The new Income Tax (Exemption) (No.7) Order 2023 has brought in some good news. It offers an exemption from income tax on gains or profits from selling shares in unlisted Malaysian companies between January 1, 2024, and February 29, 2024.

This means that for shares of Real Property Companies (RPC), which were traditionally subject to Real Property Gains Tax (RPGT), there’s now a “2-month tax holiday” due to the Capital Gains Tax (CGT) exemption.

Calculating the tax for a Malaysian real property company dealing with property gains can be quite complicated. Many challenges and issues can come up during this process.

Here are some common problems when figuring out real property gains tax in Malaysia from my personal experience :

1. Determining the exact profit from selling a property can be tough. This involves calculating the initial purchase price, allowed expenses, and any exemptions or reliefs.

2. Keeping proper records of property transactions, expenses, and documentation is crucial to support tax calculations and claims.

Imagine the company was incorporated before I was even born.

One more thing to note is that most hashtag#taxpayers in Malaysia trust lawyers more for property matters because of their legal expertise.

Goodbye, Real Property Gain Tax (RPGT) on Real Property Company (RPC).

You can read the full content on RPC and Capital Gains Tax in our company’s blog hashtag#ktp here https://lnkd.in/dd_5t6v9