KUALA LUMPUR, Feb 13 — Deloitte Malaysia is anticipating that the global minimum tax will be among the measures implemented in Budget 2023 when it is tabled on February 24.
The firm’s director of international tax, Kelvin Yee, said the GMT “does not depend on the government of the day.” “If Malaysia does not do it, the taxing right will be ceded to other countries which implement it,” he said in a statement. “MNCs operating in at least two jurisdictions, with a minimum annual consolidated group revenue of €750 million in at least two of the four immediately preceding fiscal years would be in-scope.
“Similar to the filing of local tax returns, a separate return for GMT purposes will need to be filed by in-scope MNC groups. It is expected to contain comprehensive details on the group structure, ETR calculation, top-up tax allocation, etc,” he added.
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