3 September 2021
The Malaysian Ministry of Finance has announced tax plans for Budget 2022, which are covered in a 2022 Pre-Budget Statement. This includes that the Government is considering the following measures to increase tax revenue through increased tax compliance:
The Government is also conducting a comprehensive review of the tax incentive framework to ensure that the tax incentives offered to foreign and local investors remain relevant to the current business landscape while continuing to maintain the country's competitiveness in attracting quality investments and provide positive returns to the country's economy and fiscal position. The objectives of this review are as follows:
Lastly, it is noted that Malaysia continues to support the OECD BEPS initiative to address the issue of cross-border tax evasion, which includes examining the proposals on the digital economy through Pillar One and Pillar Two to ensure that Malaysia has the right to tax digital economy activities.
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