Well, well, well... To all Equity Crowdfunding (ECF) investors, you should be getting the confirmation certificates for those of you, ECF investors, who are entitled to income tax exemptions for the Assessment Year 2023 (YA2023).
ECF investments made by individuals in 2021 would be eligible for the tax exemption in YA 2023. What are the other eligible requirements? Still remember?
(#Throwback here for you to read: How to Qualify for ECF Tax Incentive in Malaysia?) 👈
Coming back to this topic, how to file it during tax e-filing submission? 👀
Please find the said clarifications and guidance as the following:
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For your easy reference, you may refer to the Nota Penerangan BE 2023 online: https://ef.hasil.gov.my/eBE2024/Pdf/Nota_BE.pdf
Further, for the ECF Investors who may have filed for the tax returns without including the ECF tax exemption, you may find the guidance to amend your filing in LHDN’s website based on the following link, if you deem it appropriate:
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If you have any questions or require further clarification, please seek help from your respective ECF operators.
Note: Only ECF investments made by individuals in 2021 would be eligible for the tax exemption in YA 2023.
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According to the Securities Commission Malaysia's recent update on tax exemption FAQs dated 12/12/23 (Question 8), it has been clarified that only nominee companies incorporated under the Companies Act 2016 are eligible for this tax exemption. 😢
Unfortunately, LLPs investors, which are governed by the Limited Liability Partnerships Act 2012 (Act 743), are not currently eligible for this tax exemption based on the existing guidelines.
*** LLP = Limited Liability Partnership
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ISSUES WITH FILING AMOUNT LOWER THAN RM5,000
ECF operators are aware that some ECF investors are facing an issue in which the LHDN website version of the Borang Nyata Individu/Return Form of an Individual prohibits individuals to include an amount lower than RM5,000 in the required field. 💥💥💥
They have accordingly highlighted the issues to the concerned authorities, and was informed by LHDN that it is in the process of making the necessary improvements to their website.
Update on 1st April 2024:
LHDNM have made the necessary website improvements 👍👍👍. Affected investors can now proceed to file their tax returns.
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