王优仁：资本利得税：新税收冲击

从2024年3月1日起，我国将首次“广泛”的对马来西亚公司的股票交易征收资本利得税，无论这些公司从事什么业务和持有何种资产。资本利得税本质上就是对公司脱售资本资产或投资（即房地产、股票、债券、贵金属等）所获的盈利征收税务。

目前，我国也会对股权交易征收资本利得税，但这仅限于《1976年房地产盈利税》规定的房地产公司，即有形资产总额75%或以上为房地产的公司。然而，与《1976年房地产盈利税》只适用于房地产公司脱售房产或公司股份所不同，新的资本利得税则含盖公司、有限责任合伙企业、信托机构和合作社持有的股权交易。他们被称为“特定实体”。个人则无需缴纳这项新的资本利得税。此外，资本利得税仅适用于在马来西亚注册但未在大马交易所上市的公司股票。

首相兼财政部长拿督斯里安华是在2023年提呈的财政预算案中，宣布推行资本利得税，作为扩大国家税基的措施之一。该措施是政府增加收入和减少财政赤字努力的一部分。当时指出，将从2024年开始，透过修订《1967年所得税法》，对交易非上市公司股票的收益征收“低税率”资本利得税。 

脱售在2024年1月1日之前购入的大马资本资产，其资本利得税税率为，脱售资本资产后应课税收入的10%或所脱售资本资产价格总额的2%，可由脱售者选择。对于脱售在2024年1月1日或之后收购的大马资本资产，税率为脱售资本资产后应课税收入的10%。相较之下，我们的邻国泰国、印尼、越南和柬埔寨的税率都在20%或以上。

资本资产交易后，脱售者必须在交易之日起60天内（或内陆税收局局长允许的延长期限）向内陆税收局提交申报表。同样，缴纳资本利得税的期限为交易日起60天内。

政府也宣布，政府将考虑对以下企业活动豁免资本利得税，例如交易所批准的首次公开募股（IPO）以及同一集团内的股权重组。虽然资本利得税会增加国家税收，但其对首次公开募股、企业并购（M＆A）和外资到来投资，带来怎样影响？

鼓励公司上市

今年1月31日，大马交易所宣布，在2024年其目标是42宗IPO。农历新年之前，交易所已经完成了6宗IPO。如果实现42家上市的目标，这将比2023年的32家、2022年的35家和2021年的30家有所增加。对上市公司股权交易免除资本利得税，将有利于上市公司和寻求上市并成功获得大马交易所批准的公司，这最终会否激励更多公司进行IPO？ 

相对于在主板和创业板的数百万令吉上市费用，资本利得税豁免可谓相形见绌，没有多大吸引力，除非首次公开募股规模非常大，并且预计企业投资者会吸纳大批股权。

同样，中小型企业板（LEAP）的上市费用通常比主板和创业板少得多，可能约100万令吉，约占筹集资金的1/3。为了让企业投资者免于被征收10%的资本利得税，在LEAP上市是否值得？此外，LEAP上市公司的大多数股东都是个人股东。LEAP每年新上市公司数量也在大幅减少，从2019年的15家、2020年的7家、2021年的12家和2022年的5家，减少到2023年仅1家（目前LEAP共有51家公司）。

与此同时，对于并购交易，出售股权的企业股东可能会提高交易价格，以抵消掉资本利得税。所以，资本利得税实施后对并购活动有何影响，我们还有待观察。

王优仁《资本利得税：新税收冲击》原文：Capital Gains Tax: What is the impact of the new tax in Malaysia?

For the first time in Malaysia, a ‘broad-based’ capital gains tax will be imposed on the disposal of shares in Malaysian companies effective 1 March 2024 regardless of the business activities and assets held by such companies. Capital gains tax is essentially a tax imposed on capital gains arising from disposal of capital assets or investments, i.e. real properties, shares, bonds, precious metals, etc. Currently, there is capital gains tax on gains from the disposal of shares in Malaysia but this is limited to real property companies under the Real Property Gains Tax Act 1976, which are companies with total tangible assets consisting of 75% or more in real property. However, unlike Real Property Gains Tax Act 1976 which is applicable to all owners when disposing of real property or shares in a real property company, this new capital gains tax is only imposed on shares held by companies, limited liability partnerships, trust bodies and co-operative societies. They are referred to as a “specified entity”. Individuals are not required to pay this new capital gains tax. Also, the capital gains tax are only applicable in respect of shares of a company incorporated in Malaysia not listed on the stock exchange.

The proposal to introduce capital gains tax was announced in the 2023 Malaysian Budget Speech by the Prime Minister and Minister of Finance, Dato’ Seri Anwar Ibrahim as one of the measures to be introduced to widen the country’s tax base. The proposal is part of the Government’s efforts to increase its revenue and reduce our country’s fiscal deficit. It was highlighted that the capital gains tax to be introduced on the gains from disposal of unlisted shares by companies beginning in the year 2024 by way of amendments to the Income Tax Act 1967, is at a “low tax rate”. The rate of capital gains tax for the disposal of a capital asset in Malaysia acquired before 1 January 2024, is 10% of the chargeable income from the disposal of the capital asset or 2% of gross on the disposal price of the capital asset, as elected by the specified entity making the disposal. For the disposal of a capital asset situated in Malaysia acquired on or after 1 January 2024, the rate of 10% of the chargeable income from the disposal of the capital asset. As a comparison, our neighbouring countries Thailand, Indonesia, Vietnam and Cambodia have a rate of 20% or more.   

Every specified entity which disposes of a capital asset must furnish a return in the prescribed form to the Director General of Inland Revenue within 60 days (or extended period allowed by the Director General) of the date of disposal of that asset. The due date for the payment of capital gains tax is 60 days from the date of disposal of the capital asset.

It was also announced that the Government will consider granting exemptions from capital gains tax on the disposal of shares related to activities, such as Initial Public Offerings (IPO) approved by Bursa Malaysia and restructuring of shares within the same group. While capital gains tax should result in an increase in revenue collections for the country, what will be its impact on IPOs, Mergers and Acquisitions (“M&A”) and inbound investments? 

On January 31 of this year, Bursa Malaysia announced that it is targeting 42 IPOs for 2024. Prior to Chinese New Year, the Malaysian stock exchange has already seen 6 listings. If the target of 42 listings is met, this would be an increase compared to 32 in 2023, 35 in 2022 and 30 in 2021. While the exclusion of unlisted shares from capital gains tax will be beneficial to listed companies and companies seeking to be listed and have successfully obtained approval from Bursa Malaysia, will this incentivise more companies to go for IPO?

As the expenses incurred for listing on the Main Market and ACE Market is a few million ringgit, the exemption from capital gains tax may not be sufficiently attractive unless the IPO is very sizable and it is expected that corporate investors are keen to take up sizable number of shares. Similarly, the listing expenses of a listing on LEAP Market which typically is a far smaller fund raising exercise compared to Main Market and ACE Market may come up to around a million ringgit and around one third of the funds raised. Would a listing on the LEAP Market be worthwhile just to save corporate investors from being imposed 10% of their gains on disposal? Furthermore, most of the shareholders in companies listed on the LEAP Market are individuals. The LEAP Market has seen a significant reduction of listings from 15 in 2019, 7 in 2020, 12 in 2021 and 5 in 2022 to only 1 in 2023. 

Meanwhile, for M&A deals, corporate shareholders disposing their shares may seek to increase the purchase price where possible, to mitigate the tax burden from capital gains tax. We have to wait and see what is the impact on M&A activity after the implementation of capital gains tax.