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Latest tax developments in Malaysia
Following the 2010 Budget proposals which were announced in October this year, the Malaysian Government's challenge will clearly be to manage the budget deficit. Although there have been some signs of recovery both globally and domestically, there is a need to raise revenue and to manage spending is paramount. Taxand Malaysia discuss the proposals for next year in their latest newsletter.
To this end, the recent announcement of the tabling of the Goods and Services Tax (GST) Bill in Parliament this month is important. A 4% GST rate is expected to be implemented within 18 months of the passing of the GST Bill. Businesses as well as the Customs Department will have their work cut out to ensure that both parties are ready for the implementation of GST. In this edition of Tax Insights, various other Malaysian tax developments as well as some interesting international tax developments are reported.
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