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Malaysia Publishes 2022 Pre-Budget Statement

03 September 2021

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Proposed Changes

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Malaysia

The Malaysian Ministry of Finance has announced tax plans for Budget 2022, which are covered in a 2022 Pre-Budget Statement. This includes that the Government is considering the following measures to increase tax revenue through increased tax compliance: Implementation of the Special Voluntary Disclosure Program (SVDP) for indirect taxes administered by the Royal Malaysian Customs Department (RMCD). Through this programme, taxpayers are encouraged to voluntarily come forward to declare any tax that either has not been paid, underestimated, or erroneously reported to RMCD; Introduction of a Tax Compliance Certificate as a pre-condition for tenderers to participate in Government procurement; and...