Income Tax (Amendment) Act 2024

This Act may be cited as the Income Tax (Amendment)

Act 2024.

Sections 2, 3, 4, 8 and 9 come into operation on the coming into operation of this Act.

Sections 5 and 6 are deemed to have come into operation on 1 January 2024.

Section 7 has effect for the year of assessment 2024

and subsequent years of assessment.

INCOME TAX (AMENDMENT) ACT 2024

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movable or immovable property situated outside

Malaysia including any rights or interests thereof;

or

movable property situated in Malaysia which is a share of a company incorporated in Malaysia not listed on the stock exchange (including any rights or interests thereof) owned by a company, limited liability partnership, trust body or co-operative society;’.

in subsection (1), by substituting for the word “person”

the words “company, limited liability partnership, trust body or co-operative society”; and

in subsection (5), in the definition of “defined value”, by substituting for the words “subsection (2)” the words

“subsection (4)”.

in the definition of “disposal”, by substituting for the semi colon at the end of the definition a full stop;

and

by deleting the definition of “shares”.

Income Tax (Amendment)

acquires any goods sold or enjoys any services performed; or

provides electronic commerce platform in respect of any goods sold or services performed by any other person, that person shall for that year of assessment issue a self-billed invoice in accordance with the conditions as may be imposed by the Director General and the invoice shall be treated as an electronic invoice.”.

by substituting for paragraph (a) the following paragraph:

“(a) in relation to a disposal of movable property referred to in paragraph (b) in the definition of “capital asset” in subsection 2(1) or disposal of shares referred to in section 15c, which was acquired before 1 January 2024—

at the rate of 10 per cent on every ringgit of the chargeable income from such disposal;

or

by substituting for paragraph (b) the following paragraph:

“(b) in relation to a disposal of movable property referred to in paragraph (b) in the definition of

“capital asset” in subsection 2(1) or disposal of shares referred to in section 15c, which was acquired on or after 1 January 2024 at the rate of 10 per cent on every ringgit of the chargeable income from such disposal;”.