The 2019 Malaysian Budget: Key Amendments

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The 2019 Budget for Malaysia reportedly contains plans to implement a digital economy tax for all online consumer services provided by foreign service providers that will take effect from January 2020 if all approvals go through.

Additionally, general capital gains tax (CGT) will be withdrawn. However, the CGT rate for immovable property is being increased from the current 5% rate to 10% for companies and foreigners; and from 0% to 5% for private individuals.