Deputy finance minister: Not the right time to impose capital gains tax on disposal of shares

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KUALA LUMPUR, April 3 — The government does not consider it suitable to impose capital gains tax on the disposal of shares of listed companies at this time, said Deputy Finance...

How do Malaysia’s MPs lose their seats and party memberships? Here’s what the Federal Constitution and party constitutions sayDeputy Finance Minister Lim Hui Ying said the Income Tax Bill 2024 aims to amend the Income Tax Act 1967 , comprising nine clauses to enhance the tax policy and administration.

“The approach is taken to ensure that the local stock exchange can continue to be competitive,” she said when winding up the debate on the Income Tax Bill 2024 in the Dewan Negara today. The Dewan Negara today passed two bills involving tax, namely the Income Tax Bill 2024 and the Labuan Business Activity Tax Bill 2024.

Lim said the Income Tax Bill 2024 aims to amend the Income Tax Act 1967 , comprising nine clauses to enhance the tax policy and administration.The proposed enhancements include the implementation of capital gains tax , the implementation of e-Invoice, and tax administration amendments.

This Bill contains two clauses that amend the Labuan Business Activity Tax Act 1990, with the amendments deemed to have come into force on January 1, 2024. — Bernama

 

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