“Economic Substantive”: Amendments to the tax return may be required if the taxpayer fails to comply
Effective 1 January 2022, the tax exemption for foreign-sourced income (“FSI”) received by Malaysian residents provided for under Para 28 was removed following the Budget 2022 made on 29 October 2021. On December 29, 2022, the Malaysian Inland Revenue Board (IRB) issued a press release (available only in Bahasa Malaysia) announcing an additional requirement for […]
