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新2手机网址(www.hg108.vip):Preparing for a global tax reform

admin2022-08-258

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Ernst & Young Tax Consultants Sdn Bhd Malaysia tax managing partner Farah Rosley said: “We should be nimble in our approach to granting tax incentives, as large multinationals may no longer require or prefer a 0% tax rate in Malaysia if they just have to pay a top-up tax elsewhere. Our tax incentives must be carefully tailored based on the requirement of the individual investor."

PETALING JAYA: The proposed global minimum corporate tax (GMT), to curtail tax competition and shifting of profits, is set to benefit Malaysia if it follows international tax developments and does not forgo taxing rights on the profits generated here to other countries.

Initially set to roll out next year, the global tax has been delayed until 2024, according to the Organisation for Economic Co-operation and Development (OECD).

On Oct 8, 2021, 136 countries and jurisdictions agreed to a proposal developed by the OECD that includes establishing a 15% global minimum tax rate.

Ernst & Young Tax Consultants Sdn Bhd Malaysia tax managing partner Farah Rosley said: “We should be nimble in our approach to granting tax incentives, as large multinationals may no longer require or prefer a 0% tax rate in Malaysia if they just have to pay a top-up tax elsewhere. Our tax incentives must be carefully tailored based on the requirement of the individual investor.

“It is also important to assess what the corporate income tax rate should be going forward. Malaysia’s statutory income corporate tax rate is currently at 24%.

“This is higher than the 15% global minimum tax rate and is also higher than the tax rates in neighbouring countries, which generally do not exceed 20%.

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Tricor's Veerinderjeet Singh

“Having a lower corporate income tax rate may help the country to become more attractive to foreign investors,” she said.

With the impending introduction of the GMT, she said the country’s tax system should be competitive. It must also continue to develop and improve policies to encourage fresh domestic and foreign direct investments (FDIs), whilst retaining existing investments.

There is a need to ensure the tax system, including the tax incentive framework, remains effective and relevant, Farah said.

Shedding light on the GMT, Tricor Malaysia chairman Veerinderjit Singh said it is meant to end tax competition among countries which keep lowering their corporate tax rates and to end profit shifting by multinational companies (MNCs) by moving profits to low tax jurisdictions.

Veerinderjit, who is also the vice chair of Paris-based Global Commission on Taxation, International Chamber of Commerce, said under this proposed tax, it is a good thing for nations as all qualifying MNCs would be treated the same.

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