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Malaysia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
31,381,992 (July 2017 est.)GDP (PPP)
$930.8 billion (2017 est.)4th largest economy in Southeast Asia and Pacific
GDP growth rate
5.9% (2017 est.)High and accelerating
GDP (PPP) per capita
$29,000 (2017 est.)Medium
Local currency
Ringgit (MYR)Weak currency which devalued considerably since 2013
Financial stability (Public debt)
54.2% of GDP (2017 est.)Medium but shrinking
Inflation
3.8% (2017 est.)Medium to high
Language
Bahasa MalaysiaEnglish, Chinese (Cantonese, Mandarin), Tamil, Telugu, Malayalam, Panjabi, Thai
Corruption perception index (Source: Transparency International)
62/180High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
6% standard rate
Corporate Tax
24% standard rate 38% for oil and gas activities
Duties
Import duties are generally levied on an ad valorem basis with rates ranging from 2% to 60%
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