VATupdate

The Prime Minister of Malaysia expanded list of goods and services not subject to (i.e., exempt from) goods and services tax (GST)

The Prime Minister of Malaysia tabled the 2015 budget on 10 October 2014. Among the tax-related items included in the 2015 budget are measures that would:

Reduce the corporate tax rate to 24 percent
Reduce the tax rate for an LLP resident in Malaysia
Expand the list of goods and services not subject to (i.e., exempt from) goods and services tax (GST)
Provide an incentive in the form of enhanced capital allowances for automation undertaken in the manufacturing sector
Provide certain individual income tax relief measures.

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