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Rödl & Partner opens new office in Waterloo, Canada |
Rödl & Partner opens new office in Waterloo, Canada |
Rödl & Partner opens new office in Waterloo, Canada |
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Key highlights of Malaysia´s Finance Bill (No. 2) 2023
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Key highlights of Malaysia´s Finance Bill (No. 2) 2023
Page Content
The Finance (No. 2) Bill 2023 was issued following the Budget 2024 announcement in October 2023. The Finance Bill seeks to implement the elements of Budget 2024 and also introduces the necessary legislation to implement the changes to the tax law.
Below please find the the salient points of the Finance Bill.
Capital Gains Tax
The new CGT rules will be effective as of 1 January 2024. CGT returns are to be filed electronically and paid within 60 days from the date of disposal.
Scope
Capital assets situated in Malaysia, i.e., shares in unlisted companies incorporated in Malaysia; or (ii) shares in foreign incorporated company deriving value from real property in Malaysia.
All types of capital assets situated outside Malaysia.
Taxable persons
Companies, LLPs, Co-operatives, Trust Bodies (including Unit Trusts)
Tax rates
Capital asset situated in Malaysia
Acquisition date before 1 January 2024 – 2 % on gross disposal price or 10 % on net gain (chargeable income)
Gains from disposal of all types of capital assets situated outside Malaysia, remitted into Malaysia
Based on prevailing income tax rate of the taxpayer.
Acquisition and disposal date
Disposal Date
Date of agreement (where there is a written agreement)
Date of completion of disposal (where there is no written agreement)
Acquisition Date
Deemed to coincide with the date of disposal by the disposer to the acquirer.
Where the disposal or acquisition is subject to approval from the Government, the disposal or acquisition date will be the date of such approval, or where the approval is subject to conditions, the date of the last of all such conditions being satisfied.
Capital losses
Capital losses may be used to offset against the gains from disposal of other capital assets.
Any capital losses accumulated can be carried forward for up to 10 years of assessment to be offset against future gains from disposal of capital assets.
Global Minimum Tax (“GMT”)
The Finance Bill will incorporate the legislative provisions of the Global Anti-Base Erosion (“GloBE Rules”) under BEPS Pillar 2 which will include the rules for Domestic Top-up Tax (“DTT”) and Qualified Domestic Minimum Top-up Tax (“QDMTT”) into Malaysian tax legislations which will be implemented in 2025.
The GloBE Rules include new taxing rights over undertaxed profits of any entity within a Multinational Entity (“MNE”) group with global revenue of at least EUR 750 million per annum which are taxed below the globally agreed minimum tax rate of 15 %.
The GloBE rules will impose a top-up tax for the difference between jurisdictional effective tax rate and the 15 % minimum tax rate, operating via the Income Inclusion Rules (“IIR”) to provide Malaysia with the taxing right to collect the top-up tax where the group’s ultimate parent entity is located in Malaysia.
In-scope
Constituent Entities (“CE”) of an MNE Group which has at least one entity or permanent establishment that is not located in the same jurisdiction as its ultimate parent entity, and the ultimate parent entity’s consolidated financial statement revenue is EUR 750 million or more in at least 2 of the 4 financial years immediately preceding the tested financial year.
Exclusion
Government entities, international organisations, non-profit organisations, pension funds, investment fund that is an UPE, international shipping income, real estate investment vehicle that is an UPE, and (subject to conditions) an entity that is
85 % or 95 % owned by any of the above entities (except a Pension Service entity).
Filing of GloBE Information Return ("GIR")
To be furnished no later than 15 months after the last day of the Reporting Financial Year.
Tax Treatment for Micro, Small and Medium Sized Companies (“MSME”)
An MSME will be required to observe an additional condition in order to qualify for the preferential tax treatment, i.e., not more than 20 % of the company’s paid up capital in respect of ordinary shares at the beginning of the basis period for a year of assessment is owned directly or indirectly by one or more companies incorporated outside Malaysia; or individuals who are not Malaysian citizens.
Claim for Double Tax Relief
Unilateral tax credit will no longer be available for income that is treated as derived from Malaysia under the Malaysian Income Tax Act that has suffered foreign tax from a non-DTA country.
Tax Administration
Effective YA 2024, companies, LLP, trust body or co-operative society will be allowed an extra chance of revising the estimate of tax payable for a YA in the 11th month of the basis period for that YA.
Legislative provisions will be introduced to provide powers for a director or other individual (who are jointly responsible for doing all acts and things for a company or body of persons) to appoint employees to complete and submit the prescribed forms via electronic medium on their behalf.
Effective YA 2025, businesses will be required to submit their financial statements and tax worksheets through the Malaysian Income Tax Reporting System (“MITRS”) within 30 days after the due date for submission of the income tax returns.
Mandatory electronic submission of prescribed forms by employers.
Real Property Gains Tax (“RPGT”)
Effective 1 January 2025 self-assessment system will be implemented for RPGT.
RPGT Return
Submission of RPGT return is required within 60 days from the date of disposal and may be furnished electronically.
The RPGT return furnished by the disposer is deemed to be an assessment made by the DGIR.
Amending a return
Where a disposer understates its RPGT payable, the disposer is allowed to submit an amended RPGT return within 6 months from the due date for submission of the RPGT return; and is deemed to be an additional assessment made by the DGIR.
Any additional RPGT payable is subject to an increase of tax equal to
10 % of the additional RPGT payable.
Additional assessment
The Director General of Inland Revenue (“DGIR”) may raise an additional assessment for any understatement of RPGT within 5 years after the end of that YA. The Director General of Inland Revenue (“DGIR”) may raise an additional assessment for any understatement of RPGT within 5 years after the end of that YA.
Record keeping
Documents must be kept for a period of 7 years from the end of the YA in which the deemed assessment was raised.
Stamp Duty
Section 2 of the Stamp Act, 1949 introduces a new definition of 'writing' or 'written' to include electronic instruments effective from 1 January 2024.
Effective from 1 January 2024, any instruments executed outside Malaysia relating to matters in Malaysia received via electronic transfer are subject to stamping within 30 days from the date of receipt (e.g. the date of receiving the email or any electronic transmissions).
Effective from 1 January 2024, agreements in foreign currency are subject to ad valorem stamp duty at a rate of RM5 for every RM1,000 of the loan amount with the maximum stamp duty limit of RM2,000 being abolished.
From The Newsletter
Newsflash ASEAN
Contact
Priya Selvanathan
Associate Partner
+65 6238 6770
Send inquiry
How We Can Help
R
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dl & Partner in ASEAN
Rödl & Partner in Malaysia
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