KUALA LUMPUR (March 25): The Income Tax (Amendment) Bill 2024 and the Labuan Business Activity Tax (Amendment) Bill 2024 were presented in Dewan Rakyat for the first reading on Monday.

While presenting both bills, Finance Minister II Datuk Seri Amir Hamzah Azizan said the second reading of the Bills would also take place during this session.

According to documents published on the Parliament website, the proposed Income Tax (Amendment) Bill 2024 aims to amend the Income Tax Act 1967 (Act 53).

These amendments involve Sections 2, 3, 4, 8 and 9, which will come into effect upon the enactment of this Act.

Sections 5 and 6 are deemed to have come into effect on Jan 1, 2024, and Section 7 will be effective for the 2024 assessment year and subsequent assessment years.

Meanwhile, the Labuan Business Activity Tax (Amendment) Bill 2024 aims to amend the Labuan Business Activity Tax Act 1990 (Act 445), and these amendments are deemed to have come into effect on Jan 1, 2024. 

https://www.theedgemarkets.com/node/705806