Malaysia Gazettes 2023 Finance Act No. 2

The Malaysian Official Gazette Dec. 29, 2023, published Act No. 851, Finance Act (No. 2) 2023. The law includes measures: 1) taxing capital gains at a rate of 2 percent of the gross disposal price, and 10 percent of gains for unlisted company shares and nonresident company shares; 2) exempting gains from the disposal of capital assets located in Malaysia, other than for unlisted shares and shares of nonresident companies that own real estate in Malaysia; 3) amending the definition of foreign income for tax credit purposes; 4) deeming income from disposals of controlled company shares to be derived in ...