Taxman increases donation reporting threshold to RM10,000

The new guidelines take into account the recommendation of the finance minister, whereby only information of those who donated RM10,000 and above are needed to be provided to IRB, instead of information on those who donated RM5,000 and above. — Bernama pic
The new guidelines take into account the recommendation of the finance minister, whereby only information of those who donated RM10,000 and above are needed to be provided to IRB, instead of information on those who donated RM5,000 and above. — Bernama pic

KUALA LUMPUR, Sept 9 — The Inland Revenue Board of Malaysia (IRB) has announced that it requires only information of donors contributing RM10,000 and above, according to its new guidelines effective Sept 5.

The new guidelines, which replace the previous ones dated May 15, 2019, take into account the recommendation of the Minister of Finance whereby only information of those who donated RM10,000 and above are needed to be provided to IRB, instead of information on those who donated RM5,000 and above, IRBM said in a statement.

“Abide by the approval requirements. IRB would also like to advise all parties seeking approval under Subsection 44 (6) of the Income Tax Act 1967 to comply with all of the requirements set out in the guidelines.

"This is to prevent their approval status from being cancelled due to non-compliance of any requirements,” it said.

For more information, please visit the IRBM official portal at www.hasil.gov.my or call the Care Line at 1800-88-5436. — Bernama

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