TaXavvy Budget 2024 Edition

Welcome to our TaXavvy Budget Edition which brings you the key tax proposals of Budget 2024 based on the Budget speech as announced by the Prime Minister and Finance Minister, YAB Dato' Seri Anwar bin Ibrahim on 13 October 2023.

Highlights:

Capital gains tax on unlisted shares - Disposal of unlisted shares for companies
Service Tax - Increase in service tax rate from 6% to 8%
e-Invoicing - Full implementation by 1 July 2025
Pillar 2 - Global minimum tax (GMT) - Implementation of GMT expected in 2025
Accelerated capital allowance (ACA) for ICT equipment and computer software - ACA claim period reduced from 4 years to 3 years
Outcome-based tax incentive for companies - Tiered investment tax allowance under New Industrial Master Plan 2030

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