The Malaysian 2024 Budget, which is themed “Madani Economy: Empowering the People”, was announced on...
Following the 2023 Budget Proposals which were announced by the Malaysian Finance Minister on 24 February 2023, the Finance Bill 2023 was tabled in Parliament on 14 March 2023. Part 2 of our Tricor Insights Special Edition: 2023 Budget highlights ONLY the changes proposed in the Finance Bill 2023, and key changes which were not covered in our Tricor Insights Special Edition: 2023 Budget (Part 1) as summarised below:
- Capital Allowances for Intangible Assets
- Exclusion of Foreign Owned Entities From Scope of SME Tax Rate
- Changes to Scope of Stamp Duty for Instruments of Transfer
- Administrative Matters on Payments to Agents, Dealers & Distributors (“ADDs”)
- Additional Flexibility on CP500 Tax Instalments
- Mandatory Electronic Filing Requirements
- Other Tax Proposals Affecting Individuals, such as:
➢ Changes to Tax Relief on Employees Provident Fund (“EPF”) Voluntary Contributions
➢ Discontinuation of Skim Simpanan Pendidikan Nasional (“SSPN”) Relief
➢ Real Property Gains Tax (“RPGT”) Treatments Affecting Transfer of Assets
To appreciate all the tax proposals in the 2023 Budget, the Tricor Insights Special Edition: 2023 Budget (Part 2) must be read in conjunction with the Tricor Insights Special Edition: 2023 Budget (Part 1).
Feel free to download the full version:
The Ministry of Finance has announced that the SVDP 2.0 will run from June 6,...