Malaysia Parliament Passes Income Tax (Amendment) Bill 2024

The Malaysian Parliament April 9 passed Bill No. DR 9/2024, also known as the Income Tax (Amendment) Act 2024, to amend the Income Tax Act 1967. The bill includes measures to: 1) amend the definitions of specific words; 2) clarify that under Section 15c, the disposal of shares in a controlled company refers to the disposal being made by a company, limited liability partnership, trust, or co-operative; 3) require providers of electronic trading platforms to issue self-billing invoices in accordance with the conditions and specifications established by the Director General; 4) explain that the issuance of receipts may be made ...