KUALA LUMPUR: A number of taxation reform measures will be implemented next year to expand the country's revenue base and at the same time not burden the majority of the people.
THE SC welcomes these measures and incentives announced today. These initiatives demonstrate the government’s commitment to fostering economic growth and encouraging sustainable and responsible investments in Malaysia.
In balancing the need to broaden the tax base, as well as supporting the fundraising needs for corporations of all sizes, we are grateful that the government has considered targeted exemptions on Capital Gains Tax impositions on activities relating to approved IPOs and Venture Capital. This would ensure continued fundraising activities in the capital market.
This will be achieved, among others, by enhancing tax collection effectiveness, gradual subsidy rationalisation and plugging leakages as well as broadening the revenue base with increase in SST to 8%, reintroduction of tax on luxury goods of 5%-10% and imposition of 10% capital gains tax on shares in unlisted companies.
We are also encouraged by the government’s support for the development of voluntary carbon market with additional tax deduction of up to RM300,000 for Measurement, Reporting and Verification expenses related to carbon credit project development which can be deducted from sales proceeds from carbon credits traded on Bursa Carbon Exchange .
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