Budget 2027 seen as catalyst for Malaysia's M&A growth2027年财政预算案被视为推动马来西亚并购增长的催化剂

01The Story新闻事实

Malaysia's M&A landscape is evolving as businesses respond to new business models, a new generation of owners, and the adoption of digital technologies and AI. The Securities Commission's Capital Market Masterplan 2026-2030 targets growth of the capital market from RM4.3 trillion in 2025 to RM5.8-6.3 trillion by 2030, creating a more conducive environment for M&A. The article outlines key tax considerations, exemptions and reliefs that shape how transactions are structured.随着新商业模式、新一代企业主以及数字技术与人工智能的普及，马来西亚的并购格局正在演变。证券委员会《2026-2030年资本市场蓝图》目标是将资本市场规模从2025年的4.3万亿令吉提升至2030年的5.8万亿至6.3万亿令吉，为并购活动创造更有利的环境。文章梳理了影响交易结构的关键税务考量、豁免与减免。

• The Securities Commission's Capital Market Masterplan 2026-2030 was launched in March 2026.证券委员会《2026-2030年资本市场蓝图》于2026年3月发布。
• The masterplan targets capital market growth from RM4.3 trillion in 2025 to between RM5.8 trillion and RM6.3 trillion by 2030.该蓝图目标是将资本市场从2025年的4.3万亿令吉增长至2030年的5.8万亿至6.3万亿令吉。
• Malaysia's capital gains tax regime took effect on Jan 1, 2024, applying among other things to disposals of shares in unlisted Malaysian companies.马来西亚资本利得税制度于2024年1月1日生效，适用于非上市马来西亚公司股份的处置等情形。
• For shares acquired before Jan 1, 2024, taxpayers may apply 2% of gross disposal proceeds or 10% of chargeable gains, whichever is lower; a 10% CGT rate applies to shares acquired on or after Jan 1, 2024.2024年1月1日之前取得的股份，纳税人可按总处置收益的2%或应课税收益的10%中较低者计算；2024年1月1日或之后取得的股份适用10%的资本利得税率。
• Stamp duty on transfers of shares in unlisted Malaysian companies is generally 0.3% of the higher of consideration or share value; business asset transfers generally attract ad valorem stamp duty of 1% to 4%.非上市马来西亚公司股份转让的印花税一般为对价或股份价值中较高者的0.3%；营业资产转让一般按1%至4%的从价印花税征收。
• Under the Income Tax (Restructuring of Companies Scheme) (Exemption) Order 2024, qualifying internal restructuring transactions may be exempt from CGT, with exemption applications due within three years of the disposal date.根据2024年《所得税（公司重组计划）（豁免）令》，符合条件的内部重组交易可获资本利得税豁免，豁免申请须在处置日期后三年内提交。

As Malaysia's capital market expands toward the RM5.8-6.3 trillion 2030 target, tax structuring is becoming a decisive factor in M&A value, and Budget 2027 is expected to spur further deal activity.随着马来西亚资本市场向2030年5.8万亿至6.3万亿令吉的目标扩张，税务架构设计正成为并购价值的关键因素，而2027年财政预算案预计将进一步刺激并购活动。

023 Dimensions维度分析

03Timeline时间线

1. 2024-01-01 Malaysia's capital gains tax regime takes effect, covering disposals of shares in unlisted Malaysian companies.马来西亚资本利得税制度生效，涵盖非上市马来西亚公司股份的处置。
2. 2026-03 Securities Commission launches Capital Market Masterplan 2026-2030.证券委员会发布《2026-2030年资本市场蓝图》。
3. 2026-10-02 Article published discussing Budget 2027's expected role in spurring M&A growth.文章发表，探讨2027年财政预算案对刺激并购增长的预期作用。

Key takeaway核心结论

With Malaysia's capital market targeted to reach RM5.8-6.3 trillion by 2030, early and comprehensive tax planning is critical to capturing value in M&A transactions.在马来西亚资本市场目标于2030年达到5.8万亿至6.3万亿令吉的背景下，尽早且全面的税务规划对在并购交易中实现价值至关重要。

04What to Watch后续关注

1. Specific tax measures for M&A announced in Budget 2027.2027年财政预算案中公布的针对并购的具体税务措施。
2. Progress of the capital market toward the 2030 target of RM5.8-6.3 trillion.资本市场向2030年5.8万亿至6.3万亿令吉目标的进展。
3. Uptake of the 2024 Restructuring and IPO CGT exemption schemes by qualifying companies.符合条件的企业对2024年重组及IPO资本利得税豁免计划的采用情况。

05Uncertainties不确定因素

• The source text is truncated and does not specify what concrete measures Budget 2027 will contain; the title's expectation of spurring M&A growth is not detailed in the available text.原文被截断，未具体说明2027年财政预算案将包含哪些具体措施；标题中对刺激并购增长的预期在现有文本中未详述。
• Actual M&A volume or value figures for Malaysia are not provided in the source.原文未提供马来西亚并购交易的实际数量或金额数据。

06Sources信息来源

1. Budget 2027 to spur M&A growth | The StarBudget 2027 to spur M&A growth | The Star The Star · 2026-10-02

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