Malaysia revises e-invoicing rules, implementation dates
The Inland Revenue Board of Malaysia (IRBM) released updated guidelines on the new electronic invoicing (e-invoicing) requirements on 4 October 2024. These include the new e-Invoice Guideline (Version 4.0) and e-Invoice Specific Guideline (Version
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Malaysia exempts capital gains tax on share disposal for restructuring, IPOs
Malaysia’s Ministry of Finance (MoF) announced gazette orders exempting capital gains tax (CGT) on the capital gains or profits from the sales of shares during company restructuring and initial public offering (IPO) restructuring
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Malaysia likely to introduce subsidy cuts, new taxes in 2025 budget
Malaysia’s Prime Minister Anwar Ibrahim will announce the 2025 budget in parliament on Friday, 18 October 2024. Analysts and economists suggest the government is likely to implement additional new taxes and reduce subsidies for its 2025 budget,
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Malaysia consults on tax treatment of local ships
The Inland Revenue Board of Malaysia (IRBM) initiated a public consultation on a draft ruling regarding the tax treatment of Malaysian ships and the exemption of shipping income for qualifying residents. The consultation is open for comments from
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Malaysia exempts qualifying unit trusts from capital gains, foreign income tax
Malaysia has exempted qualifying unit trusts from capital gains and foreign income tax, issued the Income Tax (Unit Trust) (Exemption) Order 2024 and the Income Tax (Unit Trust in Relation to Income Received in Malaysia from Outside Malaysia)
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Malaysia unveils tax incentives for Forest City special financial zone
Malaysia’s Deputy Finance Minister Amir Hamzah Azizan introduced proposed tax incentives during the announcement ceremony for the Forest City Special Financial Zone (SFZ) on 20 September 2024. The Forest City is situated within the Iskandar
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Malaysia, Turkey FTA protocol enters into force
The amending protocol to the 2014 free trade agreement (FTA) between Malaysia and Turkey entered into force on 1 August 2024. The FTA covers trade in goods, including market access, rules of origin, customs procedures and facilitation, sanitary and
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Malaysia ends consultation on extended tax incentives for BioNexus companies
The Inland Revenue Board of Malaysia (IRBM) concluded a brief public consultation regarding a draft public ruling on tax incentives for investments in BioNexus status companies (BSC) on 10 September 2024. The objective of this Public Ruling (PR) is
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Russia approves income tax treaties with Abkhazia and Malaysia
The Russian government approved draft laws for the ratification of pending income tax treaties with Abkhazia and Malaysia on 4 September 2024. Previously, Russia and Abkhazia took a step towards economic cooperation by signing an income tax
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OECD: Economic Survey of Malaysia
On 27 August 2024 the OECD published its latest Economic Survey of Malaysia. The survey notes that Malaysia’s economy has grown significantly since the 1960s, with a higher per capita income than other countries in the region. Malaysia is
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OECD urges Malaysia to reintroduce GST to meet deficit target
According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable
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Malaysia revises service tax policy for logistics services
The Royal Malaysian Customs Department (RMCD) released an update to the Service Tax Policy 4/2024 (Amendment No 1) on 23 August 2024 concerning logistics services, which went into force on 1 March 2024. All logistics services under Group J (First
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Malaysia releases new reinvestment incentive guidelines under new industrial master plan 2030
The Malaysian Investment Development Authority (MIDA) has released guidelines for applying the new reinvestment incentive introduced in Budget 2024 on 30 July 2024. This initiative is aimed at existing manufacturing and agricultural companies that
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Malaysia updates e-invoicing guidelines
Malaysia’s Inland Revenue Board (IRBM) released updates regarding electronic invoicing (e-invoicing) guidelines on 30 July, 2024. These include revised versions of the e-invoice guideline (version 3.2) and the e-invoice specific guideline (version
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Malaysia updates e-invoicing guidance, confirms implementation timeline
Malaysia’s Inland Revenue Board (IRBM) has published updated Guidance and FAQs on 19 July, 2024, regarding its upcoming B2B e-Invoicing system. This follows after IRBM released updates regarding electronic invoicing (e-invoicing) on 28 June,
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Malaysia revises tax rules on foreign income, exempts dividends
The Inland Revenue Board of Malaysia (IRBM) has published amended technical guidelines – Tax Treatment In Relation To Income Received From Abroad (Amendment) – on 20 June 2024. This guidance provides clarification regarding the tax treatment
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Luxembourg ratifies Partnership and Cooperation Agreement with EU, Malaysia
Luxembourg has ratified the Partnership and Cooperation Agreement (PCA) between the European Union and Malaysia on 5 June, 2024. The agreement was signed on 14 December, 2022, at Brussels, and published in the Journal Officiel du Grand-Duché de
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Malaysia publishes guidelines on tax treatment of hybrid instruments
The Inland Revenue Board of Malaysia (IRBM) has published guidelines on tax treatment of hybrid instruments, providing clarification about the general characteristics of hybrid instruments and how the tax treatment of distributions or profits from a
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