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Malaysia: Proposed changes to capital gains tax, e-invoicing, and revised estimate of tax payable

The Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024 include proposed tax-related changes.

April 1, 2024

The Income Tax (Amendment) Bill 2024 and Labuan Business Activity Tax (Amendment) Bill 2024—which both passed on 26 March 2024 in the lower house of Parliament (Dewan Rakyat)—include the following proposed tax-related changes:

  • Capital gains tax: Clarification of in-scope capital assets, chargeable person, and rate on disposal of Section 15C shares, as well as amendments to definition of “share” and the “defined value” for purposes determining whether shares of a controlled company incorporated outside Malaysia are Section 15C shares. In addition, the Malaysian Inland Revenue Board (MIRB) on 22 March 2024 provided its response to the Joint Memorandum by the Professional Bodies on Issues Arising from 2024 Budget Speech and Finance (No. 2) Bill 2023, and on 27 March 2024 released its Guidelines on the Tax Treatment on Gains from the Disposal of Capital Assets Received from Outside Malaysia.
  • E-invoicing: Taxpayers issuing consolidated electronic invoice (e-invoices) would be allowed to issue receipts to buyers in any manner (i.e., not limited to printed form), and e-Commerce platform providers would be required to issue self-billed e-invoices, effective 1 January 2024.
  • Revised estimate of tax payable: Definition of “revised estimate” would include the revision made in the 11th month, effective from the year of assessment (YA) 2024. 

Read an April 2024 report prepared by the KPMG member firm in Malaysia

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