The Government has issued Regulation No. 25 of 2009 in order to facilitate the implementation of Article 31D of Law No. 36 of 2008 which amends Law No. 7 of 1983 on Income Tax. The Regulation covers all Syariah based business activities including, among others, banking; insurance; and financial services.
The premise for the Regulation is two-fold, namely: a rapid increase in the number of business transactions that are Syariah based and to ensure that there is a level playing field between conventional transactions and Syariah based transactions.
The Minister of Finance is responsible for the issue of all additional regulation requirements. It is expected that any additional regulations issued in this regard will take into account any fatwas (edicts) issued by the relevant authorities as to how taxation of income can be levied.
Generally, income tax will take into account income, fees, and tax deductions and levies. The complex nature of the application of income tax for Syariah based business activities is reflected in the comprehensive Elucidations provided to the articles of the Regulation. Each of the above is enumerated in detail in the Elucidations.
The Regulation was issued on 3 March 2009. It has retroactive force from 1 January 2009.
The Government has issued Regulation No. 25 of 2009 in order to facilitate the implementation of Article 31D of Law No. 36 of 2008 which amends Law No. 7 of 1983 on Income Tax. The Regulation covers all Syariah based business activities including, among others, banking; insurance; and financial services.
The premise for the Regulation is two-fold, namely: a rapid increase in the number of business transactions that are Syariah based and to ensure that there is a level playing field between conventional transactions and Syariah based transactions.
The Minister of Finance is responsible for the issue of all additional regulation requirements. It is expected that any additional regulations issued in this regard will take into account any fatwas (edicts) issued by the relevant authorities as to how taxation of income can be levied.
Generally, income tax will take into account income, fees, and tax deductions and levies. The complex nature of the application of income tax for Syariah based business activities is reflected in the comprehensive Elucidations provided to the articles of the Regulation. Each of the above is enumerated in detail in the Elucidations.
The Regulation was issued on 3 March 2009. It has retroactive force from 1 January 2009.
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