Malaysia legislation

Section 31

of FINANCE (NO. 2) ACT 2023

Section 31

Schedule 1 to the principal Act is amended by inserting after

Part XX the following part:

“Part XXI

Notwithstanding Part I, income tax shall be charged for a year of assessment on the income of a company, limited liability partnership, trust body or co-operative society from the disposal of capital asset referred to in paragraph 4(aa) at the following rates:

(a)

in relation to a disposal of capital asset situated in Malaysia which was acquired before 1 January 2024—

(i)

at the rate of 10 per cent on every ringgit of the chargeable income from the disposal of the capital asset; or

Finance (No. 2)

(ii)

at the rate of 2 per cent of gross on the disposal price of the capital asset;

(b)

in relation to a disposal of capital asset situated in Malaysia which was acquired on or after 1 January 2024 at the rate of 10 per cent on every ringgit of the chargeable income from the disposal of the capital asset;

(c)

in relation to a disposal of capital asset other than a disposal under paragraphs (a) and (b), at the applicable rate to the company, limited liability partnership, trust body or co-operative society as specified under Part I or IV on every ringgit of the chargeable income from the disposal of the capital asset.”.

Amendment of Schedule 3