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