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CGT - Capital Gain Tax

New tax from 2024


Background:

Announced in Budget 2024


Timeline

Effective 1st March 2024


Who is Chargeable Person (i.e. to pay CGT)?

Company (including Sdn. Bhd. and Limited Liability Partnership)

CGT Rate

10% on net gain or

2% on gross sales value (only if shares acquired before 1st March 2024)


Scenario 1

Mr. Chong owns 10,000 shares in Cnps Cosec Sdn Bhd (CCSB) before 1st March 2024.

Mr. Chong retires and sell 10,000 shares in CCSB to John for RM100,000 only. CGT : No need to pay as Mr. Chong is an individual, no subject to CGT.


Scenario 2

Amazing CFO PLT owns 10,000 shares in Cnps Cosec Sdn Bhd (CCSB) before 1st March 2024.

As one of the Partner of Amazing CFO, Mr. Chong retires and sell 10,000 shares in CCSB to John for RM100,000 only.


CGT: To be imposed on the disposal (as CCSB is a non-listed company). Amazing CFO PLT opts to pay 2% on RM100,000


Scenario 3



Presented by:

Cnps Tax Advisory Sdn. Bhd.

201901019977 (1329306-P)

Need support? Feel free to contact our tax agent now at MyTax@CnpsTax.com

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