Customs Duties (Exemption) (Amendment) (No. 2) Order 2023
The Minister has issued the Excise Duties (Langkawi) (Amendment) Order 2023 in the exercise of the powers conferred by paragraph 91DA(1)(a) and paragraph 91DB(b) of the Excise Act 1976 [Act 176]. This order will come into effect on April 1, 2023. The amendment will replace the words “not containing nicotine” in sub-subparagraph 2(e) of the […]
Windfall Profit Levy (Amendment) Regulations 2023
The Minister has amended the Windfall Profit Levy Act 1998 through the Windfall Profit Levy (Amendment) Regulations 2023. These amendments came into effect on January 1, 2023. Regulation 3 of the Windfall Profit Levy Regulations 1998 has been deleted, and amendments have been made to Regulations 4, 5, 7, 8, 10, 14, and the First […]
Do you know the deadlines for submitting Forms B & BE in Malaysia?
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Foreign income received in Malaysia which is exempted from tax from 1.1.2022 until 31.12.2026
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. Hence, Foreign Income received in Malaysia which is eligible for the tax exemptions are as follows: Below is a summary of the exemption of […]
Foreign Source Income: Meaning of “Received in Malaysia”
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. The removal of the tax exemption for foreign-sourced income received by Malaysian residents implies that this type of income will be taxable in Malaysia, […]
Which Income Tax Form Should Freelancers Use: Form B or Form BE?
The Distinction between a Freelancer and an Employee The distinction between a freelancer and an employee is based on the nature of the working relationship between the individual and the company or person for whom they work. Here are some key factors that can help determine whether an individual is a freelancer or an employee: […]
New Requirements for Tax Exemption on Foreign Dividend Income in Malaysia
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. Hence, Foreign Income received in Malaysia which is eligible for the tax exemptions are as follows: The exemption in paragraph 1.4(a) does not apply […]
Changes to Tax Exemption for Foreign-Sourced Dividend Income in Malaysia
Summary: This article discusses the removal of tax exemption for foreign-sourced income received by Malaysian residents, effective January 1, 2022, as well as the new conditions for tax exemption on foreign dividend income received in Malaysia. The article also covers the additional requirement for tax exemption announced by the Malaysian Inland Revenue Board on December […]
Tax Exemption on Foreign Dividend Income Received in Malaysia: Requirements and Conditions
Summary: The Malaysian government removed the tax exemption for foreign-sourced income (FSI) received by Malaysian residents on January 1, 2022, except for foreign dividend income received in Malaysia by a resident company, resident LLP and resident individual in relation to a partnership business in Malaysia. However, an additional requirement was announced on December 29, 2022, […]
“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 […]
