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Kuala Lumpur Landscape Crowe Malaysia

Key Highlights of the Finance Bill 2024

11/28/2024
Kuala Lumpur Landscape Crowe Malaysia
The Finance Bill 2024, Measures for the Collection, Administration and Enforcement of Tax Bill 2024, and the Labuan Business Activity Tax (Amendment) (No. 2) were tabled in the Dewan Rakyat on 19 November 2024, marking a key development in Malaysia's tax system. These Bills introduce significant amendments, including changes to dividend taxation, property gains, and charitable contributions, to improve transparency, fairness, and compliance. Businesses may face impacts on cash flow, operations, and investments, while individuals must adjust to new rules on dividend taxes and charitable deductions. This guide provides a detailed breakdown of the amendments, helping businesses, property investors, and individuals prepare for the changes that will take effect in 2025.

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Originally published by Crowe Malaysia, 19 November 2024