Malaysia announces 2014 Budget Proposal [TAX ALERT]December 13, 2013
On 25 October 2013, Malaysia’s Finance Minister delivered the 2014 Budget (Budget) Speech.
The key Budget announcement was in relation to the implementation of the long-awaited Goods and Services Tax (GST) that will be effective for a transaction occurred on or after 1 April 2015, at the rate of 6%.
The GST will replace the current sales and service tax regime. Businesses are given 17 months to prepare for the implementation of GST.
The Budget also includes a one percentage point reduction in a corporate tax rate and increases in capital gains tax on gains arising from disposition of real property.
This Alert summarizes the key items in the Budget.
Further details are available from the Ernst & Young Tax Alert which can be accessed using the link below:
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