A caring budget
The government is committed to meeting its target of achieving net zero greenhouse gas emissions by 2050, and as such, is increasing existing funding programs and extending tax incentives to encourage the adoption of green technology in the country.
“As eagerly awaited, the government also announced that the implementation of the Qualified Domestic Minimum Top-Up Tax of 15% will commence in 2024, in line with international tax developments surrounding the Base Erosion Profit Shifting (BEPS) Pillar 2 initiatives. This will combat revenue leakages and profit-shifting activities and allow Malaysia the first right to charge top-up taxes on revenue from entities located in Malaysia that are paying low taxes,” said Soh Liang Seng, Head of Tax at KPMG in Malaysia.
Explore Budget 2023 in greater detail in this article published in The Edge: