KUALA LUMPUR: The Global Minimum Tax (GMT) and Qualified Domestic Minimum Top Up Tax (QDMTT), which will be introduced in the year 2024, will give Malaysia the right to collect “top-up tax” that other countries will otherwise collect.
In a statement, Deloitte Malaysia said with an implementation timeline of 2024, companies affected by the GMT must prepare early to understand the impact of GMT on its business and financial position.
In comparison with regional peers, the Singapore government decided to introduce GMT in 2025 while Indonesia and Thailand are planning to implement it in 2024, it said in reference to Touchpoints Belanjawan 2023 issued by the Ministry of Finance (MoF) today.
Meanwhile, it said Budget 2023 proposed attractive tax incentive packages for manufacturers of EV charging equipment, in line with the government’s effort to strengthen the development of the EV industry in Malaysia.
It said eligible companies could enjoy up to 10 years of 100 per cent income tax exemption or up to 100 per cent investment tax allowance on qualifying capital expenditure incurred for five years.
It added that the incentive has a limited time period where only applications submitted to the Malaysian Investment Development Authority (MIDA) up to Dec 31, 2025 would be eligible. – BERNAMA
