens who reside in Malaysia and hold the position of C-Suite in companies that have approved the placement incentive scheme manufacturing operations back to Malaysia.
Encouragement for a flat tax rate of 15% to the C-Suite serving in eligible Electrical and Electronic (E&E) companies is also extended for another 2 years. This incentive extension proposal is effective for applications accepted by MIDA from 1 January 2023 to 31 December 2024.
If the chargeable income does not exceed RM35,000, employee is eligible for individual and spouse rebate for RM400, respectively
New tax type C-Suite is now available in Employee details > Statutory Info screen:
New tax type and income tax calculation mechanism of C-Suite position has been added to Settings > Payroll Settings > Statutory / Tax Tables Maintenance Setting > PCB Constant Value.
PCB Constant Value table of C-Suite tax type:
Bank Files Update
Added new bank files or updated existing bank file formats as per customer requests.
The below section describes the features in more detail, including screenshots and videos where appropriate, this is ordered by the products/modules identified in Release Summary section.
The below section describes the features in more detail, including screenshots and videos where appropriate, this is ordered by the products/modules identified in Release Summary section.
Affin Bank (Affin Max)
If you have any questions, please do not hesitate to reply back to below information, I will be able to assist you further.
Vivid Solutions Sdn Bhd
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