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News › Weekly Alert Article
2015 Budget highlights
Following the announcement of the Malaysian Budget on 10 October 2014 by the Malaysian Government, Taxand Malaysia highlights the key strategies for the year ahead.
Among the overall strategies of the Budget, there were changes made within the below areas of taxation.
Amendments were made to the automation of labour intensive industries, the Islamic financial sector, transfer pricing, small value assers and tax administration.
Policies were updated in investment account platforms, private healthcare, economic corridors, industrial area management and principal hubs.
Real property gains tax
Changes were made to self-assessment, retention sum disposal and gifts of property.
Goods and services tax
Additional consumer items and services are now excluded from this tax.
There were additional changes made to the insurance and takaful sectors.
The Budget proposals overall are somewhat conservative - without bold measures to address for example the high debt at both public and private levels. Nonetheless, multinationals and nationals operating in Malaysia should take note of changes and maximise the opportunities/manage the risks accordingly.