Malaysia Tax Agency Updates FAQs on Pillar 2 Global Minimum Tax

The Malaysian Inland Revenue Board May 22 updated FAQs on the implementation in Malaysia of the global minimum tax (GMT) for multinational enterprise (MNE) groups, under OECD Pillar Two. Updated topics covered include that: 1) Malaysian constituent entities (CEs) aren’t required to submit GMT-related filings for the financial year beginning before Jan. 1, 2025, such as the Global Anti-Base Erosion (GloBE) Information Return (GIR), GIR notification, or top-up tax return (TTR); 2) if a Malaysian CE, however, has operations in jurisdictions that apply the GMT from 2024, the CE remains subject to GMT filing rules in those jurisdictions; 3) if ...