Tax Act amendment complete March 2026

Finance minister Ericah Shafudah says the government will finalise the planned changes to the Income Tax Act by the end of March 2026, paving the way for it to be passed into law.Shafudah made the remarks during the tabling of her mid-term budget this week, saying the proposed amendment aims to ensure that the planned tax reforms bolster both competitiveness and fairness within the economy.Among the key proposed changes are enhancements to the lump sum retirement benefit, the introduction of caps on housing benefit tax structures, and adjustments to the taxation of dividend income from preference shares.Corporate tax reforms are also set to include a 20% rate for small and medium-sized enterprises, a reduction to 28% for non-mining businesses, and a 20% rate for enterprises operating within Special Economic Zones. The alignment of taxation for long-term insurers with other non-mining businesses also forms part of the reforms.“In conjunction with these reforms, the ministry is developing a comprehensive Medium-Term Revenue Strategy (MTRS) aimed at guiding the tax reform process. This strategy will address policy, administrative and legal considerations while also focusing on mobilising resources for development. Further tax proposals are expected to be revealed in the main budget announcement scheduled for February 2026,” Shafudah said.She added that the ministry will also review the ease of tax compliance, revising the validity period of good standing certificates to one year for individuals and small and medium-sized enterprises, and to six months for other taxpayers.“We continue to review the ease of tax compliance. Good standing certificates are a necessary tool in tax compliance. To reduce the cost of compliance for both taxpayers and the tax administration, the validity period of good standing certificates will be revised to one year for individuals and SMEs, and to six months for other taxpayers,” she said.

Tax Act amendment complete March 2026

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Republikein 2026-03-18

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Tax Act amendment complete March 2026

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Republikein 2026-03-18

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