On Thursday, I went to my first in-person seminar since the Covid-19 pandemic began—a 2024 Budget Seminar hosted by the Chartered Tax Institute of Malaysia (CTIM).

I attended because it’s a required continuing professional development (CPD) event for approved tax agents like myself, necessary for renewing our licenses.

It was great to reconnect with fellow accountants whom I hadn’t seen for years at the seminar. It’s a joy to see the CTIM Southern Branch thriving under the leadership of dedicated young professionals. Well done to Angela Lim and Jesu Dason and the teams.

Key points from the 2024 Budget seminar :

▶ Adjustment of the estimated tax payable in the 11th month of the basis period, in addition to the usual 6th and 9th months.
▶Mandatory electronic filing for various tax forms, including Form E and CP21, CP 22, CP22A & CP22B.
▶Requirement for taxpayers to submit information and documents electronically.
▶Introduction of a self-assessment system for Real Property Gains Tax (RPGT).
▶An RM50,000 tax deduction for the Year of Assessment on Environmental, Social, and Governance (ESG) initiatives, including the preparation of contemporaneous transfer pricing documentation. (to confirm with Ctim)
▶A new code of ethics for tax agents and their staff (OMG)!
▶Six scenarios concerning self-billing on e-invoices.
▶Mandatory details for e-invoices, such as Tax Identification Number (TIN), MSIC code, SST registration number, etc.
▶Changes to the Transfer Pricing Rules for 2023 will be discussed later.

Mr. Anil Kumar Puri shared insights on the trending topic of Capital Gains Tax (CGT), breaking it down into three main issues:

1. For CGT on the disposal of unlisted shares by companies:
▶The definition of ‘disposal’: How should the conversion of preference shares to ordinary shares be treated?
▶Determining if it’s revenue or a capital gain when shares are disposed of.
▶Any treatment of any disposals and the cost base for CGT like RPG Act

2. CGT on the disposal of shares by foreign companies:
▶Clarification on the rule regarding real estate and shares making up 75% of total tangible assets.

3. CGT on gains derived from foreign sources:
▶Which categories of disposers will be affected?
▶Further guidelines on the substance requirement.