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Since the publication of our client alert on tax highlights of the Malaysian Budget 2024, the Finance (No. 2) Act 2023 ("Finance Act 2023") has been passed by Malaysia's Parliament and gazetted into law on 29 December 2023. The Finance Act 2023 sets out the provisions, via amendments to the Income Tax Act 1967 ("ITA"), for implementing capital gains tax (CGT) on gains or profits from the disposal of capital assets. These provisions are effective from 1 January 2024 but are subject to the Income Tax (Exemption) (No. 7) Order 2023 ("Exemption Order") which exempts a company, limited liability partnership, trust body or co-operative society ("Chargeable Person") from the payment of income tax in respect of any gains or profits received from the disposal of shares of a company incorporated in Malaysia not listed on the stock exchange made on or after 1 January 2024 to 29 February 2024.
In this alert, we examine the key provisions on CGT in the Finance Act 2023 and their implications for taxpayers.
Click here to read the complete alert.
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This client alert was issued by Wong & Partners, a member firm of Baker McKenzie International, a global law firm with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner or equivalent in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as "Attorney Advertising" requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome.
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