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Dear Valued Client / Business Associate,

The following Bills have been passed by the Dewan Rakyat on 2 December 2019:

1.      Finance Bill 2019,

2.      Labuan Business Activity Tax (Amendment) Bill 2019,

3.      Income Tax (Amendment) Bill 2019, and

4.      Petroleum (Income Tax) (Amendment) Bill 2019.

Apart from the Finance Bill 2019, the three Amendment Bills were passed without any changes.

The Finance Bill 2019 was passed with the following changes:

1.      Acquisition price in determining the chargeable gain/loss for the disposal of chargeable assets by Malaysian citizens and permanent residents which was acquired prior to year 2013:

Finance Bill 2019

Amended Finance Bill 2019

The market value as of 1 January 2013 be used as the acquisition price.

(a)  The market value as of 1 January 2013 be used as the acquisition price; and

(b)  The proposal will not apply to:

·    disposal of shares acquired by an individual in exchange of real property transferred to a company controlled by that individual, his wife, jointly with his wife or with a connected person; and

·    disposal of shares in a real property company.

The above proposal comes into operation on 12 October 2019.  The above rebasing to 1 January 2013 will only apply to disposals from 12 October 2019.

 

2.     The proposal where the Director General of Inland Revenue be empowered to approve or reject applications for tax agent licenses has been deleted. 

The Finance Bill 2019 (Amendment) and KPMG’s highlights can be accessed via the above links.  Our highlights are intended to provide a general overview of the key proposed tax changes and should not be used or relied upon as a substitute for detailed advice or as a basis for formulating business decisions.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Contact KPMG

Should you have any questions or require further clarification, please do not hesitate to contact any of our Executive Directors, Directors, Associate Directors or Managers whom you are accustomed to dealing with or who are responsible for the tax affairs of your organisation at the following telephone numbers for respective offices:

Petaling Jaya Office

Tai Lai Kok
Executive Director –
Head of Tax and Head of Corporate Tax
ltai1@kpmg.com.my
+ 603 7721 7020

Long Yen Ping
Executive Director –
Head of Global Mobility Services yenpinglong@kpmg.com.my
+ 603 7721 7018

Bob Kee
Executive Director –
Head of Transfer Pricing
bkee@kpmg.com.my
+ 603 7721 7029

Ng Sue Lynn
Executive Director –
Head of Indirect Tax
suelynnng@kpmg.com.my
+ 603 7721 7271

Soh Lian Seng
Executive Director –
Head of Tax Risk Management
lsoh@kpmg.com.my
+ 603 7721 7019

Nicholas Crist
Executive Director –
Corporate Tax
nicholascrist@kpmg.com.my
+ 603 7721 7022

Dato’ Leanne Koh
Executive Director – 
Corporate Tax
leannekoh@kpmg.com.my
+ 603 7721 7026

Neoh Beng Guan
Executive Director – 
Corporate Tax
bneoh@kpmg.com.my
+ 603 7721 7025

Ong Guan Heng
Executive Director – 
Corporate Tax
guanhengong@kpmg.com.my
+ 603 7721 7027

Chang Mei Seen
Executive Director – 
Transfer Pricing
meiseenchang@kpmg.com.my
+ 603 7721 7028

Ivan Goh
Executive Director – 
Transfer Pricing
ivangoh@kpmg.com.my
+ 603 7721 7012

 

 

 

Evelyn Lee 
Executive Director –
Penang Tax
evewflee@kpmg.com.my
+604 238 2288 (ext. 312)

Regina Lau
Executive Director –
Kuching & Miri Tax
reglau@kpmg.com.my
+6082 268 308 (ext. 2188)

Titus Tseu
Executive Director –
Kota Kinabalu Tax
titustseu@kpmg.com.my
+6088 363 020 (ext. 2822)

Ng Fie Lih
Executive Director –
Johor Bahru Tax
flng@kpmg.com.my
+607 266 2213 (ext. 2514)

Crystal Chuah Yoke Chin
Tax Manager –
Ipoh Tax
ycchuah@kpmg.com.my
+605 253 1188 (ext. 320)