No one, regardless of their size, can escape taxes for long. Starting next year, Malaysia will implement the 15% Global Minimum Tax, following Prime Minister Datuk Seri Anwar Ibrahim's announcement during Budget 2024.

This tax will affect multinational corporations worldwide, ensuring they can no longer evade taxes through profit sharing or moving to low-tax jurisdictions.

Currently, only four countries — Kenya, Nigeria, Pakistan, and Sri Lanka — have yet to sign up for the GMT. However, this may change in the coming months of 2024 as the GMT approaches global implementation in 2025.

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