Malaysia Tax Agency Updates Guidelines on Capital Gains Tax for Unlisted Shares

The Malaysian Inland Revenue Board July 21 updated guidelines on capital gains tax (CGT) for unlisted shares. Topics covered include: 1) that the imposition of CGT on gains or profits from capital asset disposals includes shares of unlisted companies incorporated in Malaysia, as well as shares of a nonresident controlled company owning either real property in Malaysia or shares of another controlled company; 2) a 10 percent CGT rate on the chargeable income from capital asset disposals for assets acquired after Jan. 1, 2024, with taxpayers having the option to choose between that rate and a 2 percent rate on ...