The announcement of Budget 2025 by our Prime Minister and Finance Minister on 18 October 2024 include various key tax proposals that include the increase in minimum wage, the introduction of the new Dividend Tax and various personal relief.
Please refer to the below for the key tax proposals:
The following bills were subsequently passed by the Dewan Rakyat on 4 December 2024 and subsequently by the Dewan Negara on 16 December 2024.
- Finance Bill 2024
- Measures for the Collection, Administration and Enforcement of Tax Bill 2024
- Labuan Business Activity Tax (Amendment) (No.2) Bill 2024
There are a number of key changes introduced in these bills including matters such as self assessment on Real Property Gains Tax, self assessment on stamp duty, Capital Gains Tax, Labuan matters etc. Please refer to the below for further information.
Reach out to us if you require further clarification.
