Kota Kinabalu: The Sabah Inland Revenue Board announced the release of new guidelines for the approval of tax exemptions under Subsection 44(6) of the Income Tax Act 1967.
The guidelines, issued on Aug 20, are specifically for Institutions, Organisations, or Funds (IOTs) and will take effect from the 2024 Assessment Year.
Key points of the announcement include:
1. The new guidelines replace two previous sets of guidelines issued in January and July 2020.
2. They apply to all IOTs except schools and places of worship, including those with educational objectives and Sports Education Programmes.
3. The guidelines serve as a reference for IOTs seeking approval from the Inland Revenue Board Director General under subsection 44(6) of the Income Tax Act.
4. Following amendments to the Act, IOTs that fail to comply with prescribed conditions, prohibitions and responsibilities will not be eligible for income tax exemptions from the 2024 Assessment Year onwards.
5. Non-compliance may also result in the DGIR revoking approval at any time.
The full guidelines are available for download on their official website at
https://www.hasil.gov.my/media/fnkbbudt/20240820_gp-bagi-kelulusan-kphdn-di-bawah-subseksyen-44-6-akta-cukai-pendapatan-1967-bagi-institusiorganisasitabu.pdf
Failure to adhere to the guidelines could result in the loss of tax exemption status and potential revocation of approval.
For inquiries or feedback, the public can contact their Contact Centre at 03-8911 1000 /603-8911 1000 (international), Live Chat service, or by submitting a feedback form on the official portal at
https://maklumbalaspelanggan.hasil.gov.my/Public/
