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Malaysian Budget for 2024 Delivered Including Capital Gains Tax on Unlisted Shares, Several Incentive Measures, and Increased Service Tax

17 October 2023

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Proposed Changes

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Malaysia

Malaysia's Budget for 2024 was delivered on 13 October 2023. Some of the main measures as explained in the tax measures document include: The implementation of Capital Gains Tax (CGT) on the disposal of unlisted shares for companies as follows from 1 March 2024, depending on the share acquisition date, with an exemption for shares disposed of in relation to an approved IPO or a restructuring of shares within the same group: acquired before 1 March 2024, the taxpayer may choose to be taxed at a rate of 10% on the net gain on the disposal or at a rate...