Donation reporting threshold to IRB increases to RM10k

PUTRAJAYA (Bernama): Only information on donors who donated RM10,000 and above needs to be submitted to the Inland Revenue Board (IRB) under new guidelines.

The information is for the approval of the IRB director-general and comes under subsection 44(6) of the Income Tax Act 197.

The new guidelines have been posted on the IRB official website at www.hasil.gov.my.

The IRB, in a statement Monday (Sept 9), said the new guidelines replaced the guidelines dated May 15.

It came into effect from Sept 5 after taking into account the recommendation of the Finance Minister that only information on donors donating RM10,000 and above should be provided to IRB instead of RM5,000 and above as required previously.

The IRB also advised parties seeking approval under subsection 44(6) of the Income Tax Act 1967 to comply with all requirements set out in the guidelines to prevent their approval status being revoked due to any non-compliance. - Bernama