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Issuance of treasury shares required for local tax deduction in Malaysia

Baker McKenzie

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Malaysia October 3 2013

Pursuant to Public Ruling (PR) 9/2013 (issued by the Inland Revenue Board on June 27, 2013), Malaysian companies no longer will be able to claim a local tax deduction for reimbursement payments made for shares issued to employees in Malaysia in settlement of equity compensation awards where the awards are settled with newly-issued shares. Instead, a local tax deduction for reimbursement payments only will be available where the awards are settled with treasury shares.
Companies that have reimbursement arrangements in place with their local subsidiaries in Malaysia and want to ensure the availability of a local tax deduction should review their settlement procedures to ensure that awards granted to employees in Malaysia are settled with treasury shares.
For additional information about the new requirements for claiming equity compensation-related local tax deductions in Malaysia, please contact your GES attorney.

Content is provided for educational and informational purposes only and is not intended and should not be construed as legal advice. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee similar outcomes. For more information, please visit: www.bakermckenzie.com/en/client-resource-disclaimer.

Baker McKenzie - Narendra Acharya, June Anne Burke, Edward (Ed) D. Burmeister, Valerie H. Diamond, Denise M. Glagau and Sinead M. Kelly

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Filed under

  • Malaysia
  • Tax
  • Baker McKenzie

Topics

  • Tax deduction

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