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Budget 2024: govt plans to implement global minimum tax in 2025

The Prime Minister says GMT will only apply to companies with a global revenue of at least 750 million euros.

Updated 2 years ago · Published on 13 Oct 2023 5:40PM

Budget 2024: govt plans to implement global minimum tax in 2025

KUALA LUMPUR — The government plans to implement the global minimum tax (GMT) in 2025 after considering feedback from the industry and the latest international developments.

Prime Minister Datuk Seri Anwar Ibrahim said GMT would only apply to companies with a global revenue of at least 750 million euros.

"Malaysia needs to keep up with international taxation standards, especially in curbing tax base erosion activities and transferring profits to countries with low tax rates.

“The government will continue to monitor the development of GMT at the international level,” he said when tabling Budget 2024 in Dewan Rakyat today. — Bernama, October 13, 2023

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