Budget 2024 Overview: Tax Incentives, SST, Capital Gains Tax, E-Invoicing, And More

Malaysia’s national Budget 2024 was unveiled on Friday, 13 October 2023, by Prime Minister and Finance Minister Dato’ Seri Anwar Ibrahim with a total allocation of RM393.8 billion. For businesses, some notable points include a Capital gains tax on the disposal of non-listed local companies’ shares at a rate of 10%, SST to be increased from 6% to 8%, tax incentives to attract investments in the form of tiered investment tax allowances of either 70% or 100%, and more.

Today on BizBytes we explore key points and themes relevant to businesses from Budget 2024 with Fung Mei Lin, Tax Partner and Entrepreneurial & Private Business Leader from PwC Malaysia.