The government has recently granted an exemption from capital gains tax (CGT) and taxes on foreign sourced income (FSI) for unit trusts, as disclosed by Minister of Finance II Datuk Seri Amir Hamzah Azizan. This relief on CGT is applicable from January 1, 2024, to December 31, 2028, while the exemption on FSI extends from January 1, 2024, to December 31, 2026.
Minister Amir Hamzah emphasized the commitment to ensure a friendly investment environment for Malaysians, particularly through the implementation of CGT in Budget 2024. He clarified that CGT would primarily focus on gains arising from the disposal of unlisted shares by companies, with disposals of listed shares and individual disposals remaining unaffected.
Addressing unintended consequences, Amir Hamzah acknowledged that unit trusts, predominantly held by individuals, were inadvertently affected by CGT. He made these statements during the launch of Bursa Malaysia as a multi-asset exchange, where he also officiated the introduction of Bursa Malaysia's new gold investment app, Bursa Gold Dinar (BGD), the customer portal MyBURSA, and the platform connecting investors with dealer representatives – Bursa Reach.
Despite external volatility presenting downside risks, Minister Amir Hamzah remains optimistic, projecting Malaysia's economy to grow between four to five percent in 2024. He attributed this positive outlook to the government's persistent efforts to boost domestic demand and attract more investments. Highlighting the success of reforms under the Madani Economy framework, he expressed confidence in Malaysia's trajectory toward a higher economic value chain.
As the Madani Government's initiatives yield positive results, Amir Hamzah affirmed the commitment to executing policy documents and transforming the vision of the Madani Economy into a tangible reality in the coming months and years.
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