On 29 October 2021, the Minister of Finance of Malaysia tabled the Government’s Budget 2022, the largest ever in its history, with an allocation of RM332.1 billion. The country's economy is projected to expand between 5.5% and 6.5% in 2022, and is on track for recovery amidst a fully-vaccinated population.
A host of tax-related changes have been proposed. Some highlights of the proposed tax changes include a one-off corporate tax increase in 2022, known as Tax Makmur (Prosperity Tax), which will be imposed on large companies that earn profits exceeding RM100 million in 2022, and the removal of the long-standing tax exemption on foreign-sourced income. On another front, a Special Voluntary Disclosure Program ("SVDP") has been announced for Indirect Taxes penalty remissions of up to 100%, and tax remissions in certain cases.
Given the large number of new proposals affecting a wide spectrum of taxpayers, this webinar will focus especially on corporate tax related changes, including changes relating to tax incentives, tax treatments and tax administrative measures.
Our tax expert from Crowe Malaysia, Foo Meng Huei, will explain about the pertinent tax changes that would be most impactful to businesses and investors in Malaysia.