Malaysia Tax Agency Clarifies Capital Gains Tax Rules

The Malaysian Inland Revenue Board Jan. 15 posted online clarification on capital gains tax rules. The clarification includes: 1) the limited liability partnerships, effective Jan.1, receiving gains or profits from the disposal of shares of a Malaysian company not listed on the stock exchange, or of a controlled company incorporated outside of Malaysia that owns real property in Malaysia or shares of another controlled company, or both, are subject to capital gains tax under the Income Tax Act; 2) the Labuan entities, subject to the Act are subject to imposition of capital gains tax; 3) the electronic filing obligation and ...