Group Relief
12 important questions on Group Relief
What is the time limit for a surrendering company to surrender its current year loss?
What is the maximum percentage of CYBL that can be surrendered to a claimant company?
What must the claimant company have for the year of assessment?
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When are a surrendering company and claimant company considered related?
- At least 70% of the paid-up ordinary share capital is owned directly or indirectly by the claimant or surrendering company.
- Ownership by another company resident and incorporated in Malaysia.
What are the conditions for both surrendering and claimant companies to qualify for group relief? (RISONRO)
- Resident in Malaysia for assessment year.
- Incorporated in Malaysia.
- Same 12 months year ends.
- Paid-up ordinary share capital > RM2.5 million.
- Subject to 24% tax rate.
- Not claiming other incentives.
- Related companies(>=70%) throughout basis period and preceding 12 months.
When can a company surrender its loss if shareholding increases to 70% from 51%?
- when Shh is 70% throughout basis period and preceding 12 months
What are the ways a single surrendering company can surrender its losses?
- Surrender its losses to a one claimant company.
- Surrender its losses to more than one claimant company.
- The adjusted loss must be fully deducted to the first claimant company before any excess is surrendered to the second.
How should the order of priority be determined when surrendering losses?
- The surrendering and claimant company must ascertain the order of priority for the adjusted losses surrendered/claimed.
- If the order cannot be followed, the amount will be dealt with by DG as he thinks reasonable and proper.
What happens when more than one surrendering company surrenders losses to a single claimant company?
- The adjusted loss from the first surrendering company must be fully deducted before the adjusted loss from the second surrendering company is deducted.
What is the rule regarding excess loss?
- If the adjusted loss exceeds the defined aggregate income of the claimant company, the excess is retained as unabsorbed loss.
- This unabsorbed loss can be carried forward to offset statutory income for up to 10 years.
What incentives make a company ineligible for group loss relief?
- Companies claiming RA, ITA, PS will not be eligible to claim group loss relief.
What penalty applies if a surrendering company furnishes incorrect CYBL to be surrendered?
- The surrendering company face penalty equal to the amount of tax undercharged by the claimant company due to incorrect information.
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