KUALA LUMPUR, June 8 — Audit firm Deloitte PLT is advising large Malaysian-based multinational companies (MNCs) and foreign-based MNCs that have operations in Malaysia to be...
KUALA LUMPUR, June 8 — Audit firm Deloitte PLT is advising large Malaysian-based multinational companies and foreign-based MNCs that have operations in Malaysia to be fully aware of the impact of global minimum tax and start preparing for it.
They said although Malaysia acknowledged the OECD’s original plan of implementing the GMT in 2023 with all rules operating as “top-up” to a minimum tax of 15 per cent, the country would need to amend its domestic tax legislation to implement this. “GMT applies to MNCs operating in at least two jurisdictions with an annual consolidated group revenue of at least 750 million pound in at least two of the four immediately preceding fiscal years.
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