March 2024 Malaysia
New template versions
The following new templates have been released for ONESOURCE Corporate Tax:
Template | YA2022 | YA2023 |
|---|---|---|
Malaysia | 1.066 | 1.064 |
When you create a new calculation, these template versions will be the default templates.
Upgrading to the latest template
When you open a calculation, you may be requested to upgrade your calculation. If you want to upgrade, select
Yes
. There is also an option to run a comparison between the old and new template.If you want to upgrade to a template that is not the latest version, select the
More
button on the Calculation for that entity and select Upgrade to
.You also have the option to upgrade multiple templates at the same time.
Tax Content Updates
Title | Description |
|---|---|
Carry forward fixes | Some areas of the template required minor updates to allow data to carry forward from one block to another, in particular the Capital allowance sheets. Please note that the calculation which is being rolled forward requires these updates, so please upgrade the template before rolling forward the calculation. The 2022 and 2023 templates have been updated for this. |
Display and printing improvements | Minor display and printing improvements throughout the calculation, in particular the capital allowance sheets, and foreign income sheet printing. The " Tax computation " print set has also been updated to allow all computation papers to be included. |
Income statement analysis improvements | In the Income statement analysis sheets, rows will now be printed if 0 has been entered as an amount. This is to allow users to disclose that a particular item has been considered during preparation. As before, if the amount is blank, the row is not printed. |
'Non-allowable expenses and non-taxable income summary' sheet summarises income statement amounts | The 'Non-allowable expenses and non-taxable income summary' sheet has links to the rest of the calculation, including the income statement analysis sheets. Previously, each row with a non-allowable or non-taxable amount would link to the sheet. The user could then select the Tax adjustments tag for each row. In many cases, this has resulted in a lot of rows on the 'Non-allowable expenses and non-taxable income summary' sheet. This has now been adjusted so the total non-allowable or non-taxable amount will be linked to the 'Non-allowable expenses and non-taxable income summary' sheet, as long as the Tax adjustments tag is the same for all rows with non-allowable or non-taxable amounts. This update is available in the 2023 template. Example 1: Rows on the Expense and income analysis sheet have different Tax adjustment tags. The "Disallowable (+) / non-taxable (-)" amount for each row is linked to the 'Non-allowable expenses and non-taxable income summary' sheet: Expense and income analysis sheet: Non-allowable expenses and non-taxable income summary' sheet: Example 1: All rows with disallowable amounts on an Expense and income analysis sheet have the Tax adjustment tag "Entertainment". The "Total disallowable (+) / non-taxable (-)" amount is linked to the 'Non-allowable expenses and non-taxable income summary' sheet: Expense and income analysis sheet: 'Non-allowable expenses and non-taxable income summary' sheet: Note that the caption for the linked row is the sheet title of the analysis sheet. Also note that in this scenario, the Tax adjustment tag cell showing "Entertainment" on the 'Non-allowable expenses and non-taxable income summary' sheet is a link to the Expense and income analysis sheet, and not a selectable dropdown. to adjust the tax adjustment category, this will need to be done on the Expense and income analysis sheet itself. By default the "Tax adjustment category" is hidden on the Income statement analysis sheets, however there is a "Show XBRL categories on Income Statement?" selector on the P sheet. The default tax adjustment tag is now set to "None" rather than "Please choose an option..." |
2023 Legislative Updates | Descriptions of some incentive and deduction categories have been updated as per the latest changes, and "Secretarial and tax filing fees" now have a limit of RM15,000. |
Fixed asset additions - add Line items | The Line Item functionality has been added to the Fixed asset additions categories, to allow for additional rates to be added to the calculation. Administrators can create the Line Items for the required rates, so end users can insert them into the calculation, to allow the rate to be used. |
Other minor enhancements | The 'Dividend income' and 'Income from REIT / Trust' sheets now have two additional data entry columns to provide additional detail. |