KUALA LUMPUR, Oct 14 — The Malaysian government will need to make changes to avoid collecting taxes twice after it introduces Capital Gains Tax (CGT) in March next year, tax...
Deloitte and Ernst & Young said the Malaysian government will need to make changes to avoid collecting taxes twice after it introduces Capital Gains Tax in March next year. — Picture by Sayuti ZainudinKUALA LUMPUR, Oct 14 — The Malaysian government will need to make changes to avoid collecting taxes twice after it introduces Capital Gains Tax in March next year, tax advisory firms Deloitte and Ernst & Young have said.
The government did not say if profits made from selling shares in real estate companies — which are already subject to the existing real property gains tax in Malaysia — would be exempt from the new CGT.Deloitte Malaysia country tax leader Sim Kwang Gek expects the government to not collect RPGT for profits made from selling shares in real property companies, after CGT kicks in next year.
Sim said Malaysia’s introduction of CGT on profits from the disposal of unlisted shares “may have a short-term impact on mergers and acquisition deals” as it would increase tax costs, but said the market would have taken such tax costs into consideration over time. “Similar to Australia, an inflation adjusted cost base should thus be considered in such cases. There are a number of issues that need to be ironed out, to provide clarity to businesses.
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