ASIAN REGULATORY ROUND UP – NEW MALAYSIAN GOVERNMENT BUDGET RELEASED
November 1st, 2018
THE NEW Malaysian government has released its first budget – for 2019 – reducing corporation tax for small-and-medium-sized enterprises (SMEs) from 18% to 17% on their first Malaysian Ringgit MYR500,000 (USD119,484) of taxable income. It has also tightened rules on companies transferring up to 70% of their losses to the balance sheet of a related company – limiting such transfers to three years’ contiguous tax returns, there are currently no time limits. The government has also proposed that corporate income tax deductions be allowed for charitable ...
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