Technical Guidelines on Tax Treatment in relation to Income which is received from Abroad
According to the Finance Act 2021, the income tax exemption on foreign-sourced income (FSI) received by any person (other than a resident company carrying on the business of banking, insurance, or sea or air transport) will be removed for all Malaysian-resident taxpayers beginning on January 1, 2022. As a result of this: Exemption Orders Certain […]
Income Tax (Exemption) Order 2022 – Foreign Sourced Income in calculating Cukai Makmur
1. On 5 April 2022, the Minister, in the exercise of the powers conferred by paragraph 157(3)(b) of the Income Tax Act 1967 [Act 53], gazetted the Income Tax (Exemption) Order 2022 [P.U. (A) 96]. 2. For the year of assessment 2022, the Minister grants an exemption from the application of the provisions of subparagraph […]
Finance Act 2021
1. On 31 December 2021, the Finance Act 2021 was Gazetted. 2. The Finance Act 2021 and the Finance Bill 2021 are identical. 3. Schedule 6 to the principal Act is amended in Part I— 👉 by substituting for paragraph 28 the following paragraph: 👉 “28. The income arising from sources outside Malaysia and received […]