Further to Budget 2024 which was presented on 13 October 2023, the Ministry of Finance (“MOF”) has released Budget 2024 Touchpoints and updated Appendices on Tax Measures (an additional Appendix 34 – Expansion of Taxable Service Scope and Changes on the Service Tax Rate was issued).


We are pleased to share with you some of the key updates in this newsletter on:

  • Expansion of Scope of Taxable Foreign-Sourced Income (“FSI”)
  • Increase of Rate of Service Tax from 6% to 8%
  • Expansion of Scope of Taxable Services
  • Assessment under Labuan Business Activity Tax Act 1990 (“LBATA 1990”)

 

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