Pursuant to recent amendments to the Income Tax Act 1967 (“ITA”), gains or profits from the disposal of a ‘capital asset’ on or after 1 January 2024 will be subject to capital gains tax (“CGT”).
‘Capital asset’ is defined to mean movable or immovable property, and includes any rights or interests thereof and includes amongst others, stock and shares, loan stock and debentures.
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Amendments to the Malaysian Insolvency Act 1967 were passed by the Dewan Rakyat on 24 May 2023.
A few key points arising from the amendments are:
1. Sub-section 33B (2A) was amended to include 2 new categories where bankrupt individuals may be able to qualify for a discharge from bankruptcy and the creditor(s) may not object:
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