TaXavvy Issue 33/2024

In this issue:

Finance Bill 2024 and other tax bills passed at Dewan Rakyat

The following bills were passed by Dewan Rakyat on 4 December 2024: 

• Finance Bill 2024 
• Labuan Business Activity Tax (Amendment) (No.2) Bill 2024 
• Measures for the Collection, Administration and Enforcement of Tax Bill 2024

Updated real property gains tax exemption guidelines for transfer of assets

The Inland Revenue Board (IRB) has issued an updated Guidelines for application to obtain approval under paragraph 17(1) of Schedule 2 of the Real Property Gains Tax Act 1976. The Guidelines replaced the guidelines dated 8 January 2015 of the same title.

Filing program for specified documents through MITRS

The IRB has issued the Filing Program for Documents Specified under Section 82B Through Malaysian Income Tax Reporting System (MITRS).

Stamp duty exemption for SMEs financing instruments

Gazette orders have been issued to grant stamp duty exemptions on financing instruments for small and medium enterprises (SMEs).

Tax incentive for equity crowdfunding

The Income Tax (Exemption) (No. 4) Order 2022 (Amendment) Order 2024 was gazetted on 27 November 2024 to amend the Income Tax (Exemption) (No. 4) Order 2022. This amendment follows the announcement in Budget 2024, which extended and expanded the scope of the tax incentive for investments through an equity crowdfunding platform.