The period for which a person is allowed to claim a tax deduction for costs of renovations and refurbishment of a business premises under the Income Tax (Cost of Renovation and Refurbishment of Business Premise) Rules 2020 [P.U.(A) 381/2020] (“the Principal Rules”) has been extended from 31 December 2021 to 31 December 2022 pursuant to the Income Tax (Cost of Renovation and Refurbishment of Business Premise) (Amendment) Rules 2021 [P.U.(A) 481/2021].
 
The maximum deductible amount under the Principal Rules remains at RM300,000/-.
 
Our write-up on the Principal Rules, including the items that qualify for tax deduction and the conditions that have to be satisfied, can be accessed here.
 
Alert prepared by Desmond Liew (Associate) of the Tax Practice and Tai Kean Lynn (Associate) of the Corporate Practice Group of Skrine.