Key Highlights of the Finance Bill 2024
For individuals and businesses
The Finance Bill 2024, Measures for the Collection, Administration and Enforcement of Tax Bill 2024 and Labuan Business Activity Tax (Amendment) (No. 2) (collectively referred to as “the Bills”, tabled in the Dewan Rakyat on 19 November 2024, marks a significant step in refining Malaysia’s tax landscape, addressing key areas that impact both businesses and individuals.
From changes to dividend taxation to new rules on property gains and charitable contributions, these amendments aim to enhance transparency, equity, and compliance in Malaysia's taxation system.
For businesses, the Bills introduces provisions that could affect cash flow, operational planning, and strategic investments. Individuals, on the other hand, will need to navigate updates like dividend tax changes and deductions for charitable contributions, ensuring proper alignment with the new regulations.
This booklet breaks down the Bills’ amendments in detail, offering you a clear understanding of how these changes will affect your financial planning and obligations starting from 2025. Whether you are a business owner, property investor, or someone managing personal taxes, this guide will help you stay informed and prepared for the road ahead.
In this newsletter, we will cover the Key Highlights of the Malaysia Finance Bill 2024 which include changes in:-
- Corporate Tax
- New Taxes / Major Rules
- Corporate Tax
- E-Invoicing
- Global Minimum Tax (GMT)
- Capital Gains Tax (CGT)
- Real Property Gains Tax (RPGT)
- Stamp Duty
- Labuan Business Activity Tax Act
- Indirect Taxes
- Highlights for Individuals
- Proposed Measures for Businesses and Individuals
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The Finance Bill 2024 aims to refine Malaysia's tax laws, enhance revenue collection, and ensure fairness in taxation.
