By Mohd Khairul Ramli
The announcement in Malaysia’s 2025 Budget of the impending implementation of the Global Minimum Tax (GMT) from January 1, 2025, is a clear signal of the nation aligning with a new global tax structure. The GMT mandates that multinational companies (MNCs) with consolidated annual revenues exceeding €750 million pay at least a 15% effective corporate income tax in every country they operate.1 On paper, this may seem like a progressive step forward, aligning Malaysia with global standards aimed at curbing tax avoidance by large corporations. However, as we delve deeper into the consequences, it becomes increasingly clear that the nation may not be fully prepared for the ramifications.