The Malaysian government has announced that there will be no capital gains tax (CGT) and taxes on foreign sourced income (FSI) on unit trusts.
Finance Minister II Datuk Seri Amir Hamzah Azizan in his keynote speech at the launch of Bursa Malaysia as a multi-asset exchange on Tuesday (Jan 16) that the exemption on FSI takes effect from Jan 1, 2024, until Dec 31, 2026, while the exemption on CGT is effective from Jan 1, 2024, to Dec 31, 2028.
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Finance Minister II Datuk Seri Amir Hamzah Azizan in his keynote speech at the launch of Bursa Malaysia as a multi-asset exchange on Tuesday (Jan 16) that the exemption on FSI takes effect from Jan 1, 2024, until Dec 31, 2026, while the exemption on CGT is effective from Jan 1, 2024, to Dec 31, 2028.
Read more at http://tinyurl.com/bb3nz6vh
WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00 Ladies and gentlemen, the government will continue to make capital market investments in Malaysia rakyat-friendly.
00:08 In line with the international best practices and to expand the tax base, the government introduced the capital gains tax in Majang 1 in 2024.
00:16 The scope of CGT focuses on gains from disposal of unlisted shares by companies.
00:22 Disposable of listed shares and disposal by individuals are not subject to CGT.
00:28 Through various engagements we've had on this matter, it has come to our attention that one unintended area impacted by CGT is unit trusts.
00:39 Given that more than 90% of unit trusts are individuals, I want to assure you that this government values feedback and engagements.
00:50 I am pleased to announce that the government has agreed to exempt the imposition of capital gains tax as well as tax on foreign source income on unit trusts.
01:00 This is to ensure that the rakyat will continue to benefit only from the gains of their hard-earned money and invest in their future.
01:13 The exemption of FSI takes effect on 1 January 2024 until 31 December 2026.
01:22 Meanwhile, the exemption of CGT is effective 1 January 2024 until 31 December 2028.
01:30 Ladies and gentlemen, the reforms initiated by the Mandani government are yielding gains.
01:38 The economy Mandani framework has provided a clear roadmap to propel Malaysia to a higher economic value chain and breathe confidence into global investors.
01:50 In the first nine months of 2023, Malaysia secured RM225 billion in approved investments.
01:58 This represents a 7% increase from a year earlier, bringing it to the highest amount for the corresponding period over the last decade.
02:07 This indicates that investors have responded well to the economy Mandani vision, along with supporting policy documents, namely the National Energy Transition Roadmap Letter,
02:19 the new Industrial Master Plan 2030 NIMP and the mid-term review of the 12 Malaysia Plan.
02:28 The economy framework, along with these policy documents, demonstrates the government's commitment to elevate Malaysia's position in the global supply chain and embolden our business's ESG values.
02:42 In the coming months and years, the government will see through the execution of these policy documents and to ensure that the economy Mandani vision will become a reality.
02:52 [BLANK_AUDIO]