Malaysia Tax Agency Posts Guidelines, Updated FAQs on Domestic Top-Up Tax, Global Minimum Tax

The Malaysian Inland Revenue Board (IRB) Feb. 3 posted a guidance on the domestic top-up tax (DTT), and updated FAQs on the DTT and global minimum tax (GMT) for resident constituent entities of multinational enterprise (MNE) groups under OECD Pillar Two. Topics covered include: 1) the scope of the DTT; 2) formulas for calculating DTT and Global Anti-Base Erosion (GloBE) income or loss adjustments, and the rules for specified exclusions; 3) that all resident constituent entities of MNE groups must file DTT returns within 15 months of the year end, or within 18 months for transitional years, with first filings ...