Tax Credit Repayment for Defunct Company by the Registrar and Amendments to the Claim Codes in the 2012 Form C Guidebook

30 May 2012

Circular 29/2012


TO ALL ACCOUNTANTS

TAX CREDIT REPAYMENT FOR DEFUNCT COMPANY BY THE REGISTRAR AND AMENDMENTS TO THE CLAIM CODES IN THE 2012 FORM C GUIDEBOOK


1.

TAX CREDIT REPAYMENT FOR DEFUNCT COMPANY BY THE REGISTRAR

Members are hereby informed that all unsettled assets of companies which have been dissolved under the proviso of Section 308 of the Companies Act 1965 (CA 1965) including tax credit, shall be vested on the powers of the Registrar pursuant to Section 310 of the CA 1965.

Directors and/or shareholders of the dissolved company are disqualified from representing the company as the company no longer exist and as such, are disqualified from applying for the tax credit refund to claim on the company’s assets.

Application for court order by the director and/or shareholders of the company to reinstate the company must first be done if the company still wishes to do so as the Companies Commission of Malaysia (SSM) does not have the power to reinstate the company which had been struck off from the SSM’s list.

For companies applying for dissolution, they are required to submit the Statement of Declaration by Applicant to the SSM stating that the company has no assets and liabilities vested in the SSM register i.e. the company must ensure that all the assets are settled before application is made.

All tax repayment application will be forwarded directly to and under the name of “Suruhanjaya Syarikat Malaysia”.

The letter issued by the Inland Revenue Board (IRB) dated 14 May 2012 is attached for members’ attention.

2.

AMENDMENTS TO THE CLAIM CODES IN THE 2012 FORM C GUIDEBOOK

The Inland Revenue Board (IRB) has on 24 May 2012 made amendments to the Claim Codes listed in Appendix D of Section 1: Special Deduction and Other Claims in the 2012 Form C Guidebook as appended below:

a.

Additional code “149” for “Deduction for expenditure to obtain the 1-InnoCERT certification”

b.

Additional code “150” for “Deduction for promotion of international or private school”

For further details, please refer to the 2012 Form C Guidebook which is available on the IRB’s website at http://www.hasil.gov.my under the heading “Borang” > “Syarikat” (Bahasa Melayu version) and “Forms” > “Company” (English version) > 2012.

Please be guided accordingly.


HO FOONG MOI (MS)


Acting Chief Executive Officer