Capital Gains Tax - What do you need to consider?

With the emergence of Capital Gains Tax (“CGT”) in Malaysia, companies, limited liability partnerships, co-operative societies and trust bodies (whether incorporated in or outside Malaysia) will be impacted.  Capital assets situated in and outside Malaysia are in-scope, with certain exemptions given / proposed.

The Ministry of Finance and the Malaysian Inland Revenue Board have been actively engaging with the public and professional bodies to address considerations relating to the newly introduced CGT.  In this publication, we will walk you through the mechanics of the CGT and dive into some of the practical aspects that taxpayers should consider, while awaiting further clarification and guidelines from the authorities.

The KPMG’s Tax Whiz can be accessed via the above link.

As part of good tax planning, it is pertinent for taxpayers to plan early in ascertaining the applicability of CGT and its exemptions.  Where the disposal has already taken place, it is important to accurately determine the date of disposal and the amount chargeable to CGT in order to comply with the reporting requirement.

KPMG would be delighted to provide our assistance to you, where required, in:

a) Assessing the impact of CGT and advising on the applicability of CGT exemption(s);

b) Preparing computation on the amount of capital gains chargeable to tax; 

c) Submitting CGT returns; and/or

d) Advising on relevant CGT considerations and strategies relating to your transaction or structure.

Evelyn Lee
Partner - Penang Tax
evewflee@kpmg.com.my
+603 7721 2399

Crystal Chuah Yoke Chin
Associate Director - Ipoh Tax
ycchuah@kpmg.com.my
+603 7721 2714

Regina Lau
Partner - Kuching & Miri Tax
reglau@kpmg.com.my
+603 7721 2188

Titus Tseu
Executive Director - Kota Kinabalu Tax
titustseu@kpmg.com.my
+603 7721 2822

Ng Fie Lih
Partner - Johor Tax
flng@kpmg.com.my
+603 7721 2514