KUALA LUMPUR, Dec 13 — The government has established a committee to review the Petroleum (Income Tax) Act 1967 (PITA), said Deputy Finance Minister Lim Hui Ying.
She said the government had always ensured the tax system was relevant to the upstream petroleum industry, including Malaysian oil and gas company, Petronas, and international players.
“The government will also study best taxation practices abroad and the revenue angle for the country,” Lim told the Dewan Negara today.
Organisations carrying out major petroleum operations are bound to comply with the regulations of PITA 1967.
Since 2010, the assessment system under PITA has changed to a current year-based and self-assessment system.
— Bernama
