Amendment to Section 6: Income Tax Rates on Capital Asset Disposals

The proposed amendment to Section 6 of the Income Tax Act represents a significant development in the taxation landscape.

Section 6 is a foundational provision governing the chargeability of income tax on the income of any person in Malaysia.

The amendment aims to refine and clarify certain aspects of this crucial section, ensuring a more precise and up-to-date framework for assessing income tax.

As we delve into the details of this amendment, it becomes evident that the changes are designed to enhance clarity, address specific scenarios, and align the legislation with the evolving economic landscape. Let's explore the key modifications and their implications for taxpayers in Malaysia.

A new Part XXI of Schedule 1 to the Income Tax Act 1967 will be introduced to delineate the tax rates applicable to chargeable income arising from the disposal of capital assets.

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