Malaysia: Guidelines for relief fund process, approvals (COVID-19)
Malaysia: Guidelines for relief fund process, approvals
The Malaysian Inland Revenue Board in May 2020 issued guidelines concerning the application and approval process for relief funds established in response to the coronavirus (COVID-19) pandemic.
Subsection 44(11C) of the Income Tax Act, 1967 generally makes available a tax deduction for cash donations or contributions in-kind when made in respect of any project of national interest and approved by the Ministry of Finance. The guidelines set forth conditions and procedures to be followed in applying for ministerial approval of a COVID-19 relief fund, and address among other measures:
- Eligibility criteria for the applicants
- Who are qualifying recipients of the relief fund
- What are qualifying donations
Read a May 2020 report prepared by the KPMG member firm in Malaysia
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