🚨 𝐍𝐞𝐰 𝐓𝐚𝐱 𝐀𝐥𝐞𝐫𝐭: 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐓𝐚𝐱 (𝐂𝐆𝐓) 🚨

Attention Clients! A significant tax update is on the horizon in Malaysia 🇲🇾:

Starting 𝟭𝘀𝘁 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰, CGT will be applied to gains from the disposal of certain capital assets by companies, LLPs, trusts, and cooperative societies, including:

- Shares of unlisted companies in Malaysia
- Shares of controlled companies outside Malaysia with property interests within Malaysia

💡 𝗪𝗵𝗮𝘁 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗸𝗻𝗼𝘄:

- An exemption period runs until 29th February 2024
- CGT Return Form (CGTRF) submissions begin 1st March 2024 via e-Filing (e-CKM Form)

📋 𝗙𝗶𝗹𝗶𝗻𝗴 𝗠𝗲𝘁𝗵𝗼𝗱:

- Tax agents will use the Tax Agent e-Filing System (TAeF) version 2.0
- CGTRF and payments are due within 60 days of asset disposal
- Digital Certificate and Tax Identification Number (TIN) are required for e-Filing

📚 𝗞𝗲𝗲𝗽𝗶𝗻𝗴 𝗥𝗲𝗰𝗼𝗿𝗱𝘀:

- Retain worksheets and supporting documents for 7 years
- Furnish documents only if requested for audit purposes

💳 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗚𝗿𝗮𝗰𝗲 𝗣𝗲𝗿𝗶𝗼𝗱:

- There's a 30-day payment period with an additional 7-day grace period for tax assessments under specific sections of the ITA 1967.

For detailed guidance, visit CGT Return Form Filing Programme.
https://www.hasil.gov.my/en/forms/cgt-return-form-filing-programme/ .

Need help navigating these changes? We're here for you. Drop us a message or give us a call. 📞