LHDN Reveals New Donation Reporting Threshold
The Inland Revenue Board (LHDN) has recently raised the donation reporting threshold from RM5,000 to RM10,000.
Taking into account the suggestion by the Finance Minister, only those who donate RM10,000 and above are required to provide details to LHDN.
According to a statement from LHDN, the details provided are for the approval of the LHDN director-general and comes under subsection 44(6) of the Income Tax Act 1967.
Replacing the guidelines dated 15 May, the new guidelines went into effect from 5 Sept. LHDN further advised those seeking approval under subsection 44(6) of the Income Tax Act 1967 to comply with all requirements set out in the guidelines. This is to prevent any non-compliance that leads to their approval status being revoked.
You can read the guidelines for the approval of the LHDN director-general under subsection 44(6) of the Income Tax Act 1967 here.