Foreign source income taxable in Malaysia
Foreign source income taxable in Malaysia

Foreign source income taxable in Malaysia

Finance Bill additional information on foreign sourced income remitted into Malaysia will be subjected to tax from 1/1/22.

  • The proposed tax ruling is applicable to all tax residents (companies & individuals).

  • The scope covers all classes of income from business, salary & passive income (eg dividend, interest, royalty & etc).

  • The transitional period from 1/1/22 to 30/6/22 whereby foreign source income remitted to Malaysia is taxed at 3% on gross income.

  • From 1/7/22, any foreign source income remitted to Malaysia will be subjected to the current prevailing rate.

KTP takeaways
There are questions to be answered:

  • How about capital gain in foreign country remitted to Malaysia?

  • How about the foreign exchange on the remittance?

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  • Wisma KTP, 53 Jalan Molek 1/8, Taman Molek, 81100 Johor Bahru

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Published : 10-Nov-2021

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