Malaysia – 2024 Budget

23 November 23
Malaysia’s Budget 2024, unveiled by Prime Minister Datuk Seri Anwar Ibrahim, allocates MYR 393.8 billion towards enhancing governance, economic growth, and living standards. Key proposals include tax amendments for businesses with foreign shareholdings, expansion of Service Tax coverage, and implementation of a Global Minimum Tax for multinational corporations. Significant tax incentives are introduced for green technology and ICT investments, alongside tax deductions for environmental, social, and governance-related expenditures and voluntary carbon market participation. The budget also outlines a phased introduction of e-invoicing for businesses, aiming to modernize and streamline tax compliance and reporting processes.

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