Malaysia · Proposed legislation
Malaysia proposes stamp-duty exemption for opening bank accounts
On 9 October 2026, Malaysia’s Prime Minister and Minister of Finance, Anwar Ibrahim, proposed full stamp-duty exemption for opening savings and current accounts from 1 January 2027.
- Official document:
- Budget 2027 Tax Measures, Appendix 18; Stamp Act 1949 (Act 378), sections 4 and 80 and First Schedule item 4
- Development date:
- 2026-10-09
Account-opening undertakings are the target
Appendix 18 specifies instruments executed by individuals or businesses to open savings or current accounts where an undertaking creates a specific legal obligation, indemnity, guarantee or liability. It proposes a 100% exemption and describes the existing charge on those instruments as RM10.[1]
Although improving access for MSMEs is a stated objective, the proposed scope expressly includes individuals and businesses, not only MSMEs. For corporate treasury and bank onboarding teams, the relevant distinction is the account-opening instrument: the announcement is not a general exemption for every agreement entered into with a bank.[1]
Read the instrument, not just its label
The underlying framework is the Stamp Act 1949 (Act 378). In IRBM’s text as at 1 January 2024, section 4 charges instruments specified in the First Schedule, subject to exemptions. Item 4 generally charges RM10 on written agreements not otherwise specially charged, with specified exceptions. This general category should not be treated as an independent classification of every account document.[3]
Section 80 of that dated text distinguishes gazetted exemptions for classes of instruments from ministerial relief in particular cases or schemes. A Budget proposal therefore needs to be kept separate from an operative exemption and its conditions. The dated statutory text is not certification of the complete October 2026 amendment chain.[3]
Proposed start, not retrospective relief
The proposed start is 1 January 2027. Appendix 18 does not announce retrospective relief for earlier documents. Businesses should identify the execution date and account-opening undertaking when assessing the eventual measure; this proposal alone does not establish an entitlement to stop stamping instruments now.[1]
Official sources
- [1] Budget 2027 Tax Measures — Appendix 18
Ministry of Finance Malaysia · Document date: 2026-10-09
Full Appendix 18, printed page 24 / PDF page 24, web lines 543–557: current-position description, exact undertakings, persons, 100% proposal and 1 January 2027 start; all 36 appendix headings also read. Not the whole business package or implementing instrument.
- [2] Speech: The Fifth MADANI Budget 2027
Prime Minister’s Office Malaysia · Document date: 2026-10-09
Date, speaker and Budget presentation; paragraph 128 and account-opening announcement at web line 1198, with adjacent financing context. Selected sections read, not a claim to have read the whole speech.
- [3] Stamp Act 1949 (Act 378) — updated text as at 1 January 2024
Inland Revenue Board of Malaysia / Laws of Malaysia · Document date: 2024-01-01
Cover/date/authentic-text caveat; full section 4(1)–(4), printed pages 17–18 / PDF pages 17–18; full First Schedule item 4 including exemptions and note, printed pages 78–79 / PDF pages 78–79; full section 80(1), (1A), (2), (3), printed pages 74–75. Selected statutory framework only, not complete current law or definitive classification of account documents.