Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 10/1/2012

Malaysia - Tax proposals in 2013 budget 

October 1:   Malaysia’s prime minister on 28 September 2012 tabled the 2013 budget. Tax measures include proposals to:
  • Reduce the individual income tax rates
  • Make limited liability partnerships and business trusts subject to income tax in the same manner as a company
  • Treat interest income as non-business sourced income unless received in the course of conducting a money-lending business
  • Provide an income tax exemption (100%) to liquefied natural gas trading companies
  • Provide a 100% investment allowance for 10 years with respect to qualifying expenditures related to the refining of petroleum products
  • Provide “angel investors” a tax deduction for the total value of investment in a venture company against the angel investor’s income
  • Allow a tax deduction on the provision of treasury shares to employees
  • Provide a 100% accelerated capital allowance on security control and surveillance equipment installed in factories or buildings used by a business
  • Impose a 50% stamp duty exemption on instruments of transfer and loan agreements executed by Malaysians for the purchase of their first residential property (valued up to RM400,000)

Read a September 2012 report [PDF 199 KB] prepared by the KPMG member firm in Malaysia: 2013 Budget Highlights




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