KUALA LUMPUR, Oct 8 — The Chartered Tax Institute of Malaysia (CTIM) does not expect tax cuts for individuals or corporates, but more details on the luxury goods tax (LGT) and...
Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim is scheduled to table Budget 2024 in Parliament on Oct 13. — Picture by Firdaus LatifKUALA LUMPUR, Oct 8 — The Chartered Tax Institute of Malaysia does not expect tax cuts for individuals or corporates, but more details on the luxury goods tax and the mechanism for capital gains tax in the upcoming Budget 2024.
Chow said personal relief for individuals may be enhanced in line with the rise in cost of living, for instance, by combining the Employees Provident Fund and insurance relief and increasing its quantum. Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim is scheduled to table Budget 2024 in Parliament on Oct 13.Chow believed the government is scrutinising the implementation of the LGT and “is studying the best practices in other countries and how it can be best implemented in Malaysia with an expected rate from three to five per cent”.
“I am expecting Budget 2024 to release details on the mechanism for capital gains tax and the LGT,” said Chow.Chow also reckoned that there could be a possible comeback of a low-valued goods tax, despite concerns about its impact on the low and middle-income groups. On the carbon tax, he believed there may be more incentives to encourage low-carbon practices in businesses but the mechanism and its appropriate tax rate will require deliberation and consultation with stakeholders.As for the windfall tax on the palm industry, Chow agreed that it is timely to review this to ease smallholders’ burden.
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