KUALA LUMPUR, March 29 — The Dewan Rakyat has successfully passed two critical bills, namely the Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024. These bills, essential for fiscal management, were approved after thorough deliberation and consideration by the committee, without any amendments, as highlighted by Deputy Finance Minister Lim Hui Ying.
Presented earlier by Minister of Finance II Datuk Seri Amir Hamzah Azizan, the Income Tax Bill aimed at amending the Income Tax Act 1967 (Act 53), focusing on sections 1 to 9 for the enhancement of tax policy and administration. Key amendments include redefining “capital asset” and clarifying the disposal of shares in controlled companies. The implementation of capital gains tax, highlighted by Lim, aims to broaden the tax base and uphold principles of social justice.
Similarly, the Labuan Business Activity Tax (Amendment) Bill 2024 targets amendments to the Labuan Business Activity Tax Act 1990 (Act 445), emphasizing the requirement for electronic trading platform providers to issue self-billed invoices. Both bills, effective from January 1, 2024, signify crucial steps in financial governance, aligning with the government’s commitment to fair and equitable tax reform.
