Wednesday 23 June 2010

Guidelines on Petroleum Income Tax (PITA)

In the 2010 Budget it was proposed that, with effect from the year of assessment 2010, upstream petroleum companies subject to tax under the Petroleum (Income Tax) Act 1967 (PITA) will be placed under the self-assessment system and assessed to tax on a current year basis.

In view of the above, the Inland Revenue Board has issued guidelines (available only in the Bahasa Malaysia language) on 03 June 2010 to explain the amendments to the PITA.

Members may download the guidelines from the website of the IRB at http://www.hasil.gov.my/lhdnv3/documents/GarisPanduanTeknikal/Garis_Panduan_PITA.pdf
or view the guidelines on the Institute’s website at http://www.ctim.org.my/technical_techdev_direct.asp

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