Budget 2024: Govt plans to implement global minimum tax in 2025


KUALA LUMPUR: The government plans to implement the global minimum tax (GMT) in 2025 after considering feedback from the industry and the latest international developments.

Prime Minister Datuk Seri Anwar Ibrahim said GMT would only apply to companies with a global revenue of at least 750 million euro.

"Malaysia needs to keep up with international taxation standards, especially in curbing tax base erosion activities and transferring profits to countries with low tax rates.

"The government will continue to monitor the development of GMT at the international level,” he said when tabling Budget 2024 in Dewan Rakyat today. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

China's openness creates more opportunities
Mah Sing acquires 5.24-acre land on Old Klang Road for M Aurora project
Trump win to worsen biggest selloff in ringgit bonds since 2020
FBM KLCI slides on profit-taking; tech and semiconductor stocks lead gains
China's Oct trade surplus with US widens to US$33.5bil
Bank Negara expected to keep OPR at 3% in 2025
China stocks fall again at open as investors brace for Trump presidency
Hup Seng shares rise after strong 3Q24 results, target price raised
Singapore bank DBS posts record quarterly profit, sees 2025 dip from tax changes
FBM KLCI opens higher, then slides on profit-taking

Others Also Read