KUALA LUMPUR: The Finance Bill 2024, introduced in the Dewan Rakyat, aims to amend several significant legislative acts, including the Income Tax Act 1967, Real Property Gains Tax Act 1976, Stamp Act 1949, Petroleum (Income Tax) Act 1967, Finance Act 2012, and the Finance Act 2023.

According to BERNAMA News Agency, Deputy Finance Minister Lim Hui Ying tabled the bills for their first reading. The proposed amendments to the Income Tax Act 1967 include the introduction of a new paragraph aimed at imposing income tax on dividend income for individuals who are company shareholders. This amendment, set to take effect for the year of assessment 2025, also revises conditions for deductions related to charitable contributions.

The Real Property Gains Tax Act 1976 is also under review, with Clause 19 proposing changes to ensure that property gains tax is imposed on individual taxable profits rather than the total annual profit. This adjustment will mean tax is charged separately for each property disposal.

For the
Stamp Act 1949, Clause 24 suggests changes that would impose ‘ad valorem’ duty on real property exchanges, regardless of consideration, although some exchanges may be exempt. All amendments to these acts are planned to be effective from the year of assessment 2025 onwards.

In addition, Deputy Minister Lim presented the Measures for Tax Collection, Administration, and Enforcement Bill 2024, which proposes amendments to several acts including the Income Tax Act 1967, Real Property Gains Tax Act 1976, and others, aiming to streamline tax collection and enforcement processes across various sectors.