Malaysia Implements 2023 Finance Act No. 2 with New Tax Measures

• Malaysia has gazetted the Finance Act (No. 2) 2023
• The law includes measures such as exempting and refunding sales tax on low-value goods
• Mandatory e-invoicing for all goods and services transactions will be imposed
• A 4 percent stamp duty rate will be imposed on sales to nonresidents of certain properties
• The law also implements multinational top-up tax, domestic top-up tax, and Global Anti-Base Erosion (GloBE) model rules
• The law comes into force on December 30, 2023, and takes effect on January 1, 2024.

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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