Jun 18, 2020
News Update | Eurogain
Companies/LLP that incorporated & do not have business income and Investment Holding Company - Bad News.
The IRB has come out with a practice note for its interpretation of SME after the Budget 2020 amendment. Now, company/LLP that does not have business income from YA2020 onward but has other non-business income (like rental, interest) will not qualify for SME tax rate of 17%. They will be taxed at 24%.
You can refer to para.4* of the PN3/2020. All Investment holding companies will be taxed at 24% as well unless they are listed IHC.
link to Para.4 : http://lampiran1.hasil.gov.my/pdf/pdfam/PN_3_2020.pdf