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On 13 October 2023, the Prime Minister and Minister of Finance, YAB Dato' Seri Anwar Ibrahim tabled the Malaysian Budget 2024 ("Budget") themed "Economic Reforms, Empowering the People". As the next step in the MADANI Economy Framework, the Budget was introduced with three main focuses in mind, namely, (i) enhancing governance; (ii) restructuring the economy; and (iii) elevating the people's standard of living.
Tax remains a forefront consideration for Budget 2024 with the Government looking to introduce various tax measures aimed at broadening the tax revenue base and encouraging both investments as well as reinvestments. This alert will examine some of the key tax highlights arising from the Budget and our analysis of these proposals.
Click here to access Budget 2024 - Tax Highlights | 23 October 2023.
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