BDO Tax Buzz | March 2024

Stay Informed with the Latest Tax Updates from Malaysia

Keeping up with tax regulations and amendments is crucial for individuals and businesses alike. Here's a snapshot of the recent developments from the Inland Revenue Board Malaysia (“IRBM”) and other relevant authorities:

• IRBM has issued nine new public rulings in 2023, providing clarity on income tax matters. Additionally, synthesised texts of Malaysia's double taxation agreements with various countries are now accessible on the Hasil website.
• The Government introduced changes to income tax exemptions, including an increase in childcare allowances. Amendments to the Income Tax (Exemption) Order 2009 and the introduction of capital gains tax highlight recent shifts in tax policies.
• Revised guidelines, replacing previous versions, ensure accuracy and relevance in tax assessments. Furthermore, the Income Tax (Exemption) (No. 7) Order 2023 grants exemptions for gains from the disposal of unlisted shares during a specified period.
• Various tax incentives aim to stimulate economic growth and investment. Remission orders, issued from September to December 2023, provide relief from tax obligations under specified conditions.
• Recent amendments to the Sales and Service Tax regulations underscore ongoing efforts to streamline tax administration and compliance.

Stay informed and compliant with these updates to navigate the evolving tax landscape effectively. For detailed information please click on the download button.  

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